Chinese EV maker XPeng reported record deliveries in the third quarter.
Jeenah Moon/Bloomberg
XPeng stock moved higher early Monday, as investors looked ahead to the Chinese electric-vehicle maker’s third quarter earnings.
Investors were also reacting to the company’s new electric sport utility vehicle—the G9—which it unveiled at the end of last week. The stock (ticker: XPEV) was 2.2% up in premarket trading.
Sentiment around the company is positive heading into its earnings, due to be reported early Tuesday.
The Tesla (TSLA) rival has already reported bumper third-quarter deliveries, which may offer clues as to what’s in store when it reports.
XPeng delivered close to 26,000 vehicles in the three months to Sept. 30, a record quarter and a 200% increase on the previous year. September deliveries surpassed 10,000, the company’s best ever month by more than 2,000 cars.
XPeng had expected quarterly deliveries of between 21,500 and 22,500. The impressive beat has led analysts to predict a similar outcome in relation to the company’s revenue guidance for the quarter.
The Chinese EV manufacturer expects revenue to be between RMB 4.8 billion ($752 million) and RMB 5 billion. Analysts now see revenue toward the top end of that range, according to FactSet data, although some expect it to be even higher.
Investors will also be closely watching for any mention of the global semiconductor shortage, which led rival NIO (NIO) to cut its third-quarter delivery guidance. NIO then beat expectations, with deliveries coming at the top end of its initial 23,000 to 25,000 guidance.
XPeng’s earnings, and outlook in particular, will provide insight into whether demand for EVs in China looks set to remain strong, while also potentially offering an update on how auto makers are dealing with chip-supply problems.
Write to Callum Keown at [email protected]
