XPeng, China's ambitious electric vehicle manufacturer, reported a net loss of $342 million last quarter, with revenue falling by 40% to $746 million. The company expects EV shipments to decline by 48% year on year this quarter.
XPeng managed to deliver 120,757 vehicles in a year, compared to the first quarter of last year. The company had to postpone its objective to reach operating break-even until 2025.
According to Bloomberg Intelligence analysts, the need to bring new cars to market and expand production will have a negative impact on XPeng's profitability. At the same time, Tesla is forcing the company to lower its electric vehicle prices, and entering foreign markets requires additional resources. The company does not intend to release aircraft as well as an autonomous vehicle.
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