Electric Car Stocks Rally On Xpeng Motors Earnings; Li Auto Earnings Due - Investor's Business Daily

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Xpeng Motors (XPEV) reported mixed third-quarter results in its first earnings report since its August IPO. Xpeng stock, one of the year's hot new electric car stocks, jumped early Thursday.

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Fellow Chinese electric car IPO Li Auto (LI), which also emerged in the wake of supercharged Tesla (TSLA) and Nio (NIO) shares, reports Friday.

Xpeng Earnings

Estimates: Analysts expected a loss of 18 cents per ADS on revenue of $284.6 million.

Results: Xpeng lost an adjusted 32 cents per ADS. Revenue came in at $293.1 million, up 342.5% in local currency terms.

Gross margin was 4.6% vs. -10.1% a year earlier.

Vehicle deliveries, already reported, hit 8,578 in the September-ending quarter, up 266% vs. a year earlier and 166% vs. Q2 2020. Deliveries of the P7 sedan, a rival to the made-in China Tesla Model 3, jumped to 6,210 vs. 325 in Q2. P7 deliveries began at the very end of Q2.

Outlook: Xpeng sees Q4 deliveries of 10,000 electric vehicles, up 211% vs. a year earlier. Revenue should hit 2.2 billion renminbi, equal to about $332 million. The China EV IPO already said October deliveries hit 3,040, including 2,104 P7s.

Stock: Shares soared 13% to to 37.88 in premarket trading on the stock market today, after surging past a 23.20 early entry and a 25.10 official buy point last week amid booming Chinese EV sales. Xpeng stock priced at 15 in a bumper $1.5 billion IPO in August.

On Wednesday, Bank of America backed a buy rating on Xpeng stock while hiking its price target to 36.20. It cited a robust EV pipeline that should boost top-line growth.

Among other electric car stocks, Tesla rose a fraction early Thursday. Nio, which reports Nov. 17, climbed 4%. And Kandi Technologies (KNDI), which reported mixed results Monday, jumped 10% in the premarket.

Hyliion Holdings (HYLN), which focuses on electric vehicles for commercial transport, also reports earnings for the first time since it emerged in October after a blank-check merger. Early Thursday, Hyliion disclosed it lost 76 cents per diluted share for the nine months ended September, vs. a loss of 45 cents a share in the year-ago period. It had $7.6 million in cash and equivalents as of September.

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Li Auto Earnings

Estimates: Loss of 4 cents per share on revenue of $342 million.

Results: Check back Friday morning. The company announced a massive recall of its Li One electric SUVs recently.

Stock: Shares rallied 7% early Thursday after blasting past a 21.96 cup-with-handle buy point a week ago. Li Auto scored a $1 billion U.S. IPO in July, pricing at 11.50.

Find Aparna Narayanan on Twitter at @IBD_ANarayanan. 

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Electric Car Stocks Rally On Xpeng Motors Earnings; Li Auto Earnings Due - Investor's Business Daily
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