XPeng forecasts quarterly revenue above estimates

(Reuters) – Chinese electric vehicle maker XPeng (NYSE:) forecast fourth quarter revenue above Wall Street estimates on Tuesday, thanks to new car models and improving domestic market.

XPeng is seeing a steady demand for its MONA M03 mid-sized sedan, having delivered more than 10,000 units for the second straight month in October. MONA M03 competes with BYD (SZ:)’s Seagull and Dolphin and the higher-priced Tesla (NASDAQ:) Model 3, and was launched in a bid to grab market share from BYD, Nio (NYSE:), and Tesla.

XPeng expects fourth quarter revenue between 15.3 billion yuan and 16.2 billion yuan, compared with analysts’ average estimate of 14.77 billion yuan, according to data compiled by LSEG.

Revenue for the third quarter ended Sept. 30 was 10.10 billion yuan ($1.39 billion), beating estimates of 9.77 billion yuan.

($1 = 7.2434 renminbi)