Shares of XPeng Inc. XPEV, +0.79% fell 1.2% in premarket trading Thursday, after the China-based electric vehicle maker reported a wider-than-expected second-quarter loss but revenue that rose more than six-fold to top forecasts. The net loss was RMB1.62 billion ($250.7 million), or RMB1.50 per American depositary share, after RMB1.14 billion, or RMB6.29 a share, in the year-ago period, as the weighted average number of ADS increased to 796.2 million from 181.4 million. Excluding nonrecurring items, adjusted loss per ADS narrowed to RMB1.38 from RMB4.24 but was wider than the FactSet loss consensus of RMB0.91. Total revenue rose 536.7% to RMB3.76 billion ($582.55 million), to top the FactSet consensus of RMB3.72 billion. Deliveries grew 439% from a year ago, and 30.4% from the first quarter, to a quarterly record of 17,398 in the second quarter, as first-half 2021 deliveries exceeded the total deliveries for all of 2020. For the third-quarter, XPeng expects deliveries to rise to 21,500 and 22,500 and revenue of RMB4.8 billion to RMB5.0 billion. XPeng’s stock has run up 29.5% over the past three months through Wednesday, while the iShares MSCI China ETF MCHI, -0.75% has dropped 14.5% and the S&P 500 SPX, +0.22% has gained 7.2%.
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