MarketBeat·2024-06-11 11:18Company Overview - XPeng Inc. is a leading Chinese smart electric vehicle (EV) manufacturer focused on the mid to high-end market, offering premium EVs with advanced driver-assistance systems (ADAS) and cutting-edge technology [1] - The company is expanding its dealership network in various countries, including Denmark, Sweden, Norway, the Netherlands, UAE, Egypt, Azerbaijan, Jordan, and Lebanon, but has no plans to enter the U.S. market due to high tariffs [1] Financial Performance - In Q1 2024, XPeng reported revenues of $910 million, a 62.3% increase year-over-year, but a 49.8% decrease sequentially from Q4 2023 [4] - Vehicle sales revenues reached $770 million, up 57.8% YoY, with gross margins improving to 12.9% from 1.7% a year ago [4] - The net loss for Q1 2024 was $190 million, translating to a diluted EPS loss of 21 cents, which beat consensus estimates by 4 cents [4] Deliveries and Guidance - XPeng delivered 9,393 vehicles in April and reported a 25% YoY increase in May deliveries, totaling 10,146 smart EVs [5] - Year-to-date deliveries reached 41,360 units, reflecting a 26% YoY increase [5] - For Q2 2024, the company expects vehicle deliveries between 29,000 to 32,000, representing a YoY increase of 25% to 37.9% [6] Strategic Initiatives - XPeng is entering the flying car market through its affiliate XPENG AEROHT, focusing on electric vertical takeoff and landing (EVTOL) vehicles for short-distance urban transportation [2] - The company has developed a prototype flying car, the XPeng X2, which can also function as a regular EV [2] - XPeng's partnership with Volkswagen is seen as a strategic advantage, enabling the company to monetize its in-house developed smart technologies [7] Market Position and Analyst Sentiment - XPeng's stock is currently rated as "Hold" by analysts, with a price target of $16.89, indicating a potential upside of 112.9% [3][4] - The company is forming a symmetrical triangle pattern in its stock chart, suggesting a potential breakout in the near future [3]