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HomeTechnologyCost Reductions Are Anticipated By Chinese EV Manufacturer Xpeng

Cost Reductions Are Anticipated By Chinese EV Manufacturer Xpeng

In an exclusive interview with CNBC on Monday, Zoe f stated that it anticipated cost reductions and its relationship with Volkswagen to reduce the company’s losses.

The company reported its largest quarterly loss on Friday since going public in the United States in August 2020. Its net loss for the second quarter was higher than the 2.13 billion yuan loss predicted by the Refinitiv consensus estimate, coming in at 2.8 billion yuan. On Friday, the company’s U.S.-listed shares ended 4.28% down. The Hong Kong-listed shares of Xpeng were trading more than 2% higher on Monday afternoon.

Deliveries by Xpeng in the second quarter totaled 23,205, down 32.58% from 34,422 deliveries during the same time last year.

The company is decreasing costs across the board, according to CEO He Xiaopeng, who stated on Friday that this should “significantly drive gross margin improvement in 2024.”

Source (CNBC)

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