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Xpeng founder He Xiaopeng bullish after Chinese EV maker reports higher quarterly revenue, narrower loss in line with forecast
- Guangzhou-based carmaker reports 153 per cent increase in revenue for the fourth quarter of 2023
- Xpeng is about to embark on a major product cycle and plans to launch more than 10 brand new models over the next three years, CEO He Xiaopeng says
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Chinese electric-vehicle (EV) maker Xpeng reported a 153 per cent increase in revenue on Tuesday, meeting an analysts’ forecast for the fourth quarter of 2023.
The Guangzhou-based carmaker said its revenue stood at 13.05 billion yuan (US$1.8 billion) for the quarter ending on December 31 last year, in line with the 13.28 billion yuan consensus forecast made by 11 analysts polled by Bloomberg. Its net loss for the quarter was 1.35 billion yuan, better than the 2.36 billion yuan recorded a year earlier and lower than an analysts’ estimate of 3.08 billion yuan.
The carmaker’s results come as a price war in China’s EV sector intensifies, with leading players such as Shenzhen-based BYD slashing the prices of their bestselling models to cushion falling sales, after government subsidies were removed at the end of 2022.
“Since the first quarter of this year, there has been an industry-wide price war, which has been growing increasingly fierce,” He Xiaopeng, chairman and CEO, said during a company conference call on Tuesday. “Several EV start-ups have been forced to wind down their operations and certain renowned technology companies have terminated their investment in the auto business [as a result].
“Looking beyond short-term challenges, Xpeng is about to embark on a major product cycle. We plan to launch more than 10 brand new models over the next three years.
“We will continue to lead the innovation of autonomous driving technology, making it affordable and accessible to a much broader customer base.”
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