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XPeng reports mixed earnings as XPEV stock nosedives in premarket trading

XPeng reports mixed earnings as XPEV stock nosedives in premarket trading

XPeng (NYSE: XPEV) shares are falling in premarket after the company announced its earnings, on August 23. 

The unaudited financial results for the three months ended June 30, 2022, showed that the firm managed to deliver 34,422 vehicles in Q2, an increase of 98% compared to the 17,398 delivered during the same period in 2021. Revenue came in at $1.11 billion, a 97.7% year-on-year (YoY) increase, beating estimates by $10 million. 

Meanwhile, earnings per share (EPS) were -$0.43, missing estimates by $0.10. Furthermore, for Q3, the company sees vehicle deliveries between 29,000 and 31,000 (13-20.8% increase) and revenue to come in between $0.99 billion and $1.05 billion (18.9-25.9% increase).

At the time of writing, XPEV is down 2.86% in the premarket trading session. 

XPEV premarket data. Source: Nasdaq

XPEV chart and analysis

Over the past month, both the long and short-term trends are negative for XPEV, as the stock traded between $20.93 and $25.91. Currently, the shares are near the lower end of their 52-week range. 

Meanwhile, technical analysis shows a support line at $20.99 and a resistance line at $22.34.

XPEV 20-50-200 SMA lines chart. Source. data. See more stocks here.

TipRanks analysts rate the shares a strong buy, with the average price in the next 12 months reaching $51.32, 144.38% higher than the current trading price of $21.00.

Wall Street analysts’ price targets for XPEV. Source: TipRanks  

Accelerating growth

He Xiaopeng, Chairman and CEO of XPeng, stated that his firm is looking to produce vehicles in a new, middle, segment between $21,900 and $73,000 with an additional ramp-up of production.    

“We are accelerating the pace of new product launches to round out our offering with vehicles priced between RMB150,000 to RMB500,000. In 2023, we plan to roll out two new competitive models that will further propel rapid sales volume growth.”

It seems as if XPeng has big plans, towards which they’re marching determinately, despite the XPEV being down 58.23% year-to-date (YTD). The only certainty, as it now stands, is that the firm will be a contender in the electric vehicle (EV) markets if they continue to produce and deliver its current and future EV models.  

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