XPeng Inc. (XPEV)_ 3Q24 First Take_ in-line results with strong 4Q24 guidance; Buy
-·2024-11-22 16:18
19 November 2024 | 7:23PM CST XPeng Inc. (XPEV): 3Q24 First Take: in-line results with strong 4Q24 guidance; Buy XPeng reported 3Q24 results with revenue in-line with GSe/Visible Alpha Consensus, gross profit +3%/+9% vs. GSe/Consensus, and gross margin improving by 17.9pp yoy/1.3pp qoq to 15.3%. We believe the gross margin improvement is mainly driven by higher volume scale which brought down fixed cost on a per vehicle basis, and further technology services revenue recognition from VW. EBIT was -2% vs. GSe ...