Electric vehicle manufacturer Xpeng on Thursday posted revenue of USD 450.4 million for the first quarter of the year, beating expectations with a 7x increase from Q1 of 2020 and 3.5% bump from the previous quarter. The company reduced its net loss marginally to USD 120.1 million compared to the last three months of 2020.
Xpeng attributed the revenue increase to its proprietary autonomous driving system Xpilot 3.0, but the additional income was partially offset by slashed government subsidies for new energy vehicles that may have discouraged buyers from purchasing new cars. “I believe that Xpilot’s software monetization will become recurring revenues,” said chairman and CEO He Xiaopeng.
The company delivered 13,340 EVs in the first quarter, a nearly sixfold jump from Q1 2020 and an increase of 2.9% from the 12,964 shipped in the final quarter of 2020.
“The first quarter kicked off a great start to 2021 with record-breaking vehicle deliveries notwithstanding the seasonally slower demand for automobiles and the semiconductor shortage,” said He. Shares of Xpeng, which trade on the New York Stock Exchange under the ticker XPEV, dropped 4.85% on Thursday.
Read this: Xpeng Motors looks to ramp up production and emerge unscathed from global chip shortage
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.