Shares of XPeng (NYSE:XPEV) stock are rising on Monday morning after the company reported its fourth quarter and fiscal year 2020 financial results.
This had the electric vehicle (EV) firm reporting revenues of $437 million for Q4 2020, which were better than Wall Street’s expectations of $411.82 million. However, XPeng also reported a non-GAAP diluted net loss per American depositary share (ADS) of 15 cents. This was slightly worse than analysts’ expectations of a 12-cent loss.
Additionally, the EV company reported revenue of $895.7 million for FY2020 and losses per ADS of $1.22.
Here is what else is of note from the XPEV earnings report:
- Revenue came in 345.5% and 151.8% higher year-over-year for Q4 and FY2020, respectively.
- XPeng also reported deliveries of 12,964 and 27,041 for Q4 and FY2020, respectively. Both figures were increases YOY.
- Gross margins for both periods were 7.4% (Q4) and 4.6% (FY2020).
- Net loss for Q4 reached $120.7 million and $418.7 million for FY2020.
He Xiaopeng, chairman and CEO of XPeng, had this to say about the XPEV earnings:
“We closed 2020 on a strong note, with a record number of total deliveries in the fourth quarter of 12,964 vehicles, led by the P7, our second Smart EV model, which fueled our robust operational and financial performance throughout the year. Our relentless focus on providing highly differentiated Smart EV products to our customers and expanding our sales and service network supported our achievements in 2020 and empowers our sustainable future growth.”
Moreover, the firm reported strong guidance for Q1 of 2021. This has XPeng looking for vehicle deliveries to reach 12,500 vehicles — a YOY increase of about 450%. Also, the EV firm is looking to reach revenues of 2.6 billion yuan, which would be a 531% boost YOY.
XPEV stock was up 4.2% as of Monday morning.