Chinese electric vehicle maker XPeng (XPEV) has published a Q3 earnings growth report better than analysts' forecasts. Investors are encouraged by XPeng's plans to test robot taxis and further expand into Europe.
XPeng (XPEV) shares, up 25.5% in the last quarter and 62.5% in the last six months, rose 8.2% on Tuesday after it published its financial report for the third quarter ended September 30.
On the back of rising quarterly deliveries of electric vehicles, XPeng's revenues also jumped, in addition to the company announcing its plans for robotaxis and expansion into new European markets: Sweden, Denmark and the Netherlands next year. Xpeng started delivering its vehicles to Norway in December 2020.
XPeng's report for Q3 2021
Electric vehicle deliveries: 25,666 electric vehicles, up 199.2% from last year and up 47.5% from the second quarter of 2021.
Total revenues: $887.72m, above analysts' forecasts of $789m and up 52.4% on the second quarter and a whopping 203% on the same period last year.
XPeng reported a loss of $0.15 per share, better than Wall Street forecasts of $0.18 loss per share.
CEO He Xiaopeng said in a company press release, "We continued our record growth in the third quarter with the highest vehicle deliveries among new energy vehicle start-ups in China."
XPeng expects to produce between 34,500 and 36,500 vehicles in the fourth quarter, an increase of 166% to 181.5% compared to the same quarter a year ago.
XPeng's long-term outlook
The company said in a press release that XPeng will showcase its advances in autonomous driving technology in the "forthcoming Navigation Guided Pilot (NGP), which extends its use to challenging urban driving scenarios" as the company "explores robotaxi technology".
Speaking to reporters, XPeng Vice President and Chairman Brian Gu said XPeng plans to begin testing the technology on the roads in 2022.
International expansion Gu said the company plans to enter the Swedish, Danish and Dutch markets next year.
Last week XPeng unveiled the new G9 electric SUV aimed at the international and Chinese markets.
The company is now actively investing in ramping up production rapidly and judging by the numbers, it is succeeding despite the global shortage of chips. XPeng will also be investing more in international markets in the coming years.