XPeng Falls On Reporting Wider Loss In Q2

(RTTNews) - Shares of Chinese electric vehicle company XPeng Inc. (XPEV) are falling more than 5% Friday morning after reporting wider loss in the second quarter hurt by lower revenue primarily due to decline in vehicle sales.

Net loss was RMB2.80 billion or $0.39 billion for the second quarter, wider than RMB2.70 billion for the same period a year ago.

Net loss per American depositary share (ADS) was RMB3.25 or $0.45, and loss per ordinary share was RMB1.63 or $0.22 last year.

Excluding one-time items, loss was was RMB2.67 billion or $0.37 billion. Adjusted loss per ADS was RMB3.10 or $0.43 and adjusted loss per ordinary share was RMB1.55 or $0.21,

Total revenues were RMB5.06 billion or $0.70 billion for the second quarter, a decrease of 31.9% from RMB7.44 billion in the previous year.

XPEV, currently at $14.86, has traded in the range of $6.18 - $23.62 in the last 1 year.