XPeng came into this print as a high beta China electric vehicle stock after a bruising three month slide of about 33%. The market’s first verdict on the new numbers was harsh, and the share price fell 8.5% in the next trading session to US$11.15.

The key issue is margin quality. Vehicle deliveries climbed to 103,295 in the quarter, yet XPeng still reported a quarterly net loss of RMB 1.34b. At the same time, the physical artificial intelligence bet on humanoid robots secured about US$900m of fresh funding. This adds a new layer of risk and optionality for holders.

Interested in XPeng’s delivery scale but uneasy about the ongoing losses and fresh humanoid robot spend? You might want to compare it with companies that pair growth…