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Chinese electric vehicle maker Xpeng Motors tumbled more than 13% in Hong Kong to hit HK$71.9, sliding for the fifth consecutive trading day and hitting the lowest level since its listing. The drop brought Xpeng’s cumulative decline in Hong Kong so far this year to 64%.
The company guided for third-quarter vehicles deliveries to 29,000 – 31,000 units, rising 13% – 20.8% from a year earlier, but below the consensus estimate of 36,000 units.
Morgan Stanley said in a note on Wednesday that Xpeng Motors’ guidance for a 10% – 16% delivery decline quarter on quarter was surprising.
Xpeng Motors reported a net loss of more than 2.7 billion yuan for the second quarter of the year, widening by 126.1% from the loss in the same period last year. The carmaker’s adjusted net loss attributable to shareholders reached 2.464 billion yuan in the second quarter that ended on June 30, expanding from a loss of 1.1 billion yuan a year earlier. Gross profit margin fell by 1 percentage point to 10.9%.
The company expects its revenue for the third quarter is expected to grow by 18.9% – 25.9% from a year earlier to 6.8 – 7.2 billion yuan.
Other electric vehicle makers are also sliding in Hong Kong ,with NIO, BYD Company and Li Auto down 3% – 6%.
