One of China’s fastest-growing electric vehicle makers, Xpeng Motors, posted record quarterly revenues on Monday thanks to skyrocketing demand for its cars, outstripping market expectations, reports the South China Morning Post. However, the company’s delivery volume in this year’s first three months could fall below analysts’ estimates as COVID-19 outbreaks in major cities like Shanghai and Shenzhen dampen buyers’ enthusiasm and disrupt sales in March.
Shanghai is currently in the midst of a lockdown, while the southern tech hub of Shenzhen exited one last week.
Guangzhou-based Xpeng posted a 200% year-on-year jump in revenues to RMB 8.56 ($1.34 billion) for the quarter ended December 31, exceeding analysts’ median estimate of RMB 8.12 billion in a Bloomberg survey.
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