Chinese electric-vehicle maker Xpeng (XPEV) revealed plans to sell a new sedan later this year and reported mixed fourth-quarter results Monday, a week after rival Nio (NIO) posted a mixed report and warned on the global chip shortage. Xpeng stock rose.
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Xpeng Earnings Report
Estimates: Wall Street expected a loss of 12 cents a share on revenue of $411.38 million, according to Yahoo Finance.
Results: Xpeng lost 15 cents a share as revenue surged 345.5% to $437 million.
Earlier, Xpeng reported selling 12,964 vehicles in Q4 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. It makes the P7 sedan, a rival to the made-in-China Tesla Model 3, and the small G3 SUV.
By comparison, Nio (NIO) sold 17,353 EVs in Q4 and 43,728 for the year. Li Auto (LI) sold 14,464 hybrid-electric vehicles in Q4 and 32,624 for the year. But last week, Nio warned a shortage in chips and batteries will force a production slowdown to 7,500 a month in Q2 from 10,000 vehicles a month in February.
Xpeng, Li Auto and Nio all reported February deliveries last week that were down significantly from January, amid the Lunar New Year holiday. Xpeng deliveries were 2,223 EVs vs. 6,015 in January. The company expects Q1 deliveries of 12,500 vehicles, up about 450% vs. a year earlier. That would also imply March deliveries of 4,262.
Meanwhile, Xpeng plans to launch a new sedan in Q4 that will feature laser-based sensors.
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Xpeng Stock
Shares rose 3.6% to 29.04 Monday stock market trading after initially sinking 4%. Xpeng stock remains lodged far below its the 50-day line, according to MarketSmith chart analysis. The relative strength line for XPEV stock has plunged since January.
Among other EV stocks, Li Auto gained 1.8%, Nio dipped 0.3% and Tesla (TSLA) added 0.2%.
Chinese EV stocks soared in 2020 as sales boomed, recovering from an early pandemic hit. Xpeng and Li Auto also joined an explosion of new EV stocks last year and scored billion-dollar U.S. IPOs.
But Xpeng stock and its peers are under pressure this year amid a slide for Tesla, the global EV leader. Also, China cut EV subsidies, while Chinese tech and auto giants entered the market for electric cars.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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