Chinese manufacturer of electric vehicles Xpeng (XPEV) reported mixed estimates in the fourth quarter early Monday, a week after rival Nine (NIO) posted a mixed report warning of the worldwide shortage of chips. Xpeng share fell sharply early Monday, along with Nio, Li Auto (LI) and Tesla (TSLA).
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Xpeng Earnings Report
Estimates: Wall Street expected a loss of 12 cents per share on revenue of $ 411.38 million, according to Yahoo Finance.
Results: Xpeng lost 15 cents a share as revenue rose 345.5% to $ 437 million.
Xpeng reported earlier that it sold 12,964 vehicles in the fourth quarter of 2020, up 303% from a year ago. It delivered 27,041 vehicles in 2020, up 112%. This makes the P7 sedan, a competitor of the manufactured Tesla Model 3 in China, and the small G3 SUV.
By comparison, Nio sold 17,353 EVs in the fourth quarter and 43,728 for the year. Li Auto sold 14,464 hybrid electric vehicles in the fourth quarter and 32,624 for the year.
Last week, Nio warned that a shortage of chips and batteries would slow a slowdown in production to 7,500 a month in the second quarter from 10,000 vehicles a month in February.
Xpeng, Li Auto and Nio all reported last February’s deliveries which have declined significantly from January, amid the lunar New Year holiday. The delivery of Xpeng was 2223 EVs compared to 6,015 in January. The company expects 12,500 vehicles to deliver in the first quarter, about 450% up from a year earlier. It will also mean the delivery of 4,262 in March.
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Xpeng Stock
Shares traded up nearly 4% on the stock market early Monday. Xpeng shares remain well below the 50-day line, according to the MarketSmith chart analysis. The relative strength of XPEV shares has fallen since January.
Among other EV shares, Li Auto rose 5% early Monday, Nio 5% and Tesla (TSLA) 3%.
Chinese EV shares rose in 2020 as sales rose and recovered from an earlier pandemic hit. Xpeng and Li Auto also took part in an explosion of new EV shares last year and the US billion-dollar IPOs.
But Xpeng shares and its peers are under pressure this year amid a slide for Tesla, the global EV leader. China has also reduced EV subsidies, while Chinese technology and car giants have entered the electric car market.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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