XPeng Shares Drop as Q2 Revenue Miss Overshadows Robotics Valuation
Chinese electric vehicle (EV) maker XPeng Inc. saw its stock fall by 7% after reporting second-quarter revenue that missed Wall Street expectations and issuing a weaker-than-anticipated third-quarter outlook, overshadowing the $6.3 billion valuation of its robotics division. NIO also dropped 4%, while Tesla fell slightly at 2%. The underperformance was attributed to lower vehicle margins due to product transitions and rising R&D costs. XPeng's Q2 revenue came in at RMB19.74 billion ($2.91 billion), up from the previous quarter but below forecasts, with deliveries increasing only marginally year-over-year. For Q3, XPeng guided for lower-than-expected revenue between $2.85 and $3.06 billion against a consensus of $3.38 billion. Despite these challenges, XPeng's robotics unit IRON secured over $900 million in funding led by IDG Capital with participation from Tencent and Alibaba at an impressive valuation for China’s embodied AI sector.
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Topics: automotive electric-vehicles robotics stock_movement