Staff reporterXPeng (9868) dropped more than 5 percent in the US pre-market trading after the Chinese electric vehicle maker said its first-quarter net loss widened by 37 percent to 2.34 billion yuan (HK$2.6 billion) from a year ago. The adjusted net loss, which excludes share-based compensation expenses, was 2.21 billion yuan in the first three months, compared with 1.53 billion yuan from the previous year. Total revenue during the period slumped 45.9 percent to 4.03 billion yuan from a year earlier. Looking ahead, Xpeng expects revenue to be between 4.5 billion yuan and 4.7 billion yuan in the second quarter, a year-on-year decline of 36.8 percent to 39.5 percent. It also forecast deliveries to be between 21,000 and 22,000 for the same period, representing a year-over-year decrease of 36.1 percent to 39 percent.

Source: The Standard May 25, 2023 04:58 UTC