Xpeng facing further declines after Q3 losses

Xpeng Motors expects a sharp decline in new car deliveries in the fourth quarter, the Chinese smart electric vehicle (EV) maker said on Wednesday, reports the South China Morning Post.

A strained supply chain continued to be a stumbling block to sales growth, said the carmaker as it posted a net loss of RMB 3.28 billion ($335.8 million) for the third quarter. Its losses for this period widened by 49.7% from the RMB 1.59 billion it posted for the same period a year ago.

When compared with the previous quarter, its losses narrowed 12% from RMB 2.7 billion. Its net loss in the third quarter fell short of a median forecast of RMB 1.8 billion made by analysts polled by Bloomberg.