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Chinese electric vehicle maker Xpeng’s fourth-quarter net loss narrows 42% – Metro US

Chinese electric vehicle maker Xpeng’s fourth-quarter net loss narrows 42%

An XPeng Inc. P7 performance electric car outside the New
An XPeng Inc. P7 performance electric car outside the New York Stock Exchange (NYSE) ahead of the Chinese company’s IPO in New York

BEIJING (Reuters) – Chinese electric vehicle (EV) maker Xpeng Inc said on Monday its net loss in the fourth quarter of last year narrowed 42% from the same period in 2019, as EV sales increased in the world’s biggest car market.

New York-listed Xpeng, which sells mainly in China and competes with Tesla Inc and Nio Inc, said its net loss attributable to ordinary shareholders was 787.4 million yuan ($120.7 million) for the quarter, compared with 1,354.6 million yuan a year earlier.

In the final three months last year, revenue jumped 346% year-on-year to 2.85 billion yuan. It expects total revenue for the first quarter of 2021 to be approximately 2.6 billion yuan, up around 531% from the first quarter of 2020.

Xpeng, the maker of the P7 sedan and the G3 sport-utility vehicle, will launch a second sedan model before the end of June and a revamped G3 at the end of the year, its president Brian Gu told Reuters.

He said Xpeng will have a lineup of seven to eight models by 2024.

Xpeng, which is developing its own autonomous driving technologies, expects income from software and content to make up around 10% of its overall income in the future, Gu said.

The Guangzhou-based company is planning to build a third car plant in China. It delivered 12,964 vehicles in the last three months of 2020.

($1 = 6.5292 Chinese yuan renminbi)

(Reporting by Yilei Sun and Brenda Goh, editing by Louise Heavens, Kirsten Donovan)

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