Chinese EV maker XPeng reports earnings, stock falls
Yahoo Finance Live anchors discuss first-quarter earnings for Chinese EV maker XPeng.
Video Transcript
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JULIE HYMAN: Welcome back. We're just a few minutes before the opening bell, and we're taking a look at some of the movers we're watching. Xpeng, the Chinese EV maker, is one of them. That company coming out with numbers at disappointing the street. The stock is down about 3%. A lot of this had to do, of course, with the shutdown that has been going on of large swaths of China and, therefore, production. Really, the shipments in April from March down 42% is really shocking here. About 9,000 vehicles is what they shipped in the month of April, so that seems to be really pushing the shares lower here.
JARED BLIKRE: Yes. The extent of the lockdowns, I think, the full extent is not going to be known or felt for some time. We have a better handle than we did two years ago, than the initial lockdowns. But this is substantial, and a lot of these names have already been battered just because of the fact that all Chinese stocks have been battered. And for that matter, most US stocks have been as well. But it's been going on longer in China. And this company is still a startup, is producing vehicles, but it's losing money. And I think this is going to be a theme.
On the Wi-Fi Interactive, I have a year-to-date look at our China heat map, and the losses here are stunning. They go from 73%, and that's not even the actual ultimate loss. That's just this year alone. And only TAL, it looks like TAL Education, in the upper left here, up 5%. That is the only one. And then you go to the EV space. It's not a whole lot better.
Now, Tesla's down 32%. That's the big one, but let's check out some of the other losses in the space. And you're seeing numbers in the 70s. Rivian down 72%. GOEV down 56%. So they're having a tough time of this. I should also mention, with respect to Tesla, there's announcement today that they are reopening their Shanghai factory. But it's going to be Tuesday, a day later than thought, so a little bit of a delay there. But nevertheless, just an opportunity to mention Elon Musk.
JULIE HYMAN: Yes. And while the share is an opportunity, it looks like, for people to continue to sell the shares, they're off by about 1% this morning. So all of this sort of weighing on sentiment regarding China, regarding EV space, as you summed up by looking at those two various groups. So we'll continue to watch and see what happens there.
Just one more precision here on the Xpeng numbers. We just showed the first quarter deliveries there, which were just over 34,000. For the second quarter, the company is expecting total deliveries of 31,000 to 34,000. So it's going to be a drop if it's within that forecast range. And revenue is going to be as much as 7 and 1/2 billion yuan, which is short of the 8.3 billion yuan that analysts had been projecting. So not good news for them there.
JARED BLIKRE: No.
