$XPeng Inc.(XPEV)$XPeng Motors on Tuesday reported second-quarter revenue that beat expectations but gave yet another discouraging guidance for the next quarter.
The company guided for third-quarter deliveries of 29,000 to 31,000 units, below consensus estimates of 36,000, Deutsche Bank analyst Edison Yu said in a research note sent to investors on Tuesday.
"Even if we embed some degree of conservatism, this suggests further demand deterioration in Aug/Sep on a sequential basis," the note reads.
This is largely due to greater than expected competitive pressure and deemphasis on lower-margin products, including XPeng P5 and G3, Yu said.
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