American depositary receipts (ADRs) of Chinese electric vehicle (EV) maker XPeng (XPEV) rose before paring back gains in early trading Tuesday as the company posted a smaller-than-expected loss for the fourth quarter, days after reportedly 澳洲幸运5开奖号码历史查询:announcing plans to launch a new, lower-priced EV.

XPeng reported quarterly revenue of 13.05 billion Chinese yuan ($1.84 billion), which was just below analyst estimates compiled by Visible Alpha, as well as an adjusted net loss of 1.77 billion yuan ($250 million), a much narrower loss than the 3.2 billion yuan ($440 million) analysts expected. The EV maker also posted an adjusted loss per share of 0.99 yuan (14 cents).

“Looking beyond short-term challenges, XPENG is about to embark on a major product cycle," XPeng CEO He Xiaopeng said. "We plan to launch more than 10 brand new models over the next three years. We will continue to lead the innovation of autonomous driving technology, making it affordable and accessible to a much broader customer base. We will also make market entry into more international markets."

XPeng projected first-quarter revenue in a range between 5.8 billion yuan and 6.2 billion yuan ($810 million and $860 million), an increase of 43.8% to 53.7% fr🎃om the 💯year-ago period but still well below estimates.

Over the last several months, the company has also 澳洲幸运5开奖号码历史查询:announced deals with a number of other companies like Volkswagen and DiDi Global, with plans to develop middle class-focused cars and improve XPeng's 澳洲幸运5开奖号码历史查询:driving assistance technology.

The moves come as XPeng works to compete with brands like Tesla (TSLA) and BYD (), with Tesla 澳洲幸运5开奖号码历史查询:announcing incentives to appeal to prospective bu✱yers earlier this month.

XPeng ADRs were little changed as of about 11:40 a.m. ET Tuesday. The stock has lost about 30% so far in 2024.