Chinese electric vehicle maker Xpeng’s fourth-quarter net loss narrows 42%

Chinese electric vehicle (EV) maker Xpeng said on Monday its net loss in the fourth quarter of last year narrowed 42% from the same period in 2019, as EV sales increased in the world’s biggest car market, reported Reuters.

New York-listed Xpeng, which sells mainly in China and competes with Tesla and Nio, said its net loss attributable to ordinary shareholders was RMB 787.4 million ($120.7 million) for the quarter.

In the final three months last year, revenue jumped 346% year-on-year to RMB 2.85 billion. It expects total revenue for the first quarter of 2021 to be approximately RMB 2.6 billion, up around 531% from the first quarter of 2020, reported Reuters.