Asian Tech Press (Aug 24) -- Chinese electric vehicle (EV) maker XPeng Inc. dropped over 12% in Hong Kong on Wednesday after the company posted a lower estimate for third-quarter deliveries.

XPeng opened lower in Hong Kong on Wednesday, once falling more than 14% to a new low since its IPO. By the close of trading, XPeng was down 12.18% at HK$72.85 per share.

The Chinese automaker released its earnings results for the second quarter on Tuesday, showing that it achieved revenue of 7.436 billion yuan in the quarter, up 97.7% year-on-year, and a net loss of 2.709 billion yuan, up 126.1% year-over-year.

However, what worried the market most was not the widening losses, but XPeng's lower expectations for the third quarter.

XPeng expected to see deliveries of 29,000 to 31,000 units in the third quarter, down 10% to 16% from a year earlier.

CMB International said that XPeng's second-quarter operating loss was largely in line with expectations, but its guidance for third-quarter sales was lower than expected.