XPeng Shares Gain 6% Following Q1 Beat

Chinese electric vehicle company XPeng (NYSE:XPEV) reported better-than-expected earnings and revenue for the first quarter of 2024, resulting in more than 6% rise in its shares pre-market today.

XPeng's Q1 earnings per share (EPS) were (RMB0.75), significantly beating the Street estimate of (RMB2.06). The company also exceeded revenue expectations, reporting RMB6.55 billion compared to the Street estimate of RMB6.19 billion.

This revenue marked a substantial 62.3% increase from the same period last year, despite a 49.8% decrease from the previous quarter. The company delivered 21,821 vehicles in the first quarter, a healthy 19.7% year-over-year increase. Gross margin improved significantly to 12.9%, up from 1.7% in the same quarter last year, reflecting stronger profitability.

However, XPeng's guidance for the second quarter of 2024 projects revenue between RMB7.5 billion and RMB8.3 billion, below the Street estimate of RMB9.24 billion.