XPeng Motors  fell in US pre-market trading after it reported a quarterly report that beat expectations but provided weaker-than-expected guidance for the second quarter.

 

The company reported revenue of RMB 7.45 billion ($1.18 billion) in the first quarter, topping the median analyst estimate of RMB 7.37 billion in a Bloomberg survey, according to its unaudited earnings report released today.

 

It reported a net loss of RMB 1.7 billion in the first quarter, up 116.1 percent year-on-year and up 32.1 percent from the fourth quarter.

 

XPeng's gross margin was 12.2 percent in the first quarter, up from 11.2 percent in the prior year quarter and up from 12 percent in the fourth quarter.

XPeng's vehicle margin was 10.4 percent in the first quarter, up from 10.1 percent in the same period last year and lower than the 10.9 percent in the fourth quarter.

 

Research and development expenses were RMB 1.22 billion for the first quarter of 2022, representing an increase of 128.2 percent from RMB 535.1 million for the same period of 2021 and a decrease of 15.9 percent from RMB1,451.4 million for the fourth quarter of 2021.