Chinese electric-vehicle maker Xpeng Inc. reported a wider-than-expected quarterly loss as supply-chain snarls and surging materials costs squeeze margins.
Xpeng’s net loss more than doubled to 1.7 billion yuan ($260 million) in the three months through March, the Guangzhou automaker said Monday. That compares to analyst estimates of a 1.52 billion yuan shortfall. The company’s sales forecast for the current quarter also came in below analyst projections.
While Xpeng more than doubled vehicle deliveries and revenue last quarter, the company and its peers have since been hit hard by Shanghai’s COVID lockdown and supply chain disruptions in China. Shipments plunged 42 percent in April from March, to just 9,002 vehicles. The company has also been affected by surging costs for raw materials and batteries, prompting it to join other EV makers in raising prices.