FAST NEWS: XPeng’s EV deliveries drop 21% in April

The latest: Electric vehicle (EV) maker XPeng Inc. (XPEV.US; 9868.HK) announced Tuesday that it delivered 7,079 EVs in April this year, down 21.4% from the same month of 2022.

Looking up: The company said its new sports sedan, the P7i, has experienced strong order growth since its launch in March and will continue to accelerate in the future.

Take Note: The company delivered 25,309 EVs in the first four months of the year, down 41.9% from 43,563 units in the same period last year.

Digging Deeper: Founded in 2014 and headquartered in the South China city of Guangzhou, XPeng sells its EVs in mainland China and some Scandinavian countries, and was listed in New York and Hong Kong in 2020 and 2021, respectively. Its revenue plunged 39.9% to 5.14 billion yuan ($744 million) and it recorded a net loss of 2.36 billion yuan in last year’s fourth quarter amid intense competition and China’s strict Covid-control measures. But its chairman and CEO He Xiaopeng has said deliveries will pick up with the introduction of new models, as he predicted a comeback this year.

Market Reaction: Xpeng’s shares fell on Wednesday, closing down 2.1% at HK$37.75 by the midday break. The stock now trades near the lower end of its 52-week range.

Translation by Jony Ho

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