Xpeng’s stock slides 6.4% premarket after Chinese EV makers’ earnings fall short of estimates

Xpeng Inc.’s stock XPEV, +0.45% slid 6.4% in premarket trade Friday, after the Chinese electric vehicle maker posted weaker-than-expected second-quarter earnings. Xpeng had a net loss of RMB2.80 billion , or RMB3.25 per ADS, for the quarter, wider than the loss of RMB2.70 billion, or RMB1.63 per ADS, posted in the year-earlier period. Adjusted per-ADS loss was RMB3.10, while FactSet was expecting a loss of RMB2.41 per ADS. Revenue came to RMB5.

06 billion, down 31.9% from a year ago, and below the RMB5.54 billion FactSet consensus. Total deliveries came to 23,205 for the quarter, down 27.3% from a year ago. The company now expects third-quarter deliveries of 39,000 to 41,000 vehicles, for an increase of 31.9% to 38.7%. It expects revenue to range from RMB8.5 billion to RMB9.0 billion. The U.S.-listed stock has gained 57% in the year to date, while the S&P 500 SPX, -0.77% has gained 13.8%.

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