(Yicai Global) Dec. 1 -- Shares of Xpeng Motors skyrocketed despite the Chinese electric vehicle startup’s net loss widening in the third quarter. The firm, which also said its president has stepped down as an executive director in an organizational shakeup, vowed to cut costs and boost efficiency.

In Hong Kong today, Xpeng [HKG: 9868] jumped almost 13 percent to finish at HKD37.95 (USD4.88) a share, after climbing 16 percent yesterday, when the firm’s New York-listed stock [NYSE: XPEV] soared over 47 percent.

Xpeng’s net loss widened 50 percent to CNY2.4 billion (USD339.5 million) in the three months ended Sept. 30 from a year earlier, the Guangzhou-based company said in its latest financial report yesterday. Revenue rose 19 percent to CNY6.8 billion.

Xpeng will implement prudent cost controls and improve operational efficiency, Vice Chairman and President Gu Hongdi said. The company is confident of achieving noticeable growth in sales and selling prices by launching several new products and technologies, he added.

Revenue is likely to fall 40 percent to 44 percent to between CNY4.8 billion and CNY5.1 billion this quarter from the same period last year, the automaker said.

Xpeng delivered 5,101 vehicles in October, remaining under the threshold of 10,000 for the third month in a row. The firm expects to deliver 20,000 to 21,000 cars this quarter, down between 50 percent and 52 percent from a year earlier.

In a separate statement yesterday, Xpeng said Xia Heng, president and co-founder, has resigned as an executive director as part of the company’s organizational restructuring. Xia will focus more on products from now on, The Paper reported the same day, citing a source at the company.

Chairman He Xiaopeng said in a letter to staff in late October that the firm would restructure to promote cost optimization and operational efficiency.

The move came mainly because users canceled preorders of the G9 in September, as the sports utility vehicle was priced too high at CNY469,900 (USD66,549), according to an industry insider. A few days later, Xpeng adjusted the configuration of the G9 and cut some model prices by CNY30,000 (USD4,245).

Xpeng is confident that the G9 will become one of the top three best-selling pure-electric SUVs priced over CNY300,000, He said yesterday. The firm will launch three new products from the first quarter of next year, he added.

Editor: Futura Costaglione