Xpango shares rise on the back of a positive report
2022.11.30 09:17
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Xpango shares rise on the back of a positive report
Budrigannews.com – XPeng Inc. shares (NYSE:)are up 10.35% in pre-market exchanging on Wednesday following the arrival of the organization’s 3Q profit report.
The company reported a EPS loss of (0.36) per share, falling 0.08 short of the consensus EPS estimate.For the third quarter, total revenues were reported at RMB 6.82 billion ($0.96 billion), up 19.3% from the same period in 2021 and down 8.2% from the second quarter of 2022. The total number of deliveries for the quarter was 29,570, up 15% from 25,666 in the same period in 2021.
XPeng has been rethinking its strategy and internal restructuring.According to Honorary Vice Chairman and President of XPeng Dr. Hongdi Brian Gu, the founder of XPeng, He Xiaopeng, will assume a more direct leadership role.Additionally, he stated that XPeng would reduce spending in non-core areas.
“Our growth strategy, products, and operation have recently been thoroughly examined by our management team. We have already changed some of our strategies and restructured our organization.
Mr. He Xiaopeng, Chairman and CEO of XPeng, stated, “I am confident that our industry-leading smart and electrification technologies will enable us to build competitive products appealing to a broad customer base.”Additionally, I would like to express my gratitude to our shareholders for their helpful suggestions.”
Dr. Gu stated, “We will implement prudent initiatives for cost control and improve operational efficiency.”We are certain that we will be able to significantly increase sales volumes and average selling prices as we plan a number of upcoming product and technology rollouts.”
Over 2 million shares of the automaker with headquarters in Guangzhou changed hands in early premarket trading despite the top line miss.
After protests, it appeared that the gain was helped by the lifting of some extremely restrictive COVID-19 measures in its home city of Guangzhou. On Wednesday, major Chinese indices saw sharp gains as signs of regulatory rollbacks raised the possibility of less aggressive pandemic policies in the future.
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