XPeng (NYSE:XPEV) stock climbed as much as 20% today after the Chinese electric vehicle (EV) maker reported its first-quarter earnings. However, the initial enthusiasm has cooled down, with XPEV stock now up by about 6% on the day.
During the quarter, XPeng delivered a total of 21,821 vehicles, up by 19.7% year-over-year (YOY) from 18,230 vehicles. That led to revenue of $907 million, which beat the analyst estimate for $859 million. In addition, XPeng is still unprofitable with an EPS loss of 10 cents or a net loss of $190 million.
“XPENG took the lead in the mass production and application of AI-based large models within the China automobile industry,” said Chairman and CEO Xiaopeng He. “We are confident that we can launch competitive models globally in a more efficient manner and thus spearhead the widespread adoption of AI-powered smart cars.”
For guidance, the company expects Q2 deliveries between 29,000 and 32,000 vehicles, signaling yearly growth between 25% and 38%. Revenue is expected to be between $1.04 billion and $1.15 billion, signaling growth between 48% and 64%.
5 Investors Betting Big on XPEV Stock
With the May 15 Q1 13F deadline past us, retail investors are now able to view the equity and options positions of institutional investors as of the end of March. During the quarter, 187 13F filers disclosed a stake in XPEV stock, basically unchanged from 189 filers during Q4. However, the total number of shares owned by these filers increased by 3.78% to 108.49 million.
Hedge funds, a subset of institutional investors, saw their 13F exposure increase by a significant 51.91% to 30.22 million shares. This can be attributed to a handful of hedge funds making large buys, such as Millennium Management and Citadel.
With that in mind, let’s take a look at XPeng’s top shareholders:
- CEO Xiaopeng He: 353.10 million shares. He’s stake is accurate as of Q4 2022.
- Volkswagen (OTCMKTS:VWAGY): 94.07 million shares. Volkswagen’s stake is accurate as of Q4 2023.
- Primecap Management: 15.54 million shares. Primecap added 3.05 million shares during Q1.
- Millennium Management: 10.70 million shares. Millennium added 9.12 million shares during Q1.
- Goldman Sachs (NYSE:GS): 8.65 million shares. Goldman added 870,249 shares during Q1.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
