Chinese electric vehicle firm Xpeng Inc (NYSE:XPEV) climbed in Tuesday’s pre-market trading after unveiling record revenues and a return to positive margins in the fourth quarter.
Revenue jumped 153% year on year to 13.05 billion Yuan (US$1.84 billion) over the final quarter of the year, or by 53% compared to the previous three months, the firm reported.
This was as its quarterly gross margin hit 6.2%, up from -2.7% in the previous three months, but down on the 8.7% seen at the end of 2022.
“In 2023, vehicle deliveries of Xpeng Inc (NYSE:XPEV)reased quarter by quarter, exceeding 60,000 units in the fourth quarter,” chief executive Xiaopeng He commented.
“Looking beyond short-term challenges, Xpeng is about to embark on a major product cycle.”
This will include the release of ten new models over the coming three years, with the firm also planning a move into international markets, including through a new partnership with Volkswagen Group (XETRA:VOW).
“We will continue to lead the innovation of autonomous driving technology, making it affordable and accessible to a much broader customer base,” He added.
Xpeng closed the year with 45 billion Yuan cash on hand, which He noted would aid the firm’s continued growth despite heated competition in China.
US-listed shares in Xpeng climbed 3.5% to US$10.16 in pre-market trading.