10:14 AM EDT, 05/21/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

XPeng ( XPEV ) shares were up nearly 13% in recent Tuesday trading after the company's Q1 non-GAAP loss narrowed year-over-year while revenue rose.

The company reported a Q1 non-GAAP net loss of 1.49 Chinese renminbi ($0.21) per diluted American depositary share, narrowing from the non-GAAP net loss of 2.57 renminbi per ADS a year earlier.

Three analysts polled by Capital IQ expected a non-GAAP net loss of 1.77 renminbi per ADS.

Revenue for the quarter ended March 31 was 6.55 billion renminbi, up from 4.03 billion renminbi a year earlier.

Four analysts polled by Capital IQ expected 6.41 billion renminbi.

The company said it expects Q2 revenue of 7.5 billion renminbi to 8.3 billion renminbi. Analysts polled by Capital IQ expect 10.65 billion renminbi.

Price: 9.35, Change: +1.07, Percent Change: +12.91