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A XPeng Inc. G6 electric sport utility vehicle (SUV). The company is hoping the release of the new car will boost sales which plunged in the first quarter.
Qilai Shen | Bloomberg | Getty Images
Shares of Chinese electric vehicle firm Xpeng dropped on Wednesday after the company reported earnings that missed expectations and forecast a plunge in car sales.
Xpeng shares were down more than 11% shortly after the U.S. opening bell.
Here’s how the company did versus Refinitiv consensus estimates for the first quarter:
- Revenue: 4.03 billion Chinese yuan ($571.6 million) versus 5.19 billion yuan expected. That represents a 50% year-on-year plunge.
- Net loss: 2.34 billion billion yuan versus 1.9…
Source cnbc.com
