12:23 PM EDT, 05/21/2024 (MT Newswires) -- XPeng's ( XPEV ) first-quarter loss narrowed on an annual basis amid a sharp jump in revenue, while the Chinese automaker expects vehicle deliveries to grow as much as 38% in the ongoing three-month period from last year.

The electric vehicle manufacturer posted an adjusted loss of 1.49 renminbi ($0.21) per American depositary share, compared with a 2.57 renminbi loss the year before. Three analysts polled by Capital IQ expected a normalized per-share loss of 1.77 renminbi. Revenue for the March quarter soared to 6.55 billion renminbi from 4.03 billion renminbi, while four analysts estimated 6.15 billion renminbi.

The company delivered 21,821 vehicles during the quarter, representing a 20% gain from the prior-year period. Vehicle sales climbed 58% to 5.54 billion renminbi mainly due to the higher deliveries, especially of the automaker's X9 model, XPeng ( XPEV ) said.

XPeng's ( XPEV ) New York Stock Exchange-listed ADRs rose 5.8% in Tuesday midday trading.

Gross margin reached 12.9% versus 1.7% a year ago, despite "fierce market competition," co-President Hongdi Brian Gu said in a statement. "This signifies that XPeng ( XPEV ), based on its smart EV business, has developed a unique approach to lift its profitability and international market potential by providing smart technologies."

For the ongoing three-month period, XPeng ( XPEV ) expects to deliver between 29,000 and 32,000 vehicles, reflecting an annual increase of 25% to 38%, having distributed 9,393 units in April. The company sees revenue in the range of 7.5 billion renminbi to 8.3 billion renminbi, implying annual growth of around 48% to 64%. Three analysts surveyed by Capital IQ expect revenue of 10.65 billion renminbi.

"We are confident that we can launch competitive models globally in a more efficient manner and thus spearhead the widespread adoption of (artificial intelligence)-powered smart cars," Chief Executive Xiaopeng He said. "Our industry-leading technologies are expected to gain greater market influence and yield better financial returns."

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