Chinese electric carmaker Xpeng narrowed its net losses to 787.4 million Yuan in Q4 2020, from 1.15 billion Yuan in the prior quarter, according to the company’s press release. The company expects to deliver 12,500 cars in the first quarter of 2021.
Xpeng’s car delivery projections are lower than Nio’s forecast of 20,000 to 25,000 vehicles in the same period.
Xpeng’s projections imply deliveries of 4,250 cars for March, based on January’s 6,015 figure and drop to 2,223 in February.
Xpeng launched its P7 sedan last year, which accounts for a growing share of deliveries versus its G3 SUV, and plans to release another sedan later this year.
The company’s Q4 2020 revenues rose 43% from Q3 2020 to 2.85 billion Yuan or $437 million and expect revenue to fall slightly to 2.6 billion Yuan in the first quarter.
Li Auto, another Chinese electric car company, is projected to deliver 10,500 to 11,500 cars for the first quarter.
Xpeng stock is currently gaining. XPEV: NYSE is up 14.71%
