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Chinese Tesla rival Xpeng tanks 12% after wider-than-expected loss and weak car delivery guidance

August 28, 2022
Source: autorecent.com autorecent.com
News Snapshot:
Xpeng’s Hong Kong-listed shares plunged greater than 12% Wednesday after the Chinese language electrical car maker reported a wider-than-expected loss for the second quarter and weak steering on deliveries. On Tuesday, Xpeng reported a internet lack of 2.7 billion Chinese language yuan ($403.2 million), wider than the 1.6 billion yuan anticipated in keeping with Refinitiv consensus estimates. The Guangzhou, China-headquartered firm additionally stated it expects to ship between 29,000 and 31,000 electrical automobiles within the third quarter, representing a year-over-year improve of round 13% to twenty.8%. That steering upset the market. “Nicely the second quarter outcomes have been truly not...
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