Xpeng has warned that its deliveries could more than halve in the current three months, according to Reuters, and reports that its losses in the third quarter were further widened by higher expenses.
Electric car makers such as Xpeng, Nio and Li Auto Inc are battling China’s zero COVID policy after a recent spike in new cases that disrupted production of everything from cars to mobile phones and hit the manufacturing sector. I had to. A report was noted.
Xpeng expects deliveries of 20,000 to 21,000 vehicles in the fourth quarter ending December 31, about 49.7% to 52.1% less than last year’s 41,751.
It also expects fourth-quarter revenue to decline 40.4% to 43.9% from RMB 4.8 billion (US$677.49 million) to RMB 5.1 billion.
He Xiaopeng, chairman and CEO of Xpeng, told Reuters:
The net loss for the third quarter ended Sept. 30 was 2.38 billion yuan, compared with a loss of 1.59 billion yuan a year ago, the automaker said in an exchange filing. .
According to Reuters, the company’s cost of sales increased by 20.4% in the third quarter, while R&D-related expenses increased by 18.5%.