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Chinese EV bellwether Xpeng saw fourth-quarter sales soar to a record high before Tesla slashed price of its Model Y
- The Guangzhou-based carmaker said revenue between October and December soared by a massive 345 per cent from a year earlier to 2.85 billion yuan
- Tesla took the wind out of domestic EV makers’ sails when it knocked 30 per cent off the price of its Model Y at the start of the year
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Xpeng Motor, one of mainland China’s leading electric vehicle (EV) start-ups, posted better-than expected quarterly earnings, spurred by record sales of its intelligent cars ahead of a stronger push by Tesla this year.
The Guangzhou-based carmaker backed by Alibaba said on Monday that its revenue between October and December soared by a massive 345.5 per cent from a year earlier to 2.85 billion yuan (US$437 million).
It still reported a net loss of 787.4 million yuan, narrower by 21 per cent than 997.1 million yuan in the same period of 2019.
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Xpeng was well ahead of its own forecast made in in November, when it predicted quarterly revenues would climb 243 per cent to 2.2 billion yuan.
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