Xpeng CEO He Xiaopeng stands subsequent to the corporate's P7 electrical sedan as he addresses media on the 2020 Beijing auto present.Evelyn Cheng
Xpeng CEO He Xiaopeng stands subsequent to the corporate’s P7 electrical sedan as he addresses media on the 2020 Beijing auto present.
Evelyn Cheng | CNBC
BEIJING — Chinese language electrical automobile maker Xpeng forecast it’ll ship far fewer automobiles than rival start-up Nio within the first three months of the yr.
New York-listed Xpeng introduced in a single day it could doubtless ship round 12,500 autos within the first quarter. That suggests deliveries of 4,250 automobiles for March, primarily based on January’s 6,015 determine and drop to 2,223 in February.
Even contemplating the week-long Lunar New 12 months vacation in mid-February, these figures fall wanting Nio’s.
Final week, Nio forecast deliveries of 20,000 to 25,000 autos within the first quarter, implying deliveries of at the least 7,197 automobiles in March. The corporate solely delivers SUVs proper now, and sells them in a better value vary than Xpeng’s automobiles.
Whereas Nio plans to ship a sedan to clients early subsequent yr, Xpeng launched its P7 sedan final yr, which has accounted for a rising share of deliveries versus its G3 SUV. Xpeng plans to launch one other sedan later this yr.
Li Auto, one other Chinese language electrical automobile firm listed within the U.S., gave the bottom forecast of the three start-ups, at 10,500 to 11,500 deliveries for the primary quarter.
Regardless of the eye on start-ups like Nio and Xpeng, older automakers Tesla and BYD are already promoting electrical automobiles in China at a far better scale. In January alone, Tesla offered greater than 14,500 China-made Mannequin 3s and BYD greater than 7,200 of its Han mannequin, in keeping with figures from the China Passenger Automotive Affiliation launched Tuesday.
After surging in 2020, shares of U.S.-listed electrical automobile firms have fallen within the final two months amid the U.S. inventory market’s risky begin to the yr.
- Shares of Xpeng fell practically 4% in a single day and are down greater than 35% for the yr thus far.
- Nio fell 7.6% in a single day and is down greater than 25% yr up to now.
- Li Auto shares fell 5% to begin the week and are down 26% for the yr thus far.
- Tesla shares fell greater than 5% in Monday’s session and are down 20% for the yr thus far.
Autonomous driving software program
As Nio, Tesla and different automobile firms race to develop self-driving expertise, Xpeng started rolling out its autonomous driving software program to some premium P7 sedan clients this yr. The expertise permits customers to automate duties similar to altering lanes and getting into and exiting highways.
About one-fifth of greater than 20,100 P7 sedans delivered as of February have activated the most recent self-driving software program, administration mentioned on an earnings name.
Xpeng reported whole income rose 43% from the third quarter to 2.85 billion yuan ($437 million) within the fourth quarter. The corporate expects income to fall barely to 2.6 billion yuan within the first quarter.
Web losses narrowed to 787.Four million yuan within the final three months of the yr from 1.15 billion yuan within the prior quarter.