Why XPeng Stock Is Tapping The Brakes Today

XPeng Inc XPEV shares are trading lower Tuesday after the company reported earnings results that were down year-over-year. 

XPeng said second-quarter revenue increased 97.7% year-over-year to RMB7.44 billion ($1.11 billion), which beat average analyst estimates of $1.06 billion, according to Benzinga Pro. The company reported a quarterly net loss of 43 cents per share, which was down from a loss of 21 cents per share year-over-year.

XPeng said it delivered 34,422 vehicles in the second quarter, up 98% year-over-year. The company ended the quarter with $6.17 billion in cash and equivalents.

"We are accelerating the pace of new product launches to round out our offering with vehicles priced between RMB150,000 to RMB500,000. In 2023, we plan to roll out two new competitive models that will further propel rapid sales volume growth," said He Xiaopeng, chairman and CEO of XPeng.

XPeng said it expects to deliver between 29,000 and 31,000 vehicles in the third quarter. Third-quarter revenue is expected to be in an approximate range of $1 billion to $1.05 billion.

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XPEV Price Action: XPeng has a 52-week high of $51.50 and a 52-week low of $18.01.

The stock was down 4.43% at $20.07 at press time, according to Benzinga Pro.

Photo: courtesy of XPeng.