"XPeng delivered 1Q24 earnings upside driven by earlier-than-expected recognition of high-margin VW tech and service revenue; 2Q24 volume outlook also came in better than feared," Deutsche Bank said.
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Xpeng's gross margin rose to 12.9 percent in the first quarter, marking a new model for the company, which is generating revenue from technology on top of its EV business, its CEO said.
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Xpeng delivered 21,821 vehicles in the first quarter, up 19.7 percent year-on-year but down 63.73 percent from the fourth quarter of 2023.
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Li Auto's BEV endeavors appear to be facing structural challenges as transferring its EREV success to BEV is not so straightforward, Deutsche Bank said.
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"Li Auto delivered mostly in-line 1Q24 earnings results and 2Q24's volume outlook bracketed our forecast but pricing pressure appears much worse than anticipated," said Deutsche Bank.
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Li Auto had record weekly order growth over the Labor Day holiday in early May, its CEO said.
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Li Auto guides for second-quarter vehicle deliveries to be in the range of 105,000 to 110,000, meaning it expects to deliver a total of 79,213 to 84,213 vehicles in May and June.
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Xpeng delivered 21,821 vehicles in the first quarter, slightly above the lower end of the guidance range of 21,000 - 22,500 vehicles.
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Li Auto delivered 80,400 vehicles in the first quarter, exceeding the upper end of its lowered guidance range.
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BYD sold 626,263 NEVs in the first quarter, a 33.71 percent decrease from the fourth quarter of 2023 due to seasonal factors.
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