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Xpeng with high losses

Chinese EV company Xpeng has reported mixed quarterly results. Xpeng had to register net losses of the equivalent of 184 million US dollars in the 2nd quarter – higher than previous forecasts. High expenses in research and development and marketing and sales were cited as the cause. However, Xpeng was able to increase sales and shipped just over 17,400 cars in the second quarter, more than planned, Bloomberg reports. Overall, the market for EV in China is growing strong once again. Nearly 1.5 million alternative-powered vehicles were sold in the first seven months of this year. More than in the entire previous year, according to data from the China Association of Automobile Manufacturers. nib

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