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Chinese manufacturer of electric vehicles Xpeng (XPEV) on Monday reported mixed fourth-quarter estimates, a week after rival Nio (NIO) issued a mixed report and warned of the global chip shortage. Xpeng stock fell sharply early Monday, with Nio, Li Auto (LI) and You’re here (TSLA).
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Xpeng Revenue Report
Estimates: Wall Street expects a loss of 12 cents per share on sales of $ 411.38 million, according to Yahoo Finance.
Results: Xpeng lost 15 cents a share as revenue jumped 345.5% to $ 437 million.
Previously, Xpeng said it sold 12,964 vehicles in the fourth quarter of 2020, up 303% from a year ago. It delivered a total of 27,041 vehicles in 2020, up 112%. This makes the P7 sedan a rival to the Tesla Model 3 made in China, and the small G3 SUV.
By comparison, Nio sold 17,353 electric vehicles in the fourth quarter and 43,728 for the year. Li Auto sold 14,464 electric hybrid vehicles in the fourth quarter and 32,624 for the year.
But last week, Nio warned that a shortage of chips and batteries would cause production to slow to 7,500 per month in the second quarter from 10,000 vehicles per month in February.
Xpeng, Li Auto and Nio all reported February deliveries last week that were down significantly from January, in the midst of the Lunar New Year holiday. Xpeng deliveries were 2,223 electric vehicles compared to 6,015 in January. The company expects deliveries of 12,500 vehicles in the first quarter, up about 450% from a year earlier. This would also imply deliveries of 4,262 in March.
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Xpeng Stock
Shares fell nearly 4% at the start of stock trading on Monday. Xpeng stock remains well below its 50-day line, according to MarketSmith’s chart analysis. XPEV’s line of relative strength has plunged since January.
Among other EV stocks, Li Auto slipped 5% early Monday, Nio 5% and You’re here (TSLA) 3%.
Chinese shares of VE soared in 2020 as sales exploded, recovering from an early pandemic. Xpeng and Li Auto also joined an explosion of new EV shares last year and scored billion-dollar IPOs in the United States.
But Xpeng stock and its peers are under pressure this year amid a fall for Tesla, the world’s leading EV company. Additionally, China has cut subsidies for electric vehicles, while Chinese tech and auto giants have entered the electric car market.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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