Chinese smart electric vehicle (EV) start-up XPeng Inc met an analysts’ forecast for the first quarter after reporting a 152.6% increase in revenue on Monday, reports the South China Morning Post.
The Guangzhou-based company said its revenue stood at RMB 7.4 billion ($1.2 billion) for the quarter, in line with the RMB 7.4 billion consensus forecast by eight analysts polled by Bloomberg. Its net loss, however, widened to RMB 1.7 billion from RMB 786.6 million a year earlier, and was slightly worse than the analysts’ estimate of RMB 1.67 billion.
“Our first-quarter performance marked a strong start to 2022,” chairman and chief executive He Xiaopeng said on Monday. “Demand for our high-quality EVs was robust and our proprietary suite of technologies continues to lead the industry.”