The Chinese electric carmaker’s troubles continued with Friday results showing a wider-than-expected loss in the second quarter.
Xpeng said its vehicle margin was negative 8.6% in the second quarter, compared to positive 9.1% in the same period of last year. Xpeng blamed this decline on"inventory write-downs and losses on inventory purchase commitments" related to its G3i vehicle, as well as on increased sales promotions and on the expiry of Chinese electric vehicle subsidies.
"With the G6 and other new products accelerating sales growth, we expect gross margin to gradually recover while operating efficiency continues to improve and free cash flow to substantially improve," Brian Gu, co-president of Xpeng, said in the Friday earnings press release.Xpeng previously disclosed that it delivered 23,205 cars in the second quarter of 2023
That's the sixth consecutive month of delivery growth, underscoring the early signs of a recovery, at least for deliveries. The company forecast its revenue will be between 8.5 billion yuan and 9 billion yuan in the third quarter, representing a year-over-year increase of around 24.6% to 31.9%.
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