EV Stocks Drop With XPeng Down 6%

Tiger Newspress2023-08-18

EV stocks dropped in morning trading. Tesla fell 1%; NIO and Li Auto fell 5%; XPeng fell 6%.

Xpeng, on Friday forecast third-quarter revenue below analysts' expectations and reported a hit to margins following an inventory writedown.

The Chinese electric vehicle-maker forecast revenue of 8.5 billion yuan to 9 billion yuan for the current quarter ending September, below estimates of 9.77 billion yuan ($1.34 billion), according to the average estimate of six analysts by Refinitiv.

The forecast underscores weak demand in China and intense competition following price cuts unleashed by Tesla and other home-grown automakers.

China's passenger vehicle sales fell for a second month in July, as discounts and government support measures failed to persuade consumers wary of buying cars amid a sputtering economy.

In the second quarter ended June 30, Xpeng's revenue decreased 32% to 5.06 billion yuan, in line with estimates.

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Comments

Swordmerlin
2023-08-18
Swordmerlin
Will going up soon
ZawMoe
2023-08-18
ZawMoe
Up 1% Down 3456% Fu,,,,k market

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