XPeng Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results
XPeng Inc. (NYSE: XPEV) reported a strong financial performance for Q4 and fiscal year 2020, with vehicle deliveries increasing by 302.9% year-over-year to 12,964 units in Q4. Total revenues for the fourth quarter reached RMB2,851.4 million (US$437.0 million), up 345.5% from Q4 2019, driven by a significant rise in vehicle sales. Despite a net loss of RMB787.4 million (US$120.7 million) for Q4, improvements in gross margins to 7.4% signal a positive trend. The company forecasts a 450% increase in vehicle deliveries for Q1 2021, aiming for RMB2.6 billion in revenues.
- Deliveries increased 302.9% year-over-year to 12,964 in Q4.
- Total revenues for Q4 reached RMB2,851.4 million, a 345.5% increase from Q4 2019.
- Gross margin improved to 7.4% in Q4, up from negative 6.6% year-over-year.
- Vehicle deliveries expected to rise approximately 450% in Q1 2021.
- Net loss for Q4 totaled RMB787.4 million, despite improvements from the previous year.
XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.
Fourth Quarter 2020 Operational and Financial Highlights
-
Deliveries of vehicles reached 12,964 in the fourth quarter of 2020, representing an increase of
302.9% from 3,218 in the corresponding period of 2019 and an increase of51.1% from 8,578 in the third quarter of 2020. -
Deliveries of the P71 reached 8,527 in the fourth quarter of 2020, representing an increase of
37.3% from 6,210 in the third quarter of 2020. -
Among the total P7s delivered for the quarter,
95% can support XPILOT 2.5 or XPILOT 3.0. - As of December 31, 2020, XPeng’s physical sales and service network consisted of a total of 160 stores and 54 service centers, covering 69 cities.
- As of December 31, 2020, Xpeng-branded super charging stations expanded to 159, covering 54 cities.
-
Total revenues were RMB2,851.4 million (US
$437.0 million ) for the fourth quarter of 2020, representing an increase of345.5% from RMB640.0 million for the same period of 2019 and an increase of43.3% from RMB1,990.1 million for the third quarter of 2020. -
Revenues from vehicle sales were RMB2,735.4 million (US
$419.2 million ) for the fourth quarter of 2020, representing an increase of375.7% from RMB575.0 million for the same period of 2019, and an increase of44.1% from RMB1,898.0 million for the third quarter of 2020. -
Gross margin was
7.4% for the fourth quarter of 2020, compared with negative6.6% for the same period of 2019 and4.6% for the third quarter of 2020. -
Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was
6.8% for the fourth quarter of 2020, compared to negative8.5% for the same period of 2019 and3.2% for the third quarter of 2020. -
Net loss was RMB787.4 million (US
$120.7 million ) for the fourth quarter of 2020, compared with RMB997.1 million for the same period of 2019 and RMB1,148.8 million for the third quarter of 2020. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB712.6 million (US$109.2 million ) in the fourth quarter of 2020, compared with RMB1,097.1 million for the same period of 2019 and RMB864.9 million for the third quarter of 2020. -
Net loss attributable to ordinary shareholders of XPeng Inc. was RMB787.4 million (US
$120.7 million ) for the fourth quarter of 2020, compared with RMB1,354.6 million for the same period of 2019 and RMB2,025.8 million in the third quarter of 2020. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. was RMB712.6 million (US$109.2 million ) for the fourth quarter of 2020, compared with RMB1,097.1 million for the same period of 2019 and RMB864.9 million for the third quarter of 2020. -
Basic and diluted net loss per American depositary share (ADS) were both RMB1.05 (US
$0.16) for the fourth quarter of 2020. Non-GAAP basic and diluted net loss per ADS were both RMB0.95 (US$0.15) for the fourth quarter of 2020. Each ADS represents two Class A ordinary shares. -
Cash and cash equivalents, restricted cash, short-term deposits and short-term investments were RMB35,342.1 million (US
$5,416.4 million ) as of December 31, 2020.
Fiscal Year 2020 Operational and Financial Highlights
-
Deliveries of vehicles reached 27,041 in fiscal year 2020, representing an increase of
112.5% from 12,728 for the prior year. - Deliveries of the P71 reached 15,062 in fiscal year 2020.
-
Total revenues were RMB5,844.3 million (US
$895.7 million ) for fiscal year 2020, representing an increase of151.8% from RMB2,321.2 million for the prior year. -
Revenues from vehicle sales were RMB5,546.8 million (US
$850.1 million ) for fiscal year 2020, representing an increase of155.5% from RMB2,171.2 million for the prior year. -
Gross margin was
4.6% for fiscal year 2020, compared with negative24.0% for the prior year. -
Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was
3.5% for fiscal year 2020, compared to negative25.9% for the prior year. -
Net loss was RMB2,732.0 million (US
$418.7 million ) for fiscal year 2020, compared with RMB3,691.7 million for the prior year. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB2,991.8 million (US$458.5 million ) for fiscal year 2020, compared with RMB3,718.8 million for the prior year. -
Net loss attributable to ordinary shareholders of XPeng Inc. was RMB4,889.7 million (US
$749.4 million ) for fiscal year 2020, compared with RMB4,642.8 million for the prior year. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. was RMB2,991.8 million (US$458.5 million ) for fiscal year 2020, compared with RMB3,708.9 million for the prior year. -
Basic and diluted net loss per ADS were both RMB12.97 (US
$1.99) for fiscal year 2020. Non-GAAP basic and diluted net loss per ADS were both RMB7.93 (US$1.22) for fiscal year 2020.
“We closed 2020 on a strong note, with a record number of total deliveries in the fourth quarter of 12,964 vehicles, led by the P7, our second Smart EV model, which fueled our robust operational and financial performance throughout the year,” said Mr. He Xiaopeng, Chairman and CEO of XPeng. “Our relentless focus on providing highly differentiated Smart EV products to our customers and expanding our sales and service network supported our achievements in 2020 and empowers our sustainable future growth.
“We spearhead innovation in China’s Smart EV market by pursuing end-to-end R&D and closed-loop of data capabilities. We proudly offer our customers a revolutionary in-car voice system and smart cockpit technology, as well as XPILOT 3.0, our self-developed full-stack autonomous driving system, and we are poised to launch our LIDAR-equipped third Smart EV model in the second half of 2021.
“We remain committed to our mission to drive Smart EV transformation with technology and data, shaping the mobility experience of future. As part of our long-term strategy, we are pursuing a suite of cutting-edge Smart EV technologies and products, including the next-generation autonomous driving system and powertrain platform that will be applied to our future smart models,” Mr. He concluded.
“XPeng’s solid results in the fourth quarter and throughout fiscal 2020 exemplify our ability to successfully meet fast-growing market demand for a smart mobility experience,” Dr. Brian Gu, Vice Chairman and President of XPeng said, “Driven by strong growth of vehicle deliveries, our revenue increased
"Our profitability continued to improve, thanks to rapid sales growth following the beginning of mass deliveries of P7. Specifically, our gross margin improved sequentially in the fourth quarter, and for the first time, we achieved positive full-year gross margin, marking a significant milestone in our company history, reflecting the power of our business model. Moreover, our strong cash position provides us with a solid financial foundation, which we believe will support execution of our growth strategies, strengthen our competitive edge and enable us to capture immense market opportunities for future growth,” Mr. Gu concluded.
Recent Developments
Deliveries in January and February 2021
-
Total Smart EV deliveries reached 6,015 units in January 2021, representing a
470% increase year-over-year. The deliveries consisted of 3,710 P7s, XPeng’s smart sports sedan, and 2,305 G3s, XPeng’s compact smart SUV.
-
Total Smart EV deliveries reached 2,223 units in February 2021, representing a 1,
281% increase year-over-year. The deliveries consisted of 1,409 P7s, XPeng’s smart sports sedan, and 814 G3s, XPeng’s compact smart SUV. As of February 28, 2020, a cumulative total of 20,181 P7s were delivered.
Completion of Follow-On Public Offering of American Depositary Shares
In December 2020, XPeng completed the offering of 55,200,000 American depositary shares (“ADSs”), each representing two Class A ordinary shares of the Company, at a public offering price of US
Entering into a Strategic Cooperation Agreement with Banks for RMB12.8 Billion Credit Facilities
In January 2021, XPeng entered into a strategic cooperation agreement with a handful of leading domestic banks to secure a credit line of RMB12.8 billion with multiple credit facilities. These credit facilities will support the Company’s business operation and expansion in its manufacturing, sales and service capabilities, while optimizing efficiency.
OTA Release of New Xmart OS 2.5.0 and XPilot 3.0
On January 26, 2021, XPeng introduced a significant over-the-air (OTA) update for the P7, releasing a new version of P7’s operating system, Xmart OS 2.5.0. The brand-new in-car operating system features more than 40 new functions, along with improvements and optimization of a large number of existing features. The new functions cover multiple modules, including autonomous driving assistance, voice assistance, smart cockpit, in-car App offerings and personalized settings. In particular, this OTA update features XPeng’s navigation assisted highway autonomous driving solution NGP (Navigation Guided Pilot), which constitutes core capabilities of XPILOT 3.0.
Fourth Quarter 2020 Unaudited Financial Results
Total revenues were RMB2,851.4 million (US
Revenues from vehicle sales were RMB2,735.4 million (US
Revenues from services and others were RMB116.0 million (US
Cost of sales was RMB2,640.8 million (US
Gross margin was
Vehicle margin was
Research and development expenses were RMB460.0 million (US
Selling, general and administrative expenses were RMB917.9 million (US
Loss from operations was RMB1,121.2 million (US
Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB1,046.4 million (US
Net loss was RMB787.4 million (US
Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB712.6 million (US
Net loss attributable to ordinary shareholders of XPeng Inc. was RMB787.4 million (US
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, was RMB712.6 million (US
Basic and diluted net loss per ADS were both RMB1.05 (US
Non-GAAP basic and diluted net loss per ADS were both RMB0.95 (US
Balance Sheets
As of December 31, 2020, the Company had cash and cash equivalents, restricted cash, short-term deposits and short-term investments of RMB35,342.1 million (US
Fiscal Year 2020 Unaudited Financial Results
Total revenues were RMB5,844.3 million (US
Revenues from vehicle sales were RMB5,546.8 million (US
Revenues from services and others were RMB297.5 million (US
Cost of sales was RMB5,578.3 million (US
Gross margin was
Vehicle margin was
Research and development expenses were RMB1,725.9 million (US
Selling, general and administrative expenses were RMB2,920.6 million (US
Loss from operations was RMB4,293.7 million (US
Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB3,297.3 million (US
Net loss was RMB2,732.0 million (US
Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB2,991.8 million (US
Net loss attributable to ordinary shareholders of XPeng Inc. was RMB4,889.7 million (US
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc., which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, was RMB2,991.8 million (US
Basic and diluted net loss per ADS were both RMB12.97 (US
Non-GAAP basic and diluted net loss per ADS were both RMB7.93 (US
Business Outlook
For the first quarter of 2021, the Company expects:
-
Deliveries of vehicles to be approximately 12,500 vehicles, representing a year-over-year increase of approximately
450% . -
Total revenues to be approximately RMB2.6 billion, representing a year-over-year increase of approximately
531% .
The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 8, 2021 (9:00 PM Beijing/Hong Kong time on March 8, 2021).
Dial-in details for the earnings conference call are as follows:
|
United States: |
|
+1-833-350-1333 |
|
United Kingdom |
|
+44-203-547-8612 |
|
International: |
|
+1-236-389-2427 |
|
Hong Kong, China: |
|
+852-3012-6671 |
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Mainland China: |
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400-820-9391 |
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Conference ID: |
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9292911 |
Participants should dial-in at least 5 minutes before the scheduled start time to be connected to the call.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until March 15, 2021, by dialing the following telephone numbers:
United States: |
+1-800-585-8367 |
||
International: |
+1-416-621-4642 |
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Replay Access Code: |
9292911 |
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About XPeng Inc.
XPeng Inc. is a leading Chinese smart electric vehicle company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack autonomous driving technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/electronic architecture. XPeng is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, and San Diego in the U.S. The Company’s Smart EVs are manufactured at plants in Zhaoqing and Zhengzhou, located in Guangdong and Henan provinces, respectively. For more information, please visit https://en.xiaopeng.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and/or accretion on preferred shares to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.5250 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPeng’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services; XPeng’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the SEC. All information provided in this press release is as of the date of this press release, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
XPENG INC. |
||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(All amounts in thousands, except for share and per share data) |
||||||
|
|
As of |
||||
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
|||
|
(audited) |
(unaudited) |
(unaudited) |
|||
|
RMB |
RMB |
USD |
|||
|
||||||
Assets |
|
|||||
Current assets: |
|
|||||
Cash and cash equivalents |
|
1,946,931 |
29,209,388 |
4,476,535 |
||
Restricted cash |
|
460,812 |
2,332,145 |
357,417 |
||
Short-term deposits |
|
- |
979,897 |
150,176 |
||
Short-term investments |
|
407,844 |
2,820,711 |
432,293 |
||
Derivative assets-current |
|
- |
105,183 |
16,120 |
||
Accounts receivable, net |
|
539,199 |
1,128,892 |
173,010 |
||
Current portion of finance lease receivables, net |
|
45,836 |
156,069 |
23,919 |
||
Inventory |
|
454,116 |
1,343,025 |
205,828 |
||
Amounts due from related parties |
|
22,605 |
682 |
105 |
||
Prepayments and other current assets |
|
1,083,307 |
1,603,286 |
245,714 |
||
Total current assets |
|
4,960,650 |
39,679,278 |
6,081,117 |
||
|
|
|
|
|
|
|
Non-current assets: |
|
|||||
Property, plant and equipment, net |
|
3,229,952 |
3,081,502 |
472,261 |
||
Right-of-use assets |
|
440,097 |
461,184 |
70,680 |
||
Intangible assets, net |
|
117,932 |
607,781 |
93,147 |
||
Land use rights, net |
|
255,257 |
249,934 |
38,304 |
||
Finance lease receivables, net |
|
109,965 |
397,467 |
60,914 |
||
Other non-current assets |
|
137,512 |
228,633 |
35,040 |
||
Long-term investments |
|
- |
1,000 |
153 |
||
Total non-current assets |
|
4,290,715 |
5,027,501 |
770,499 |
||
|
||||||
Total assets |
|
9,251,365 |
44,706,779 |
6,851,616 |
||
XPENG INC. |
|||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||
(All amounts in thousands, except for share and per share data) |
|||||||||
|
|
As of |
|||||||
|
December 31, 2019 |
December 31, 2020 |
December 31, 2020 |
||||||
|
(audited) |
(unaudited) |
(unaudited) |
||||||
|
RMB |
RMB |
USD |
||||||
|
|
|
|
|
|
|
|||
Liabilities |
|
||||||||
Current liabilities |
|
||||||||
Short-term borrowings |
|
419,950 |
|
127,900 |
|
19,602 |
|
||
Accounts and notes payable |
|
953,946 |
|
5,111,745 |
|
783,409 |
|
||
Amount due to a related party |
|
678 |
|
12,062 |
|
|
1,849 |
|
|
Current portion of lease liabilities |
|
90,740 |
|
|
119,565 |
|
|
18,324 |
|
Current portion of deferred revenue |
|
16,382 |
|
|
163,617 |
|
|
25,075 |
|
Current portion of long-term borrowings |
|
60,000 |
|
45,000 |
|
|
6,897 |
|
|
Accruals and other liabilities |
|
1,755,995 |
|
2,256,165 |
|
345,773 |
|
||
Income taxes payable |
|
- |
|
1,209 |
|
185 |
|
||
Total current liabilities |
|
3,297,691 |
|
7,837,263 |
|
1,201,114 |
|
||
Non-current liabilities |
|
||||||||
Long-term borrowings |
|
1,690,000 |
|
1,645,000 |
|
252,107 |
|
||
Lease liabilities |
|
361,404 |
|
352,501 |
|
54,023 |
|
||
Deferred revenue |
|
69,116 |
|
144,767 |
|
22,187 |
|
||
Other non-current liabilities |
|
73,015 |
|
297,439 |
|
45,585 |
|
||
Derivative liabilities |
|
897,091 |
|
- |
|
- |
|
||
Total non-current liabilities |
|
3,090,626 |
|
2,439,707 |
|
373,902 |
|
||
Total liabilities |
|
6,388,317 |
|
10,276,970 |
|
1,575,016 |
|
||
|
|
|
|
|
|
|
|||
Mezzanine Equity |
|
||||||||
convertible redeemable preferred shares |
|
9,693,478 |
|
- |
|
- |
|
||
Total mezzanine equity |
|
9,693,478 |
|
- |
|
- |
|
||
|
|||||||||
Shareholder's equity |
|
||||||||
Class A Ordinary shares |
|
2 |
|
63 |
|
10 |
|
||
Class B Ordinary shares |
|
19 |
|
26 |
|
4 |
|
||
Class C Ordinary shares |
|
- |
|
12 |
|
2 |
|
||
Additional paid in capital |
|
- |
|
46,482,512 |
|
7,123,757 |
|
||
Accumulated other comprehensive loss |
|
(5,948 |
) |
(730,381 |
) |
(111,936 |
) |
||
Accumulated deficit |
|
(6,824,503 |
) |
(11,322,423 |
) |
(1,735,237 |
) |
||
Total shareholders' equity |
|
(6,830,430 |
) |
34,429,809 |
|
5,276,600 |
|
||
Noncontrolling interests |
|
- |
- |
- |
|
||||
Total shareholders' equity |
|
(6,830,430 |
) |
34,429,809 |
|
5,276,600 |
|
||
Total liabilities, mezzanine equity and shareholders’ equity |
|
9,251,365 |
|
44,706,779 |
|
6,851,616 |
|
||
XPENG INC. |
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) |
||||||||||||
(All amounts in thousands, except for share and per share data) |
||||||||||||
|
Three Months Ended |
|||||||||||
|
December 31, 2019 |
September 30, 2020 |
December 31, 2020 |
December 31, 2020 |
||||||||
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||||||||
|
RMB |
RMB |
RMB |
USD |
||||||||
Revenues |
|
|||||||||||
-Vehicle sales |
|
574,957 |
|
1,898,041 |
|
2,735,444 |
|
419,225 |
|
|||
-Services and others |
|
65,053 |
|
92,078 |
|
115,908 |
|
17,764 |
|
|||
Total revenues |
|
640,010 |
|
1,990,119 |
|
2,851,352 |
|
436,989 |
|
|||
|
||||||||||||
Cost of sales |
|
|||||||||||
-Vehicle sales |
|
(623,998 |
) |
(1,836,756 |
) |
(2,550,587 |
) |
(390,895 |
) |
|||
-Services and others |
|
(58,061 |
) |
(61,822 |
) |
(90,201 |
) |
(13,824 |
) |
|||
Total cost of sales |
|
(682,059 |
) |
(1,898,578 |
) |
(2,640,788 |
) |
(404,719 |
) |
|||
|
||||||||||||
Gross (loss)/profit |
|
(42,049 |
) |
91,541 |
|
210,564 |
|
32,270 |
|
|||
Operating expenses |
|
|||||||||||
Research and development expenses |
|
(651,958 |
) |
(635,373 |
) |
(459,955 |
) |
(70,491 |
) |
|||
Selling, general and administrative expenses |
|
(394,462 |
) |
(1,203,792 |
) |
(917,883 |
) |
(140,672 |
) |
|||
Total operating expenses |
|
(1,046,420 |
) |
(1,839,165 |
) |
(1,377,838 |
) |
(211,163 |
) |
|||
Other income |
|
2,370 |
|
3,440 |
|
46,097 |
|
7,065 |
|
|||
Loss from operations |
|
(1,086,099 |
) |
(1,744,184 |
) |
(1,121,177 |
) |
(171,828 |
) |
|||
Interest income |
|
8,237 |
|
23,216 |
|
88,867 |
|
13,619 |
|
|||
Interest expense |
|
(9,872 |
) |
(3,926 |
) |
(2,571 |
) |
(394 |
) |
|||
Fair value gain on derivative liabilities |
|
100,122 |
|
620,209 |
|
123,374 |
|
18,908 |
|
|||
Other non-operating (loss)/income, net |
|
(9,455 |
) |
(44,070 |
) |
125,303 |
|
19,204 |
|
|||
Loss before income taxes |
|
(997,067 |
) |
|
(1,148,755 |
) |
|
(786,204 |
) |
(120,491 |
) |
|
Income tax expenses |
|
(1 |
) |
|
(6 |
) |
|
(1,217 |
) |
(187 |
) |
|
|
|
|
||||||||||
Net loss |
|
(997,068 |
) |
|
(1,148,761 |
) |
|
(787,421 |
) |
(120,678 |
) |
|
Accretion on Preferred Shares to redemption value |
|
(357,529 |
) |
|
(877,007 |
) |
|
- |
|
- |
|
|
Net loss attributable to ordinary
|
|
(1,354,597 |
) |
|
(2,025,768 |
) |
|
(787,421 |
) |
(120,678 |
) |
|
|
|
|
||||||||||
Net loss |
|
(997,068 |
) |
|
(1,148,761 |
) |
|
(787,421 |
) |
(120,678 |
) |
|
Other comprehensive loss |
|
|
|
|||||||||
Foreign currency translation adjustment, net of nil tax |
|
(7,379 |
) |
(143,220 |
) |
|
(565,814 |
) |
(86,715 |
) |
||
Total other comprehensive loss |
|
(7,379 |
) |
(143,220 |
) |
(565,814 |
) |
(86,715 |
) |
|||
Total comprehensive loss |
|
(1,004,447 |
) |
|
(1,291,981 |
) |
|
(1,353,235 |
) |
|
(207,393 |
) |
|
||||||||||||
Accretion on Preferred Shares to
|
|
(357,529 |
) |
|
(877,007 |
) |
|
- |
|
|
- |
|
Comprehensive loss attributable to
|
|
(1,361,976 |
) |
|
(2,168,988 |
) |
|
(1,353,235 |
) |
|
(207,393 |
) |
XPENG INC. |
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) |
||||||||||||
(All amounts in thousands, except for share and per share data) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
December 31, 2019 |
September 30, 2020 |
December 31, 2020 |
December 31, 2020 |
||||||||
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||||||||
|
RMB |
RMB |
RMB |
USD |
||||||||
Weighted average number of
|
|
|||||||||||
Basic and diluted |
|
349,558,977 |
|
799,364,696 |
|
1,495,225,306 |
|
1,495,225,306 |
|
|||
|
|
|
|
|
|
|
|
|
||||
Net loss per share attributable to
|
|
|||||||||||
Basic and diluted |
|
(3.88 |
) |
(2.53 |
) |
(0.53 |
) |
(0.08 |
) |
|||
|
||||||||||||
Weighted average number of ADS
|
|
|||||||||||
Basic and diluted |
|
174,779,489 |
|
399,682,348 |
|
747,612,653 |
|
747,612,653 |
|
|||
|
|
|
|
|
|
|
|
|
||||
Net loss per ADS attributable to ordinary shareholders |
|
|||||||||||
Basic and diluted |
|
(7.75 |
) |
(5.07 |
) |
(1.05 |
) |
(0.16 |
) |
|||
XPENG INC. |
|||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) |
|||||||||
(All amounts in thousands, except for share and per share data) |
|||||||||
For the Year Ended December 31, |
|||||||||
2019 |
2020 |
2020 |
|||||||
(audited) |
(unaudited) |
(unaudited) |
|||||||
RMB |
RMB |
USD |
|||||||
Revenues |
|||||||||
-Vehicle sales |
2,171,231 |
|
5,546,754 |
|
850,077 |
|
|||
-Services and others |
149,988 |
|
297,567 |
|
45,604 |
|
|||
Total revenues |
2,321,219 |
|
5,844,321 |
|
895,681 |
|
|||
Cost of sales |
|||||||||
-Vehicle sales |
(2,733,531 |
) |
(5,350,479 |
) |
(819,997 |
) |
|||
-Services and others |
(145,829 |
) |
(227,853 |
) |
(34,920 |
) |
|||
Total cost of sales |
(2,879,360 |
) |
(5,578,332 |
) |
(854,917 |
) |
|||
Gross (loss)/profit |
(558,141 |
) |
265,989 |
|
40,764 |
|
|||
Operating expenses |
|||||||||
Research and development expenses |
(2,070,158 |
) |
(1,725,906 |
) |
(264,507 |
) |
|||
Selling, general and administrative expenses |
(1,164,569 |
) |
(2,920,649 |
) |
(447,609 |
) |
|||
Total operating expenses |
(3,234,727 |
) |
(4,646,555 |
) |
(712,116 |
) |
|||
Other income |
12,294 |
|
86,830 |
|
13,307 |
|
|||
Loss from operations |
(3,780,574 |
) |
(4,293,736 |
) |
(658,045 |
) |
|||
Interest income |
88,843 |
|
133,036 |
|
20,389 |
|
|||
Interest expense |
(32,017 |
) |
(22,451 |
) |
(3,441 |
) |
|||
Fair value gain on derivative liabilities |
27,679 |
|
1,362,025 |
|
208,739 |
|
|||
Other non-operating income |
4,397 |
|
90,364 |
|
13,849 |
|
|||
Loss before income taxes |
(3,691,672 |
) |
(2,730,762 |
) |
(418,509 |
) |
|||
Income tax expenses |
(1 |
) |
(1,223 |
) |
(187 |
) |
|||
Net loss |
(3,691,673 |
) |
(2,731,985 |
) |
(418,696 |
) |
|||
Accretion on Preferred Shares to redemption value |
(961,050 |
) |
(2,157,744 |
) |
(330,689 |
) |
|||
Deemed contribution from repurchase of Preferred Shares |
9,969 |
|
- |
|
- |
|
|||
Net loss attributable to ordinary shareholders of
|
(4,642,754 |
) |
(4,889,729 |
) |
(749,385 |
) |
|||
Net loss |
(3,691,673 |
) |
(2,731,985 |
) |
(418,696 |
) |
|||
Other comprehensive loss |
|||||||||
Foreign currency translation adjustment, net of nil tax |
(2,968 |
) |
(724,433 |
) |
(111,024 |
) |
|||
Total other comprehensive loss |
(2,968 |
) |
(724,433 |
) |
(111,024 |
) |
|||
Total comprehensive loss |
(3,694,641 |
) |
|
(3,456,418 |
) |
|
(529,720 |
) |
|
XPENG INC. |
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) |
||||||||||||
(All amounts in thousands, except for share and per share data) |
||||||||||||
For the Year Ended December 31, |
||||||||||||
2019 |
2020 |
2020 |
||||||||||
(audited) |
(unaudited) |
(unaudited) |
||||||||||
RMB |
RMB |
USD |
||||||||||
Accretion on Preferred Shares to redemption value |
(961,050 |
) |
|
(2,157,744 |
) |
|
(330,689 |
) |
||||
Deemed contribution from repurchase of Preferred Shares |
9,969 |
|
|
- |
|
- |
|
|||||
Comprehensive loss attributable to ordinary
|
(4,645,722 |
) |
|
(5,614,162 |
) |
|
(860,409 |
) |
||||
Weighted average number of ordinary shares used
|
||||||||||||
Basic and diluted |
349,450,580 |
|
754,270,914 |
|
754,270,914 |
|
||||||
Net loss per share attributable to ordinary
|
||||||||||||
Basic and diluted |
(13.29 |
) |
(6.48 |
) |
(0.99 |
) |
||||||
Weighted average number of ADS used in
|
||||||||||||
Basic and diluted |
174,725,290 |
|
377,135,457 |
|
377,135,457 |
|
||||||
Net loss per ADS attributable to ordinary
|
||||||||||||
Basic and diluted |
(26.57 |
) |
(12.97 |
) |
(1.99 |
) |
||||||
XPENG INC. |
||||||||||||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
||||||||||||
(All amounts in thousands, except for share and per share data) |
||||||||||||
Three Months Ended |
||||||||||||
December 31, 2019 |
September 30, 2020 |
December 31, 2020 |
December 31, 2020 |
|||||||||
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
|||||||||
RMB |
RMB |
RMB |
USD |
|||||||||
Loss from operations |
(1,086,099 |
) |
(1,744,184 |
) |
(1,121,177 |
) |
(171,828 |
) |
||||
Share-based compensation expenses |
131 |
|
921,610 |
|
74,807 |
|
11,465 |
|
||||
Non-GAAP loss from operations |
(1,085,968 |
) |
(822,574 |
) |
(1,046,370 |
) |
(160,363 |
) |
||||
Net loss |
(997,068 |
) |
(1,148,761 |
) |
(787,421 |
) |
(120,678 |
) |
||||
Share-based compensation expenses |
131 |
|
921,610 |
|
74,807 |
|
11,465 |
|
||||
Fair value gain of convertible redeemable preferred shares |
|
(100,122 |
) |
|
(637,779 |
) |
|
- |
|
|
- |
|
Non-GAAP net loss |
(1,097,059 |
) |
(864,930 |
) |
(712,614 |
) |
(109,213 |
) |
||||
Net loss attributable to ordinary shareholders |
(1,354,597 |
) |
(2,025,768 |
) |
(787,421 |
) |
(120,678 |
) |
||||
Share-based compensation expenses |
|
131 |
|
|
921,610 |
|
|
74,807 |
|
|
11,465 |
|
Fair value gain of convertible redeemable preferred shares |
(100,122 |
) |
(637,779 |
) |
- |
|
- |
|
||||
Accretion on Preferred Shares to redemption value |
357,529 |
|
877,007 |
|
- |
|
- |
|
||||
Non-GAAP net loss attributable
|
|
(1,097,059 |
) |
|
(864,930 |
) |
|
(712,614 |
) |
|
(109,213 |
) |
Weighted average number of
|
|
|
|
|
|
|
|
|||||
Basic and diluted |
349,558,977 |
|
799,364,696 |
|
1,495,225,306 |
|
1,495,225,306 |
|
||||
Non-GAAP net loss per
|
(3.14 |
) |
(1.08 |
) |
(0.48 |
) |
(0.07 |
) |
||||
Basic and diluted |
||||||||||||
Weighted average number of
|
|
|
|
|
|
|
|
|||||
Basic and diluted |
174,779,489 |
|
399,682,348 |
|
747,612,653 |
|
747,612,653 |
|
||||
Non-GAAP net loss per ADS |
|
|
|
|
|
|
|
|||||
Basic and diluted |
(6.28 |
) |
(2.16 |
) |
(0.95 |
) |
(0.15 |
) |
||||
XPENG INC. |
|||||||||
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS |
|||||||||
(All amounts in thousands, except for share and per share data) |
|||||||||
For the Year Ended December 31, |
|||||||||
2019 |
2020 |
2020 |
|||||||
(audited) |
(unaudited) |
(unaudited) |
|||||||
RMB'000 |
RMB'000 |
USD'000 |
|||||||
Loss from operations |
(3,780,574 |
) |
(4,293,736 |
) |
(658,045 |
) |
|||
Share-based compensation
|
517 |
|
996,417 |
|
152,708 |
|
|||
Non-GAAP loss from
|
(3,780,057 |
) |
(3,297,319 |
) |
(505,337 |
) |
|||
Net loss |
(3,691,673 |
) |
(2,731,985 |
) |
(418,696 |
) |
|||
Share-based compensation
|
|
517 |
|
|
996,417 |
|
|
152,708 |
|
Fair value gain of convertible
|
(27,679 |
) |
(1,256,221 |
) |
(192,524 |
) |
|||
Non-GAAP net loss |
(3,718,835 |
) |
(2,991,789 |
) |
(458,512 |
) |
|||
Net loss attributable to
|
(4,642,754 |
) |
(4,889,729 |
) |
(749,385 |
) |
|||
Share-based compensation
|
|
517 |
|
|
996,417 |
|
|
152,708 |
|
Fair value gain of convertible
|
(27,679 |
) |
(1,256,221 |
) |
(192,524 |
) |
|||
Accretion on Preferred Shares
|
961,050 |
|
2,157,744 |
|
330,689 |
|
|||
Non-GAAP net loss attributable
|
|
(3,708,866 |
) |
|
(2,991,789 |
) |
|
(458,512 |
) |
Weighted average number of
|
|
|
|
|
|
||||
Basic and diluted |
349,450,580 |
|
754,270,914 |
|
754,270,914 |
|
|||
Non-GAAP net loss per
|
|
|
|
|
|
||||
Basic and diluted |
(10.61 |
) |
(3.97 |
) |
(0.61 |
) |
|||
Weighted average number of
|
|
|
|
|
|
||||
Basic and diluted |
174,725,290 |
|
377,135,457 |
|
377,135,457 |
|
|||
Non-GAAP net loss per ADS |
|
|
|
|
|
||||
Basic and diluted |
(21.23 |
) |
(7.93 |
) |
(1.22 |
) |
|||
1 XPeng started mass delivery of the P7 in late June 2020.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210308005328/en/
FAQ
What were XPeng's vehicle deliveries in Q4 2020?
What was XPeng's revenue for Q4 2020?
What is XPeng's outlook for Q1 2021?
What was the net loss for XPeng in Q4 2020?
How did XPeng's gross margin change in Q4 2020?
