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EV Roundup: LI's Profits Fall in Q1, XPEV's Loss Narrows & More
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Last week, China-based electric vehicle makers XPeng Inc. (XPEV - Free Report) and Li Auto (LI - Free Report) released their first-quarter 2024 results. The commercial EV developer Workhorse Group (WKHS - Free Report) and EV charging solutions provider Beam Global (BEEM - Free Report) also unveiled their quarterly results. Meanwhile, EV charging company ChargePoint Inc. (CHPT - Free Report) also made it to the top stories with its partnership with Airbnb to simplify EV charger installation for U.S. Airbnb hosts, enhancing guest convenience.
Last Week’s Top Stories
Li Auto reported 17 cents per U.S. ADR in the first quarter of 2024, down 10.5% year over year. Revenues rose 36.4% to $3.6 billion in the quarter under review. Deliveries jumped 53% to 80,400 units. Vehicle sales (accounting for 94.6% of total revenues) were up 32.3% to $3.4 billion. However, Li Auto’s vehicle margin decreased to 19.3% in the first quarter of 2024, down from 19.8% in the first quarter of 2023 and 22.7% in the fourth quarter of 2023, owing to a reduction in the average selling price of vehicles. R&D and SG&A costs increased 64.6% and 81%, respectively, in the first quarter of 2024.
Li Auto guided second-quarter deliveries to be between 105,000 and 110,000 units, up 21.3-27.1% year over year. Revenues for the current quarter are projected in the range of RMB 29.9-31.4 billion, calling for an increase of 4.2-9.4% year over year.
Li Auto currently carries a Zacks Rank #5 (Strong Sell).
XPeng incurred a loss of 20 cents per U.S. ADR in the first quarter of 2024. The loss narrowed by more than 40% on a yearly basis. Revenues totaled $906.9 million, up 62.3% year over year. The company sold 21,821 vehicles (up roughly 20%) in the quarter under review. Revenues from vehicle sales (which constitutes 84.7% of total revenues) totaled $767.9 million, up 58% year over year. XPEV’s vehicle margin improved to 5.5% from negative 2.5% in the first quarter of 2023 and 4.1% in the fourth quarter of 2023, thanks to cost reduction and improved product mix. R&D and SG&A costs rose 4.2% and 0.1%, respectively, on a yearly basis.
XPeng expects second-quarter deliveries in the band of 29,000-32,000 units, which implies an uptick of 25-37.9% from the year-ago period. It envisions revenues within RMB 7.5-8.3 billion, implying year-over-year growth of 48.1-63.9%.
Workhorse incurred a quarterly loss of 10 cents per share, wider than the Zacks Consensus Estimate of a loss of 8 cents per share. The loss, however, narrowed from 15 cents per share posted in the year-ago quarter. Revenues of $1.34 million missed the Zacks Consensus Estimate by 55.37% and also declined from $1.7 million reported in the first quarter of 2023 amid lower W4 CC vehicle sales. R&D and SG&A costs decreased 51.3% and 4%, respectively, on a year-over-year basis. The company is finalizing the Aero business divestiture with a third party in the current quarter, expecting monthly cost savings of about $375,000,
As of Mar 31, 2024, Workhorse’s cash and cash equivalents totaled $6.7 million, down from $25 million as of Dec 31, 2023. Long-term lease liabilities amounted to $5.04 million, down from $5.28 million as of 2023 end.
Workhorse currently carries a Zacks Rank #3 (Hold).
Beam Global incurred a loss of 21 cents a share in the first quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 30 cents a share. Revenues of $14.6 million rose 12% year over year, thanks to the Amiga buyout and an increase in federal orders. The top line, however, missed the consensus mark of $18 million. Beam Global saw a 310% rise in first-quarter EV charging orders from the business/commercial sector and secured several notable orders and agreements in the United States and Europe.
Total operating expenses increased to $4.5 million (31% of revenues) in the quarter under review, compared to $3.8 million (30% of revenues) in the year-ago period. On Mar 31, 2024, BEEM had cash of $5 million, compared with $10.4 million as of Dec 31, 2023. The company has a $20 million backlog and a pipeline exceeding $160 million. Significant orders in the quarter under review included $7.4 million from the U.S. Army and $4.8 million from the Department of Homeland Security for EV ARC systems.
Beam Global currently carries a Zacks Rank #4 (Sell).
ChargePoint partnered with Airbnb to address the growing demand for EV charging among Airbnb guests. This collaboration aims to make it easier for U.S. Airbnb hosts to install EV chargers at their properties, thereby expanding charging access nationwide. Rick Wilmer, CEO of ChargePoint, stated that the partnership will enhance the appeal of Airbnb listings by offering seamless EV charging experiences for travelers.
Airbnb hosts can purchase and install ChargePoint chargers through an exclusive package that includes hardware, charger management software, installation and support services. Airbnb guests will benefit from the ability to charge their vehicles using the ChargePoint app at participating Airbnb locations with more than over 917,000 charging points within the ChargePoint network and its partners. With EV adoption increasing, Airbnb listings with EV chargers are seeing higher booking rates and income, with searches for such listings growing by more than 80% from 2022 to 2023.
ChargePoint currently carries a Zacks Rank #3.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the EV Space?
Stay tuned for the announcements of upcoming EV models and any important updates from the red-hot industry.
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EV Roundup: LI's Profits Fall in Q1, XPEV's Loss Narrows & More
Last week, China-based electric vehicle makers XPeng Inc. (XPEV - Free Report) and Li Auto (LI - Free Report) released their first-quarter 2024 results. The commercial EV developer Workhorse Group (WKHS - Free Report) and EV charging solutions provider Beam Global (BEEM - Free Report) also unveiled their quarterly results. Meanwhile, EV charging company ChargePoint Inc. (CHPT - Free Report) also made it to the top stories with its partnership with Airbnb to simplify EV charger installation for U.S. Airbnb hosts, enhancing guest convenience.
Last Week’s Top Stories
Li Auto reported 17 cents per U.S. ADR in the first quarter of 2024, down 10.5% year over year. Revenues rose 36.4% to $3.6 billion in the quarter under review. Deliveries jumped 53% to 80,400 units. Vehicle sales (accounting for 94.6% of total revenues) were up 32.3% to $3.4 billion. However, Li Auto’s vehicle margin decreased to 19.3% in the first quarter of 2024, down from 19.8% in the first quarter of 2023 and 22.7% in the fourth quarter of 2023, owing to a reduction in the average selling price of vehicles. R&D and SG&A costs increased 64.6% and 81%, respectively, in the first quarter of 2024.
Li Auto guided second-quarter deliveries to be between 105,000 and 110,000 units, up 21.3-27.1% year over year. Revenues for the current quarter are projected in the range of RMB 29.9-31.4 billion, calling for an increase of 4.2-9.4% year over year.
Li Auto currently carries a Zacks Rank #5 (Strong Sell).
XPeng incurred a loss of 20 cents per U.S. ADR in the first quarter of 2024. The loss narrowed by more than 40% on a yearly basis. Revenues totaled $906.9 million, up 62.3% year over year. The company sold 21,821 vehicles (up roughly 20%) in the quarter under review. Revenues from vehicle sales (which constitutes 84.7% of total revenues) totaled $767.9 million, up 58% year over year. XPEV’s vehicle margin improved to 5.5% from negative 2.5% in the first quarter of 2023 and 4.1% in the fourth quarter of 2023, thanks to cost reduction and improved product mix. R&D and SG&A costs rose 4.2% and 0.1%, respectively, on a yearly basis.
XPeng expects second-quarter deliveries in the band of 29,000-32,000 units, which implies an uptick of 25-37.9% from the year-ago period. It envisions revenues within RMB 7.5-8.3 billion, implying year-over-year growth of 48.1-63.9%.
XPeng currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Workhorse incurred a quarterly loss of 10 cents per share, wider than the Zacks Consensus Estimate of a loss of 8 cents per share. The loss, however, narrowed from 15 cents per share posted in the year-ago quarter. Revenues of $1.34 million missed the Zacks Consensus Estimate by 55.37% and also declined from $1.7 million reported in the first quarter of 2023 amid lower W4 CC vehicle sales. R&D and SG&A costs decreased 51.3% and 4%, respectively, on a year-over-year basis. The company is finalizing the Aero business divestiture with a third party in the current quarter, expecting monthly cost savings of about $375,000,
As of Mar 31, 2024, Workhorse’s cash and cash equivalents totaled $6.7 million, down from $25 million as of Dec 31, 2023. Long-term lease liabilities amounted to $5.04 million, down from $5.28 million as of 2023 end.
Workhorse currently carries a Zacks Rank #3 (Hold).
Beam Global incurred a loss of 21 cents a share in the first quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of 30 cents a share. Revenues of $14.6 million rose 12% year over year, thanks to the Amiga buyout and an increase in federal orders. The top line, however, missed the consensus mark of $18 million. Beam Global saw a 310% rise in first-quarter EV charging orders from the business/commercial sector and secured several notable orders and agreements in the United States and Europe.
Total operating expenses increased to $4.5 million (31% of revenues) in the quarter under review, compared to $3.8 million (30% of revenues) in the year-ago period. On Mar 31, 2024, BEEM had cash of $5 million, compared with $10.4 million as of Dec 31, 2023. The company has a $20 million backlog and a pipeline exceeding $160 million. Significant orders in the quarter under review included $7.4 million from the U.S. Army and $4.8 million from the Department of Homeland Security for EV ARC systems.
Beam Global currently carries a Zacks Rank #4 (Sell).
ChargePoint partnered with Airbnb to address the growing demand for EV charging among Airbnb guests. This collaboration aims to make it easier for U.S. Airbnb hosts to install EV chargers at their properties, thereby expanding charging access nationwide. Rick Wilmer, CEO of ChargePoint, stated that the partnership will enhance the appeal of Airbnb listings by offering seamless EV charging experiences for travelers.
Airbnb hosts can purchase and install ChargePoint chargers through an exclusive package that includes hardware, charger management software, installation and support services. Airbnb guests will benefit from the ability to charge their vehicles using the ChargePoint app at participating Airbnb locations with more than over 917,000 charging points within the ChargePoint network and its partners. With EV adoption increasing, Airbnb listings with EV chargers are seeing higher booking rates and income, with searches for such listings growing by more than 80% from 2022 to 2023.
ChargePoint currently carries a Zacks Rank #3.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the EV Space?
Stay tuned for the announcements of upcoming EV models and any important updates from the red-hot industry.