Latest news with #Guangzhou-based
The Star
22-05-2025
- Business
- The Star
Chinese drone maker EHang sees flying taxis take off by 2030 on the mainland
EHang, which is conducting trials in Guangzhou and Hefei, will offer services in restricted corridors in these two cities by year-end. — SCMP Flying taxis could be used for public transport within the next five years on the mainland, according to a senior executive of Chinese passenger drone maker EHang Holdings. 'I believe that by 2030, China will likely have fixed-route air shuttle services,' chief financial officer Conor Yang said in an interview on Tuesday. 'It's also possible that in some cities, with sufficient infrastructure such as take-off and landing points, air taxi services could emerge.' The Nasdaq-listed developer of electric vertical take-off and landing (eVTOL) aircraft for urban air mobility and joint venture partner Hefei Heyi Aviation in March became the first companies in the world to receive certification from the Civil Aviation Administration of China (CAAC) to operate autonomous passenger drones. Yang said EHang was conducting trial flights in Guangzhou and Hefei to collect and analyse data before it starts operating in designated areas in these two cities by the end of this year. The Guangzhou-based company has received certification for its twin-passenger EH216-S aircraft, which has a top speed of 130km/h and a range of 30km. The EH216-S is available for 2.39mil yuan (RM1.41mil or US$331,000) on Chinese e-commerce platform Taobao. 'We are seeing strong interest in our services overseas, particularly in the Middle East, Southeast Asia and even Latin America,' Yang said. He said EHang was in discussions with Thailand's civil aviation authorities to operate eVTOLs in designated areas in the country after it completed its maiden passenger flight in Bangkok in November. Beijing has taken many steps in recent months to accelerate the development of the low-altitude economy – businesses operating aerial vehicles below 1,000 metres. China's low-altitude economy is predicted to be worth 1.5 trillion yuan (RM 886.67 bil) by 2025 and reach 2.5 trillion yuan (RM 1.47 trillion) by 2035, according to CAAC. By 2030, China could have 100,000 eVTOLs, the China Low Altitude Economic Alliance, an industry body, estimated last year. Some of China's biggest carmakers, such as FAW Group, Geely Auto and Tesla rival Xpeng, are also keen on entering the flying taxi segment. 'The overall landscape is quite large and it can't be dominated by just one company,' said Yang. 'Of course, we are very confident that we will continue to be the leader.' Late last year, EHang tied up with state-owned Changan Automobile to undertake research and development, manufacturing, and sales and operations of eVTOLs. The companies also said they would consider forming a joint venture to develop technologies. EHang will launch an upgraded version of its lift-and-cruise VT-30 eVTOL aircraft called the VT-35 this quarter, with plans to operate the longer range drone on intercity, cross-bay and cross-mountain routes. Later in the year, Yang said the company would unveil at least two battery solutions developed in partnership with a leading Chinese manufacturer, without disclosing its name. EHang and Gotion signed a deal in 2023 to co-develop battery products for eVTOLs, including cells, packs, storage systems and charging facilities. There were also plans to expand the annual aircraft production capacity to 1,000 units by the end of the year from 300 at present. Yang also said EHang was looking into another potential listing location outside the US, without divulging details. Stuart Pearson, the global head of automobile equity research at BNP Paribas, said deploying eVTOLs for commercial passenger use would not be possible until the 2040s and that initial commercial applications were likely to focus on logistics and delivery. 'I guess it's a moon shot at the moment, but as we've learned over the last decade, some of these technologies can move along a lot quicker than we expected,' he said in a media briefing in Hong Kong on Monday. 'AI [artificial intelligence], of course, will accelerate the potential for the aerial mobility sector.' – South China Morning Post
CNBC
22-05-2025
- Automotive
- CNBC
Xpeng shares soar 10% in Hong Kong as Chinese carmaker forecasts upbeat revenue
Chinese electric-vehicle maker Xpeng saw its shares in Hong Kong surge over 10% Thursday following upbeat earnings and stronger-than-expected revenue forecast for the second quarter. Its shares soared as much as 10.2% to 85.5 Hong Kong dollars ($10.86), and were last trading 7% higher, taking year-to-date gains to 78%. The Guangzhou-based carmaker's first-quarter revenue more than doubled from a year earlier, driven by robust sales. Xpeng said it delivered 94,008 vehicles in the first three months this year, more than four times the sales volume a year earlier. That improved top line helped narrow its net loss for the first quarter to 664 million yuan, compared to 1.37 billion yuan a year ago, and lifted its gross margin to 15.6% for the quarter from 12.9% a year earlier. The company is a key player in China's hypercompetitive EV market, but has struggled to turn a profit amid rising competition and sluggish domestic demand. Analysts widely expect Xpeng will likely turn profitable in the fourth quarter this year, thanks to its strong sales momentum and pipeline of new models. The company has launched several new products, including the mass-market brand MONA last August and a renewed flagship model X9, featuring advanced autonomous driving system. The automaker said it aims to begin mass production of vehicles equipped with Level 3 autonomous driving features in China by year-end, a significant upgrade from the currently more common Level 2 systems. For the second quarter, Xpeng said it anticipates a revenue of 17.5 billion yuan to 18.7 billion yuan, compared with consensus forecast of 17.2 billion yuan, according to data compiled by LSEG. It expects to deliver 102,000 and 108,000 of electric cars in the second quarter — a jump of around 237.7% to 257.5% from a year earlier. That optimistic earning forecast lifted investor sentiment, sending Xpeng's U.S.-listed shares 13% higher to close at $22.25, powering a year-to-date rally of over 88%. Still, it is well off its record of more than $72 apiece hit in November 2020, according to LSEG data. Rival BYD has seen shares in Hong Kong surge over 74% so far this year, Li Auto has risen more than 22%, while NIO has lost over 11%.
Reuters
21-05-2025
- Automotive
- Reuters
Xpeng forecasts upbeat quarterly revenue on strong EV deliveries
May 21 (Reuters) - China's XPeng on Wednesday forecast second-quarter revenue above Wall Street estimates, betting on growing demand for its lower-priced electric vehicles. U.S.-listed shares of the company rose 6.3% in premarket trading. XPeng is one of the few automakers to weather China's hypercompetitive EV market, but is yet to turn a profit. In the first quarter, the company reported surging vehicle deliveries, improving gross margin and a narrower loss. "Despite seasonality for auto sales, our quarterly deliveries hit a new historical high, making us the top-selling automaker among emerging EV companies," CEO Xiaopeng He said. In August, the company had launched MONA M03, a mid-sized sedan that competes with BYD's Seagull and Dolphin, as well as the higher-priced Tesla Model 3. The Guangzhou-based company expects to deliver between 102,000 and 108,000 vehicles in the second quarter, which is about 237.7% to 257.5% higher than a year ago. XPeng forecast second-quarter revenue of 17.5 billion yuan to 18.7 billion yuan, the midpoint of which is above analysts' average estimate of 16.85 billion yuan, according to data compiled by LSEG. For the first quarter of 2025, Xpeng delivered 94,008 EVs, representing a 330.8% increase compared with the same period last year. Gross margin stood at 15.6% for the first quarter compared with 12.9% from a year earlier. Last month, XPeng unveiled its upscale X9 minivan, starting at 359,800 yuan ($49,231), equipped with advanced automated-driving systems. The company also said it expects to achieve mass production of vehicles with Level 3 autonomous driving features in China by the end of 2025 — a significant step up from the Level 2 systems widely in use.
Yahoo
21-05-2025
- Automotive
- Yahoo
Xpeng forecasts upbeat quarterly revenue on strong EV deliveries
(Reuters) -China's XPeng on Wednesday forecast second-quarter revenue above Wall Street estimates, betting on growing demand for its lower-priced electric vehicles. U.S.-listed shares of the company rose 6.3% in premarket trading. XPeng is one of the few automakers to weather China's hypercompetitive EV market, but is yet to turn a profit. In the first quarter, the company reported surging vehicle deliveries, improving gross margin and a narrower loss. "Despite seasonality for auto sales, our quarterly deliveries hit a new historical high, making us the top-selling automaker among emerging EV companies," CEO Xiaopeng He said. In August, the company had launched MONA M03, a mid-sized sedan that competes with BYD's Seagull and Dolphin, as well as the higher-priced Tesla Model 3. The Guangzhou-based company expects to deliver between 102,000 and 108,000 vehicles in the second quarter, which is about 237.7% to 257.5% higher than a year ago. XPeng forecast second-quarter revenue of 17.5 billion yuan to 18.7 billion yuan, the midpoint of which is above analysts' average estimate of 16.85 billion yuan, according to data compiled by LSEG. For the first quarter of 2025, Xpeng delivered 94,008 EVs, representing a 330.8% increase compared with the same period last year. Gross margin stood at 15.6% for the first quarter compared with 12.9% from a year earlier. Last month, XPeng unveiled its upscale X9 minivan, starting at 359,800 yuan ($49,231), equipped with advanced automated-driving systems. The company also said it expects to achieve mass production of vehicles with Level 3 autonomous driving features in China by the end of 2025 — a significant step up from the Level 2 systems widely in use.
Wall Street Journal
21-05-2025
- Automotive
- Wall Street Journal
XPeng Narrows Loss as Revenue Surges, Sees Another Strong Quarter Ahead
Chinese EV maker XPeng XPEV -1.45%decrease; red down pointing triangle posted a sharply narrowed net loss and a significant rise in revenue for the first quarter, and expects another strong quarter to follow as it edges closer to profit. The Guangzhou-based carmaker said Wednesday that its net loss was 664.0 million yuan, equivalent to $92 million, in the first quarter compared with 1.37 billion yuan a year earlier. Total revenue more than doubled to 15.81 billion yuan from 6.55 billion yuan during the period, driven by strong sales, the company said. Its gross margin rose to 15.6% from 12.9% a year earlier and from 14.4% in the prior quarter. XPeng said it expects deliveries to rise sharply to 102,000-108,000 vehicles in the second quarter, and revenue to rise to between 17.5 billion yuan to 18.7 billion yuan. The company has stood out in China's competitive EV space thanks to its leading autonomous-driving technology and robust sales. High sales volumes have supported margins, bringing XPeng closer to profitability. The company has yet to post a profit since it was founded in 2014, but market consensus is that it will likely become profitable in the fourth quarter this year, analysts say. Write to Jiahui Huang at
