XPeng Inc. (XPEV) shares rose nearly three percent in the pre-market trading session on Monday, March 28, after the Chinese electric vehicle (EV) maker announced better-than-expected financial results for the fourth quarter. The results were helped by a higher gross margin and solid vehicle deliveries during the quarter.
XPEV Financial Highlights: Q4
XPeng reported an adjusted loss of 22 cents per share for the three months ended December 31, narrower than analysts’ average estimate for a loss of 33 cents per share.
Total sales for the quarter skyrocketed over 200 percent on a year-over-year basis to $1.34 billion, topping the consensus estimate of $1.20 billion.
Revenue from vehicle sales climbed 199.3 percent to $1.28 billion in the quarter. In comparison, services and others revenue soared 218 percent to $57.9 million. XPeng attributed the surge to higher parts and accessory sales during the quarter.
Among other updates, XPeng reported that its gross margin stood at 12 percent in the fourth quarter of 2021, a significant improvement from 7.4 percent in the comparable period of 2020. In addition, the company said that XPeng-branded supercharging stations increased to 772 at the end of Q4, offering coverage to 308 cities across the country.
Vehicle Deliveries
XPeng delivered 41,751 vehicles in the fourth quarter, representing a massive jump of about 222 percent in the fourth quarter of 2020.
Its P7 remained the top-selling vehicle. The company delivered 21,342 units of P7 in the quarter, up 150 percent from 8,527 in the same period of 2020.
The company also issued its vehicle-deliveries outlook for the current quarter. XPeng expects to deliver 33,500 - 34,000 vehicles in the first quarter, representing a growth of about 150 percent over the same period of 2021.
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