Chinese EV maker XPeng posted revenue of RMB 1.99 billion in the third quarter, higher than market expectations of RMB 1.9 billion, the company said today in financial results for the third quarter ended September 30, and expects fourth-quarter revenue of about RMB 2.2 billion.
It's gross margin was 4.6% for the third
quarter, the first time it turned positive. The figure was negative 10.1% for
the same period of 2019 and negative 2.7% for the second quarter of 2020.
XPeng's deliveries of vehicles reached
8,578, representing an increase of 265.8% from 2,345 in the third quarter of
2019 and an increase of 165.7% from 3,228 in the second quarter of 2020.
Total revenues were RMB1,990.1 million (US$293.1 million) for the third quarter of 2020, representing an increase of 342.5% from RMB449.7 million for the same period of 2019 and an increase of 236.9% from RMB590.8 million for the second quarter of 2020.
"In our first quarter as a public company we achieved strong operating and financial results, highlighted by the rapid growth in deliveries of our P7 Smart EV," said Mr. He Xiaopeng, Chairman and CEO of XPeng.
"Our commitment to innovation through end-to-end in-house R&D and data-driven capabilities is the cornerstone of our business. This will not only keep XPeng at the forefront of the technologies of Smart EV but also position us well in capturing the significant growth potential in the Smart EV industry. Looking ahead, XPeng will continue to capitalize on its core strengths in technology, while heightening sales and marketing efforts, further enhancing manufacturing capability, and developing our global strategy," He concluded.
XPeng shares rose by more than 9 percent in pre-market trading on Thursday.