The U.S.-listed shares of XPeng Inc. tumbled Wednesday, after the China-based electric vehicle maker reported first-quarter results that missed expectations and provided a downbeat revenue outlook, as deliveries dropped by nearly 50%.
The disappointing results appeared to weigh on the stocks of rival EV makers, including Nio Inc. and Tesla Inc.
XPeng reported net losses for the quarter to March 31 that widened to RMB2.34 billion ($339.5 million), or RMB2.71 per American depositary share (ADS), from RMB1.70 billion, or RMB2.00 per ADS, in the same period a year ago.
Excluding nonrecurring items, the adjusted per-ADS loss of RMB2.57 was wider than the FactSet loss consensus of RMB1.99, as gross margin contracted to 1.7% from 12.2%.
XPeng’s stock
XPEV,
Revenue declined 45.9% to RMB4.03 billion ($587.3 million), well below the FactSet consensus of RMB4.99 billion.
Total deliveries of 18,230 vehicles were down 47.3% from 34,561 a year ago, and were down 17.9% from 22,204 in the fourth quarter.
For the second quarter, the company expects revenue of between RMB4.5 billion and RMB4.7 billion, well below the current FactSet consensus of RMB6.79 billion, and expects deliveries of between 21,000 and 22,000 vehicles.
In sympathy, shares of Shanghai-based Nio
NIO,
Shares of Texas-based Tesla
TSLA,
Meanwhile, Beijing-based Li Auto Inc.’s stock
LI,
Year to date, XPeng shares have sunk 17.9% and Nio’s stock has taken a 20.0% dive, while Tesla’s stock has run up 48.0% and Li Auto’s stock has rallied 43.2%. In comparison, the iShares MSCI China exchange-traded fund
MCHI,