The U.S.-listed shares of XPeng Inc. XPEV took a 5.6% dive toward a two-month low in premarket trading Wednesday, after China-based electric vehicle maker reported first-quarter results that missed expectations and provided a downbeat revenue outlook, as deliveries dropped by nearly 50%. Net losses widened to RMB2.34 billion ($339.5 million), or RMB2.71 per American depositary share (ADS), from RMB1.70 billion, or RMB2.00 per ADS, in the year-ago period. Excluding nonrecurring items, the adjusted per-ADS loss of RMB2.57 was wider than the FactSet loss consensus of RMB1.99. Revenue declined 45.9% to RMB4.03 billion ($587.3 million), well below the FactSet consensus of RMB4.99 billion. Gross margin contracted to 1.7% from 12.2%. Total deliveries of 18,230 vehicles was down 47.3% from 34,561 a year ago, and was down 17.9% from 22,204 in the fourth quarter. For the second quarter, the company expects revenue of between RMB4.5 billion and RMB4.7 billion, well below the current FactSet consensus of RMB6.79 billion, and expects deliveries of between 21,000 and 22,000 vehicles. The stock has dropped 8.4% year to date through Tuesday, while the iShares MSCI China exchange-traded fund MCHI has lost 4.0% and the S&P 500 SPX has gained 8.0%.

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