XPeng Inc.’s XPEV third-quarter 2024 American depositary share (ADS) loss per share narrowed to 27 cents from the year-ago quarter’s loss of 62 cents. Total revenues rose to $1.44 billion from $1.17 billion reported in the corresponding quarter of 2023. Revenues from vehicle sales totaled $1.25 billion, up from the year-ago revenues of $1.08 billion due to strong growth in deliveries. In the third quarter, the company delivered 46,533 units, up 16.3% year over year.
In the third quarter of 2024, revenues from services and others totaled $190 million up from $90 million reported in the corresponding quarter of 2023. Vehicle margin rose to 8.6% compared with negative 6.1% for the same period of 2023. XPeng reported a gross margin of 15.3% compared with the negative gross margin of 2.7% reported in the same period of 2023.
XPEV’s research and development expenses increased to $23 million in the third quarter of 2024 from $180 million in the third quarter of 2023, while its selling, general and administrative expenses remained flat at $230 million.
As of Sept. 30, 2024, XPeng’s cash and cash equivalents, restricted cash, short-term investments and time deposits totaled $5.09 billion, up from $5 billion as of Sept. 30, 2023.
For the fourth quarter of 2024, XPeng expects vehicle deliveries in the range of 59,500-63,500, suggesting a rise of 168-186% year over year.
Updates
On Nov. 6, 2024, XPeng unveiled the XPENG Kunpeng Super Electric System, Turing AI Intelligent Driving System and AI Robot.
On Nov. 7, 2024, XPENG introduced the P7+, an AI-defined smart electric fastback sedan, and started its delivery in the same month.
Zacks Rank & Key Picks
XPEV currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM, Tesla, Inc. TSLA and BYD Company Limited BYDDY, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.66% and 51.98%, respectively. EPS estimates for 2024 and 2025 have improved 75 cents and 88 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TSLA’s 2024 sales suggests year-over-year growth of 2.97%. EPS estimates for 2024 and 2025 have improved by 22 cents and 18 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BYDDY’s 2024 sales and earnings suggests year-over-year growth of 25.07% and 31.51%, respectively. EPS estimates for 2024 and 2025 have improved by 35 cents and 39 cents, respectively, in the past 30 days.
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