China's XPeng Clocks Accelerating G6 Sales Growth In Q3, Sees Surge in Q4 Vehicle Deliveries

XPeng Inc XPEV reported a third-quarter FY23 sales growth of 25% year-on-year, to RMB8.53 billion ($1.17 billion), beating the consensus of $1.16 billion.

Adjusted net loss per ADS of $(0.44) beat the consensus loss of $(0.54).

The Tesla Inc TSLA rival's quarterly vehicle deliveries increased 35.3% year-on-year to 40,008. 

Revenues from vehicle sales increased 25.7% Y/Y to $1.08 billion, mainly attributable to accelerating sales growth of the G6.

Gross margin loss was (2.7)% vs 13.5% a year ago. Vehicle margin loss was (6.1)% vs 11.6% a year ago. Operating loss for the quarter was $(0.43) billion.

The company held $5 billion in cash and equivalents.

Outlook: XPeng sees Q4 vehicle deliveries of 59,500 – 63,500, up 101.2% - 114.7% year-on-year.

The company expects Q4 revenue of RMB12.7 billion - RMB13.6 billion, representing a year-on-year increase of 86.1% - 99.3%, vs. the consensus of $1.68 billion.

XPEV stock has gained 67% year-to-date.

Price Action: XPEV shares are trading lower by 1.47% at $16.75 in premarket on the last check Wednesday.