Xpeng predicts it will deliver fewer electric cars than Nio

Xpeng CEO He Xiaopeng stands subsequent to the corporate’s P7 electric sedan as he addresses media on the 2020 Beijing auto present.

Evelyn Cheng | CNBC

BEIJING — Chinese electric automobile maker Xpeng forecast it will deliver far fewer cars than rival start-up Nio within the first three months of the yr.

New York-listed Xpeng introduced in a single day it would seemingly deliver round 12,500 automobiles within the first quarter. That implies deliveries of 4,250 cars for March, based mostly on January’s 6,015 determine and drop to 2,223 in February.

Even contemplating the week-long Lunar New Year vacation in mid-February, these figures fall in need of Nio’s.

Last week, Nio forecast deliveries of 20,000 to 25,000 automobiles within the first quarter, implying deliveries of at the least 7,197 cars in March. The firm solely delivers SUVs proper now, and sells them in a better value vary than Xpeng’s cars.

While Nio plans to deliver 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 electric 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.

Despite the eye on start-ups like Nio and Xpeng, older automakers Tesla and BYD are already promoting electric cars in China at a far higher scale. In January alone, Tesla bought extra than 14,500 China-made Model 3s and BYD extra than 7,200 of its Han mannequin, in line with figures from the China Passenger Car Association launched Tuesday.

After surging in 2020, shares of U.S.-listed electric 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 almost 4% in a single day and are down extra than 35% for the yr to this point.
  • Nio fell 7.6% in a single day and is down extra than 25% yr up to now.
  • Li Auto shares fell 5% to start out the week and are down 26% for the yr to this point.
  • Tesla shares fell extra than 5% in Monday’s session and are down 20% for the yr to this point.

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 corresponding to altering lanes and coming into and exiting highways.

About one-fifth of extra than 20,100 P7 sedans delivered as of February have activated the newest self-driving software program, administration stated on an earnings name.

Xpeng reported complete income rose 43% from the third quarter to 2.85 billion yuan ($437 million) within the fourth quarter. The firm expects income to fall barely to 2.6 billion yuan within the first quarter.

Net losses narrowed to 787.Four million yuan within the final three months of the yr from 1.15 billion yuan within the prior quarter.

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