..Almost as fast as its products go down in flames. Ironically.
https://www.youtube.com/@InconvenientTruthsJenniferZeng
Xpeng Motors Records Net Loss of Over $3.57 Billion in First Half of 2024, Reflecting Widespread Losses in China’s EV Industry.
Recently, several Chinese electric vehicle companies released their financial reports for the first half of 2024. According to these reports, companies like XPeng Motors, Leapmotor, and BAIC BluePark New Energy are stuck in the bottleneck of “increasing revenue without increasing profit.”
Financial Data for the Second Quarter and First Half of 2024 from XPeng Motors: In the second quarter, the company achieved total revenue of approximately $11.36 billion (CNY 81.1 billion), a year-on-year increase of 60.2%, but still recorded a net loss of around $1.79 billion (CNY 12.8 billion).
Other companies like Leapmotor and BAIC BluePark reported net losses of $3.10 billion (CNY 22.12 billion) and at least $3.36 billion (CNY 24 billion), respectively.
Zotye Automobile anticipates a net loss between 290 million to 390 million CNY (approximately $40.63 to $54.65 million) for the first half of the year.
NIO posted a Q1 loss of $7.37 billion (CNY 52.58 billion). NIO reported a loss of $740 million (5.258 billion CNY) in the first quarter, with a cumulative loss over six years amounting to $12.12 billion (86.6 billion CNY).
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