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A display at the Shanghai International Automobile Industry Exhibition in April shows XPeng electric vehiclesKey Takeaways
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XPeng's American depositary receipts surged Wednesday as the company's first-quarter results topped estimates.
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Revenue and deliveries beat forecasts, while XPeng posted a smaller adjusted loss than analysts had expected.
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The company's second-quarter projections came in roughly in line or slightly more conservative than the analyst consensus.
U.S.-listed shares of XPeng (XPEV) jumped on Wednesday after the Chinese electric vehicle maker delivered more vehicles and posted a smaller loss than expected for the first quarter.
The company said Wednesday that it delivered 94,008 vehicles in the first quarter, more than four times as many as the first quarter a year ago, generating revenue of 15.81 billion Chinese yuan ($2.18 billion), each better than the analyst consensus compiled by Visible Alpha.
XPeng posted an adjusted loss of CNY0.45 per American depositary share, a loss about a third the size of what analysts had forecast.
"Despite seasonality for auto sales, our quarterly deliveries hit a new historical high, making us the top-selling automaker among emerging EV companies," CEO Xiaopeng He said. "Positive market feedback strengthened our confidence in our three-year product cycle."
For the second quarter, XPeng projects deliveries between 102,000 and 108,000 and revenue of CNY17.5 billion to CNY 18.7 billion. The midpoint of the deliveries range is roughly in line with the analyst consensus, while the revenue midpoint is just below the CNY18.35 billion projection.
The EV maker's U.S.-listed shares were up 11% in recent trading, putting them up more than 85% since the start of the year.
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