Business & Finance
Xpeng shares fall following lower vehicle delivery forecast and wider quarterly loss
A weak third-quarter outlook overshadowed a $900 million funding round that valued the automaker's robotics division at over $6.3 billion.
The short version
- Xpeng's U.S. and Hong Kong shares fell significantly after reporting a wider Q2 net loss and lower-than-expected Q3 delivery guidance.
- Supply chain bottlenecks have hindered production scaling for the electric vehicle maker's MONA L03 model.
- The market decline occurred despite Xpeng's robotics unit securing a $6.3 billion valuation in its latest $900 million investment round.
Key facts
- Xpeng's Hong Kong-listed shares fell over 9% on Tuesday, while its U.S.-listed shares closed down 8.5% on Monday.[CNBC]
- The company reported a second-quarter net loss of 1.34 billion yuan ($0.20 billion), widening from the prior year, despite an 8% rise in revenue to 19.74 billion yuan.[CNBC]
- Xpeng projected third-quarter vehicle deliveries between 115,000 and 121,000 units.[CNBC]
- Citi reported that delivery expectations were missed due to supply chain issues delaying the ramp-up of the MONA L03 model.[CNBC]
- Xpeng's robotics unit completed a $900 million funding round led by IDG Capital, evaluating the subsidiary at over $6.3 billion.[CNBC]
What remains uncertain
- The duration of supply chain disruptions affecting MONA L03 vehicle production remains uncertain.[CNBC]