China’s Xpeng Motors is confident it will double sales this year to 380,000 vehicles and break even in the last three months, chief executive He Xiaopeng said on Wednesday, as the company reported significant progress in vehicle sales and cost cutting in the past quarter. The electric vehicle maker reported a 141.5% jump in its January-March quarter revenue to RMB 15.8 billion ($2.2 billion), up 141.5% from a year earlier and compared with LSEG estimates of RMB 15.1 billion. Net losses were also lower than expected and had narrowed to RMB 660 million, in contrast with RMB 1.4 billion in Q1 2024. Gross margins had climbed to 15.6%, just a few percentage points short of Tesla’s 16.3% rate. The management’s rosy delivery outlook of at least 102,000 vehicles in the second quarter also looked believable, sending shares up 13%. [TechNode reporting, Xpeng release, CNBC]
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