Understanding the market | XPeng Motors-W fell more than 7% and will release first-quarter performance after hours, with multiple price cuts since the beginning of this year
XPeng Motors-W's stock price has dropped by over 7%, closing at HKD 31.85 as of the time of publication, with a turnover of HKD 4.05 billion. The company is about to release its first-quarter performance, with expected growth in delivery volume and revenue. Despite multiple price cuts this year, XPeng Motors has not yet exceeded ten thousand units in sales. CICC International predicts that the company's gross profit margin will remain in the low single digits by 2024, mainly due to intense price competition
According to the information from the Wise Finance APP, XPeng Motors-W (09868) fell by more than 7%, as of the time of publication, it dropped by 7.01% to HKD 31.85, with a turnover of HKD 4.05 billion.
On the news front, XPeng Motors is set to release its first-quarter results after the market closes today. Guosheng Securities previously pointed out that looking ahead to 2024 Q1, the company's performance is expected to be temporarily under pressure. 1) Q1 guidance for deliveries of 21,000-22,500 vehicles, a year-on-year increase of 15.2%-23.4%, 2) target revenue of RMB 5.8-6.2 billion, a year-on-year increase of 43.8%-53.7%. In addition, rival Li Auto achieved operating income of RMB 25.6 billion in the first quarter, a year-on-year increase of 36.4%, but a quarter-on-quarter decline of 38.6%; net profit was RMB 591 million, a year-on-year decrease of 36.7% and a quarter-on-quarter decrease of 89.7%.
It is reported that XPeng Motors has adjusted the prices of its models multiple times this year. The starting price of XPeng G6 has been reduced to RMB 189,900, the starting price of XPeng P7i has been lowered by RMB 15,000, and the limited-time discount for XPeng G9 has been reduced by up to RMB 20,000. Within a little over a year, the price of XPeng G9 has dropped by RMB 66,000. However, XPeng Motors has not exceeded ten thousand in monthly sales for four consecutive months this year. CICC previously pointed out that the company's gross profit margin for 2024 is expected to remain in the low single digits, mainly due to more intense price competition