Chinese electric vehicle maker Xpeng reported a narrower-than-estimated first-quarter net loss, shrinking 41% to CNY1.4 billion (USD190 million) from a year ago. Revenue surged 62% to CNY6.6 billion (USD910 million). Despite a delivery slump that impacted Q1 revenue, the company's gross margin rebounded to over a one-year high. Xpeng's management lowered its P5 sales forecast, negatively impacting vehicle margin by 3.2 percentage points. The company expects second-quarter vehicle deliveries to rise to between 29,000 and 32,000 units, driven by price cuts aimed at attracting more buyers. Xpeng delivered 9,393 vehicles in April. The company's stock closed up 5.9% in New York and surged 13% after forecasting growth in car deliveries. The company's stock soared on earnings beat and higher profit margins.