(Yicai) Nov. 20 -- Shares of Xpeng Motors fell despite the Chinese new energy vehicle startup’s net loss more than halved in the third quarter of the year.

Xpeng [HKG: 9868] was trading down 3 percent at HKD50.40 (USD6.48) as of 3.30 p.m. in Hong Kong today. Its New York-listed stock [NYSE: XPEV] dropped 3.8 percent to USD12.52 yesterday.

Net loss shrank nearly 54 percent to CNY1.8 billion (USD250 million) in the three months ended Sept. 30 from a year earlier, thanks to a strong growth in sales, the Guangzhou-based company announced yesterday. Revenue rose over 18 percent to CNY10.1 billion (USD1.4 billion).

Xpeng delivered 46,500 cars in the third quarter, up 16 percent from the same period last year. Sales revenue jumped 12 percent to CNY8.8 billion in the period.

“Our core competences and execution capabilities have been significantly transformed," Xpeng’s Chairman and Chief Executive Officer He Xiaopeng said. “The successful launch of M03 and P7+ marks the beginning of a strong growth cycle underpinned by our major product cycles.”

For the fourth quarter, He said that the carmaker expects revenue of CNY15.3 billion to CNY16.2 billion, up 17 percent to 24 percent from a year earlier. Deliveries will likely soar 45 percent to 51 percent to between 87,000 and 91,000 units in the period.

Xpeng plans to launch at least four new models in 2025, including an extended-range NEV, He pointed out, adding that it will also revamp some older models.

Regarding the challenges brought about by low production capacity, Xpeng’s executives said during the earnings conference call that the firm is working hard to encourage suppliers to keep up with demand. The annual production output of Xpeng’s two main plants in Guangzhou and Zhaoqing is about 300,000 units each.

Overseas expansion is a major focus of Xpeng’s strategy. He said during the conference call that he hopes the rapid development of the company’s international business will increase its contribution to helping achieve profitability.

In the third quarter, Xpeng expanded its overseas sales network to 110 stores across 30 countries through cooperation with overseas distributors, according to He. Overseas sales surged 70 percent in the period from the previous quarter, accounting for 15 percent of the total.

Next year, Xpeng plans to expand its sales network to more than 90 percent of the global NEV markets, excluding North America.

Editor: Futura Costaglione