China EV maker Xpeng posts record quarterly loss amid slowing economy – Nikkei Asia
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Company bets on release of latest model and cost cutting to drive growth
Xpeng is counting on its new G6 electric SUV, seen here at the Auto Shanghai show in April, to help boost sales and improve margins. © Reuters
MARRIAN ZHOU, Nikkei staff writerAugust 19, 2023 00:21 JST | China
NEW YORK — Chinese electric vehicle maker Xpeng on Friday reported wider-than-expected losses for the second quarter, sending its U.S.-listed stock tumbling more than 6% in early trading.
The company reported a net loss of 2.8 billion yuan (around $385 million), compared with 2.7 billion yuan in the second quarter last year. This marks Xpeng’s highest quarterly loss since it went public in 2020. Analyst estimates surveyed by Refinitiv had forecast the company’s net loss at 2.13 billion yuan.
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