Chinese electric-vehicle maker Xpeng Inc. reported a wider-than-expected fourth-quarter loss and said deliveries could drop as much as 48 percent in the first three months of this year versus the same period in 2022.
Xpeng posted a net loss of 2.36 billion yuan ($342 million) in the three months ended Dec. 31, according to a statement Friday. That was worse than the 2.1 billion yuan deficit forecast by analysts, and compared with a 1.29 billion yuan loss the year before. Revenue slumped 40 percent to 5.14 billion yuan, missing the 5.7 billion yuan forecast.
“With the optimization of our product portfolio and the significant improvement of our marketing capabilities, we will resume growth in our sales and market share,” Co-President Brian Gu said in the filing. CEO He Xiaopeng said the company has “comprehensively” reviewed its strategy.