Xpeng is attempting to revive its business this year, after its share price sank by more than 80% in 2022
expects cost cuts and its Volkswagen partnership to narrow the firm's losses, the Chinese EV maker told CNBC in an exclusive interview on Monday.since its U.S. listing in August 2020. Its second-quarter net loss was 2.8 billion yuan, larger than the 2.13 billion yuan loss expected according to a Refinitiv consensus estimate. Its U.S.-listed shares closed 4.28% lower on Friday. On Monday afternoon, Xpeng's Hong Kong-listed shares were trading more than 2% higher., a 32.
On Friday, CEO He Xiaopeng said the company is cutting costs across the business and that should "substantially drive gross margin improvement in 2024.", including saving 50% on intelligent driving features by the end of 2024. "From an expense perspective, we went through a very significant business reorganization as well as changes that we have made. We start to see the regaining of the growth momentum that we have in our business," Brian Gu, vice chairman and co-president of Xpeng, told CNBC's "
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