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Investing.com -- Chinese electric vehicle maker XPENG Inc. reported better-than-expected fourth-quarter results and provided an upbeat outlook, sending its shares up 2.9% in premarket trading on Monday.
The company posted a narrower adjusted loss of RMB0.73 ($0.10) per share, beating analyst estimates of a RMB2.16 loss. Revenue jumped 23.4% YoY to RMB16.11 billion ($2.21 billion), slightly above the RMB16.06 billion consensus.
XPENG delivered 91,507 vehicles in Q4, up 52.1% from a year ago. Vehicle margin improved to 10% from 4.1% in Q4 2023, driven by cost reductions.
For Q1 2025, XPENG expects deliveries between 91,000-93,000 vehicles, representing 317-326% YoY growth. It forecasts revenue of RMB15-15.7 billion, above analyst projections of RMB14.56 billion.
"With deliveries hitting new highs and ongoing progress in technology-driven cost reductions, our vehicle gross margin further improved to 10%, marking six consecutive quarters of improvement," said Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG.
The company ended 2024 with cash and equivalents of RMB41.96 billion ($5.75 billion). XPENG delivered 190,068 vehicles for the full year, up 34.2% from 2023.
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