Shares in the autonomous driving company took a significant hit today after its net loss narrowed by just 0.2% in the first half of the year compared to the previous year. This minimal decrease was primarily due to a substantial increase in research and development expenses, despite a notable rise in revenue.
The company’s stock closed down 8.3%, falling to HKD15.30 (approximately USD1.95).
For the six months ending June 30, the company reported a net loss of CNY790 million (around USD117.1 million). Meanwhile, revenue climbed 73.3% year-over-year to CNY346 million (roughly USD51.3 million). International earnings grew even more rapidly, increasing by 154.4% during that period. R&D spending also went up by 23.7%, reaching CNY798 million (about USD118.3 million).
In the second quarter alone, revenue surged 82.2% year-over-year to CNY232 million (roughly USD34.4 million). The net loss attributable to shareholders slightly decreased to CNY401 million (around USD59.4 million), compared to CNY406 million in the same quarter last year.
On the international front, the autonomous driving operations expanded to over 60 cities across 13 countries as of yesterday. By the end of July, the company’s global fleet consisted of roughly 3,400 Level 4 autonomous vehicles, including more than 1,800 Robotaxis.