Summary:
- Xpeng earnings released.
- EV maker affected first hand by lockdowns in China.
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XPeng (XPEV)reported first quarter losses whilst revenue topped. The China based Electric vehicle maker forecasts sales picking up in May after the disappointing April figures as China eases lockdowns. However, the stock price fell in the wake of the disappointing data.
The Covid-19 lockdowns in China have led to factory shutdowns and/or slower production. XPEV stock price has fallen. The Electric Vehicle maker reported a loss of 28 cents per ADS, however revenue increased by 153%.
Xpeng is expected to improve across the board in quarter 2, they hope to edge closer to pre-covid figures.
XPEV Price Chart
Sources: finance.yahoo.com, investors.com
