Xpeng Earnings: XPEV Stock Dives As Lingering Chip, China Covid Woes Hit EV Startup's Outlook

Xpeng (XPEV) gave lackluster revenue and EV delivery guidance early Monday after losses and revenue both swelled in the first quarter, amid supply disruptions. Xpeng stock tumbled. X "We remain confident in expanding our market share despite the impact of semiconductor shortage and Covid-19," Xpeng CEO He Xiaopeng said in an earnings release early Monday. On an earnings call, management reportedly said that Xpeng resumed double-shift production at the Zhaoqing plant in mid-May and will accelerate EV deliveries. The report added management sees chip supply disruptions taking longer to address than one might expect. Xpeng will launch the G9 electric…