The $22 bln Chinese firm’s assisted-driving systems helped propel its sales 33% in 2024. Now rivals including Tesla, BYD and Geely offer such tech at low prices. Throw in CEO He Xiaopeng’s plan to mass produce flying cars in 2026 and the lossmaking group’s strategy looks shakey.
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Chinese electric-car maker Xpeng on March 18 reported a net loss of 5.6 billion yuan ($802 million) in 2024, compared with 10.38 billion yuan in 2023. Revenue rose by 33.2% year-on-year to 40.1 billion yuan. The company’s New York-listed shares fell almost 8% to close at $24.56 on the same day.
