Xpeng’s stock slides 7% premarket after Chinese EV makers’ earnings fall short of estimates

Xpeng Inc.’s stock
XPEV,
+0.45%
slid 7% in premarket trade Friday, after the Chinese electric vehicle maker posted weaker-than-expected second-quarter earnings. Xpeng had a net loss of RMB2.80 billion ($0.39 billion), or RMB3.25 per ADS, for the quarter, wider than the loss of RMB2.70 billion, or RMB1.63 per ADS, posted in the year-earlier period. Adjusted per-ADS loss was RMB3.10, while FactSet was expecting a loss of RMB2.41 per ADS. Revenue came to RMB5.06 billion, down 31.9% from a year ago, and below the RMB5.54 billion FactSet consensus. Total deliveries came to 23,205 for the quarter, down 27.3% from a year ago. The company now expects third-quarter deliveries of 39,000 to 41,000 vehicles, for an increase of 31.9% to 38.7%. It expects revenue to range from RMB8.5 billion to RMB9.0 billion. Nio Inc.’s stock
NIO,
+0.88%
fell 4.5% in sympathy. The U.S.-listed stock has gained 57% in the year to date, while the S&P 500
SPX,
-0.77%
has gained 13.8%.