Xpeng shares drop 7% after the Chinese electric car maker posts a record quarterly loss
Publishing timestamp: 2023-08-18 08:54:32
Summary
Xpeng, a Chinese electric car maker, reported a wider-than-expected loss in the second quarter, causing its shares to drop more than 7% in premarket U.S. trade. Despite the loss, the company's second-quarter revenue met expectations. Xpeng is facing challenges in the weak Chinese economy and intense competition from other electric car makers. The company is hoping that its latest car, the G6 Ultra Smart Coupe SUV, will boost margins. Xpeng aims to break even in 2025 and expects vehicle deliveries to increase in the third quarter. The company has received backing from Volkswagen and plans to develop electric vehicles for the Chinese market.
Sentiment: NEGATIVE
Tickers: 9866-HK, 9868-HK, LI, XPEV, VOW-DE, VOW3-DE, ZE594-CN, 2015-HK, TSLA, NIO,
Keywords: autos, climate, breaking news: technology, byd co ltd, technology, business news, asia economy, earnings, li auto inc, nio inc, tesla inc, electric vehicles, transportation, breaking news: asia, volkswagen ag, united states, xpeng inc, china,
Source: https://www.cnbc.com/2023/08/18/xpeng-xpev-earnings-report-q2-2023.html