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An Xpeng P7 car is seen during the 19th Shanghai International Automobile Industry Exhibition in Shanghai on April 19, 2021.
Hector Retamal / AFP via Getty Images
XPeng
stocks were down after the Chinese electric car maker surpassed earnings projections.
Shares of XPeng (ticker: XPEV) fell about 1.9% in early trading on Thursday, while
S&P 500
futures fell by about 0.1% i
Dow Jones industrial average
futures rose by about 0.1%.
It’s actually a small drop for XPeng considering how much your stock normally moves after gains. Shares have moved around 13%, up or down, on average after the last four quarterly earnings reports.
XPeng reported a loss of $ 21 cents per share from $ 583 million in sales. Analysts were looking for a 22-cent loss from $ 552 million in sales.
The company delivered 17,398 vehicles during the second quarter. Gross profit margins, an important metric for a new company that is not yet making profits online, stood at 11.9%. Analysts projected 11.3% for the second quarter.
The company feels good about the results. “Our excellent results for the second quarter of 2021 reflect XPeng’s leadership in China’s growing smart EV industry, where we continue to introduce innovative technology, differentiated products and premium services,” the president said. , Dr. Hongdi Brian Gu, in the company’s press release.
Looking to the future, XPeng expects to deliver about 22,000 vehicles in the third quarter and generate sales of about $ 756 million, better than the $ 658 million projectors. XPeng manufactures cars from a plant that operates close to its capacity. The company plans to double the capacity of this plant in early 2022.
It looks like a solid quarter. However, XPeng shares have fallen about 5% so far. Rising interest rates, which hurt companies that have high growth more than others, as well as the shortage of semiconductors that limits global car production and the sale of Chinese stocks, have affected stocks on 2021. However, shares have recently gained, rising by almost 30% in the last three months.
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