Xpeng Motors’ stock fell 5% on Wednesday after the Chinese electric vehicle maker announced dismal first quarter financial results. Revenue fell by 46% in the first three months of 2023 compared with a year earlier, from RMB 7.45 billion to RMB 4.03 billion ($0.59 billion), as vehicle delivery was almost halved to 18,230 units. Meanwhile, the company said its net loss widened 37.4% year-on-year to RMB 2.34 billion, while a gross margin of 1.7% was a historic low for the January quarter. Xpeng’s delivery outlook for the second quarter was nearly 40% lower than the same period last year. And yet, president Brian Gu told investors the company maintained a 30% annual sales growth target for this year and expected monthly delivery to reach 15,000 units starting September. [Xpeng financial report]