XPeng’s stock falls after a bigger-than-expected loss, while sales are 6 times higher than highest forecast

Shares of XPeng Inc. XPEV,
fell 1.2% in premarket trading Thursday after the China-based electric vehicle manufacturer reported a larger-than-expected loss in the second quarter, but sales more than sixfold above forecasts. The net loss was RMB 1.62 billion ($250.7 million), or RMB 1.50 per US share held in custody, after RMB 1.14 billion, or RMB 6.29 per share, in the same period a year ago when the weighted average number of ADS increased from 181.4 million to 796.2 million. Excluding one-off items, the adjusted loss per ADS decreased to RMB 1.38 from RMB 4.24, but was wider than FactSet’s loss consensus of RMB 0.91. Total revenue increased 536.7% to RMB 3.76 billion ($582.55 million), surpassing the FactSet consensus of RMB3.72 billion. Deliveries were up 439% from a year ago and 30.4% from Q1 to a quarterly record of 17,398 in Q2 as shipments in the first half of 2021 surpassed total shipments for all of 2020 . expects deliveries to rise to 21,500 and 22,500 and sales of RMB4.8 billion to RMB5.0 billion. XPeng’s share is up 29.5% in the past three months through Wednesday, while the iShares MSCI China ETF MCHI,
is down 14.5% and the S&P 500 SPX,
won 7.2%.