XPENG Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
- Total deliveries for Q4 2023 were 60,158, a 170.9% increase from the same period in 2022.
- Total revenues reached RMB13.05 billion, a 153.9% increase year-over-year.
- Gross margin was 6.2%, up by 8.9 percentage points from the previous quarter.
- Full year vehicle deliveries reached 141,601, a 17.3% increase year-over-year.
- Full year revenues reached RMB30.68 billion.
- Net loss for Q4 2023 was RMB1.35 billion, an improvement compared to the same period in 2022.
- Cash and cash equivalents, restricted cash, short-term investments, and time deposits were RMB45.70 billion as of December 31, 2023.
- None.
Insights
The reported financial results of XPENG Inc. demonstrate a robust quarter-over-quarter revenue growth of 53.0%, which is a significant indicator of the company's increasing market share and sales volume in the smart electric vehicle sector. The quarterly gross margin improvement of 8.9 percentage points is a positive sign of operational efficiency, especially considering the previous quarter's negative gross margin. However, it's important to note the full year gross margin decrease of 10.0 percentage points year-over-year, which may raise concerns about the company's profitability and cost management in a longer-term perspective.
Investors should pay attention to the company's liquidity position, with cash and equivalents totaling RMB45.70 billion, indicating a strong financial buffer that could support future investments and cushion against market volatility. The net loss figures, while still significant, show an improvement compared to the same period last year, signaling potential progress towards profitability. The non-GAAP net loss figures exclude certain items, providing a potentially clearer picture of the company's operational performance.
The electric vehicle industry is highly competitive and capital intensive and XPENG's substantial investments in expanding its physical sales network and self-operated charging stations could be a strategic move to enhance customer experience and brand loyalty. However, these expansions must be managed carefully to ensure they contribute positively to the company's long-term financial health.
The electric vehicle (EV) market is experiencing rapid growth and XPENG's reported increase in vehicle deliveries by 17.3% year-over-year reflects the company's ability to capitalize on this trend. The expansion of XPENG's sales network to 500 stores and the growth of its self-operated charging station network to 1,108 stations are critical for maintaining competitive advantage in the Smart EV space. These efforts likely contribute to the company's impressive quarter-over-quarter delivery growth of 170.9%.
However, the reduction in full year gross margin suggests that XPENG is possibly facing rising costs or pricing pressures, which could be due to increased competition, supply chain issues, or higher raw material costs. It is essential for the company to continue innovating and improving cost efficiencies to maintain its growth trajectory and investor confidence.
Furthermore, the vehicle margin decrease compared to the previous year indicates that while XPENG is selling more vehicles, it's making less profit per vehicle. This could be a result of strategic pricing to gain market share, but it's a trend that warrants close monitoring as it could impact long-term profitability.
XPENG's performance must be contextualized within the broader automotive industry and specifically the Smart EV segment. The company's strategic minority investment by the Volkswagen Group could signal a strong vote of confidence from an established automotive player and may provide XPENG with additional resources and expertise to enhance its competitive edge.
The reported fair value gain on derivative liability related to this investment is a non-cash item that investors should understand doesn't directly affect the company's operational cash flow, but it does impact reported earnings and could influence investor perception.
XPENG's focus on expanding its charging infrastructure is a savvy move as it addresses a common consumer concern regarding EVs – the availability of charging options. This could significantly improve customer satisfaction and retention. However, the capital expenditure required to build out this network is substantial and the return on investment will depend on the company's ability to increase its user base and maintain high utilization rates of these facilities.
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB45.70 billion (US
$6.44 billion ) as of December 31, 2023 - Quarterly total revenues were RMB13.05 billion, a
53.0% increase quarter-over-quarter - Quarterly gross margin was
6.2% , an increase of 8.9 percentage points quarter-over-quarter - Full year vehicle deliveries reached 141,601, a
17.3% increase year-over-year - Full year revenues reached RMB30.68 billion
- Full year gross margin was
1.5% , a decrease of 10.0 percentage points year-over-year
GUANGZHOU, China, March 19, 2024 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2023.
Operational and Financial Highlights for the Three Months Ended December 31, 2023
| 2023Q4 | 2023Q3 | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | |
| Total deliveries | 60,158 | 40,008 | 23,205 | 18,230 | 22,204 | 29,570 |
- Total deliveries of vehicles were 60,158 for the fourth quarter of 2023, representing an increase of
170.9% from 22,204 in the corresponding period of 2022. - XPENG’s physical sales network had a total of 500 stores, covering 181 cities as of December 31, 2023.
- XPENG self-operated charging station network reached 1,108 stations, including 902 XPENG self-operated supercharging stations and 206 destination charging stations as of December 31, 2023.
- Total revenues were RMB13.05 billion (US
$1.84 billion ) for the fourth quarter of 2023, representing an increase of153.9% from the same period of 2022, and an increase of53.0% from the third quarter of 2023. - Revenues from vehicle sales were RMB12.23 billion (US
$1.72 billion ) for the fourth quarter of 2023, representing an increase of162.3% from the same period of 2022, and an increase of55.9% from the third quarter of 2023. - Gross margin was
6.2% for the fourth quarter of 2023, compared with8.7% for the same period of 2022 and negative2.7% for the third quarter of 2023. - Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was
4.1% for the fourth quarter of 2023, compared with5.7% for the same period of 2022 and negative6.1% for the third quarter of 2023. - Fair value gain (loss) on derivative liability was gain of RMB0.56 billion (US
$0.08 billion ) for the fourth quarter of 2023, compared with loss of RMB0.97 billion for the third quarter of 2023. This non-cash gain (loss) resulted from the fluctuation in the fair value of the forward share purchase agreement, measured through profit or loss, related to the issuance of shares by the Company for strategic minority investment by the Volkswagen Group (“Volkswagen”). - Net loss was RMB1.35 billion (US
$0.19 billion ) for the fourth quarter of 2023, compared with RMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023. Excluding share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.77 billion (US$0.25 billion ) for the fourth quarter of 2023, compared with RMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023. - Net loss attributable to ordinary shareholders of XPENG was RMB1.35 billion (US
$0.19 billion ) for the fourth quarter of 2023, compared with RMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023. Excluding share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.77 billion (US$0.25 billion ) for the fourth quarter of 2023, compared with RMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023. - Basic and diluted net loss per American depositary share (ADS) were both RMB1.51 (US
$0.21) and basic and diluted net loss per ordinary share were both RMB0.75 (US$0.11) for the fourth quarter of 2023. Each ADS represents two Class A ordinary shares. - Non-GAAP basic and diluted net loss per ADS were both RMB1.98 (US
$0.28) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.99 (US$0.14) for the fourth quarter of 2023. - Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB45.70 billion (US
$6.44 billion ) as of December 31, 2023, compared with RMB36.48 billion as of September 30, 2023. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.
Key Financial Results
(in RMB billions, except for percentage)
| For the Three Months Ended | % Changei | |||||||||
| December 31, | September 30, | December 31, | ||||||||
| 2023 | 2023 | 2022 | YoY | QoQ | ||||||
| Vehicle sales | 12.23 | 7.84 | 4.66 | 162.3 | % | 55.9 | % | |||
| Vehicle margin | - | -1.6pts | 10.2pts | |||||||
| Total revenues | 13.05 | 8.53 | 5.14 | 153.9 | % | 53.0 | % | |||
| Gross profit (loss) | 0.81 | (0.23 | ) | 0.45 | 81.9 | % | -455.1 | % | ||
| Gross margin | - | -2.5pts | 8.9pts | |||||||
| Net loss | 1.35 | 3.89 | 2.36 | -42.9 | % | -65.3 | % | |||
| Non-GAAP net loss | 1.77 | 2.79 | 2.21 | -19.9 | % | -36.5 | % | |||
| Net loss attributable to ordinary shareholders | 1.35 | 3.89 | 2.36 | -42.9 | % | -65.3 | % | |||
| Non-GAAP net loss attributable to ordinary shareholders | 1.77 | 2.79 | 2.21 | -19.9 | % | -36.5 | % | |||
| Comprehensive loss attributable to ordinary shareholders | 1.57 | 4.01 | 2.68 | -41.4 | % | -60.8 | % | |||
___________________
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
“In 2023, vehicle deliveries of XPENG increased quarter by quarter, exceeding 60,000 units in the fourth quarter,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “Looking beyond short-term challenges, XPENG is about to embark on a major product cycle. We plan to launch more than 10 brand new models over the next three years. We will continue to lead the innovation of autonomous driving technology, making it affordable and accessible to a much broader customer base. We will also make market entry into more international markets. We will continue to expand our scale and strengthen our technology leadership, as well as accelerate the commercialization of our industry leading technologies.”
“Our plans on cost reduction through technology and engineering as well as operational improvement have begun to bear fruit. Our vehicle margin increased by approximately 10 percentage points quarter-over-quarter in the fourth quarter,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG. “By the end of 2023, our total cash on hand exceeded RMB45 billion. Robust capital base bolsters our confidence to achieve high-quality and fast growth in a competitive environment.”
Recent Developments
Deliveries in January and February 2024
- Total deliveries were 8,250 vehicles in January 2024.
- Total deliveries were 4,545 vehicles in February 2024.
- As of February 29, 2024, year-to-date total deliveries were 12,795 vehicles.
Launch of XPENG X9
On January 1, 2024, XPENG launched XPENG X9 ultra smart large seven-seater MPV and commenced deliveries during the same month.
Entry into Master Agreement on Strategic Technical Collaboration and Joint Sourcing Program with the Volkswagen Group
XPENG and the Volkswagen Group entered into a Master Agreement on Platform and Software strategic technical collaboration (“Master Agreement”), marking a significant milestone in the strategic partnership of both parties. As part of the Master Agreement, both parties also entered into a Joint Sourcing Program, targeting to jointly reduce the cost of the platform.
Unaudited Financial Results for the Three Months Ended December 31, 2023
Total revenues were RMB13.05 billion (US
Revenues from vehicle sales were RMB12.23 billion (US
Revenues from services and others were RMB0.82 billion (US
Cost of sales was RMB12.24 billion (US
Gross margin was
Vehicle margin was
Research and development expenses were RMB1.31 billion (US
Selling, general and administrative expenses were RMB1.94 billion (US
Other income, net was RMB0.35 billion (US
Loss from operations was RMB2.05 billion (US
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.92 billion (US
Net loss was RMB1.35 billion (US
Fair value gain (loss) on derivative liability was gain of RMB0.56 billion (US
Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB1.77 billion (US
Net loss attributable to ordinary shareholders of XPENG was RMB1.35 billion (US
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB1.77 billion (US
Basic and diluted net loss per ADS were both RMB1.51 (US
Non-GAAP basic and diluted net loss per ADS were both RMB1.98 (US
Balance Sheets
As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB45.70 billion (US
Unaudited Financial Results for the Fiscal Year Ended December 31, 2023
Total revenues were RMB30.68 billion (US
Revenues from vehicle sales were RMB28.01 billion (US
Revenues from services and others were RMB2.67 billion (US
Cost of sales was RMB30.22 billion (US
Gross margin was
Vehicle margin was negative
Research and development expenses were RMB5.28 billion (US
Selling, general and administrative expenses were RMB6.56 billion (US
Other income, net was RMB0.47 billion (US
Loss from operations was RMB10.89 billion (US
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB10.37 billion (US
Net loss was RMB10.38 billion (US
Fair value loss on derivative liability was RMB0.41 billion (US
Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB9.44 billion (US
Net loss attributable to ordinary shareholders of XPENG was RMB10.38 billion (US
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB9.44 billion (US
Basic and diluted net loss per ADS were both RMB11.92 (US
Non-GAAP basic and diluted net loss per ADS were both RMB10.85 (US
Business Outlook
For the first quarter of 2024, the Company expects:
- Deliveries of vehicles to be between 21,000 and 22,500, representing a year-over-year increase of approximately
15.2% to23.4% . - Total revenues to be between RMB5.8 billion and RMB6.2 billion, representing a year-over-year increase of approximately
43.8% to53.7% .
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 19, 2024 (8:00 PM Beijing/Hong Kong Time on March 19, 2024).
For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.
| Event Title: | XPENG Fourth Quarter and Fiscal Year 2023 Earnings Conference Call |
| Pre-registration link: | https://s1.c-conf.com/diamondpass/10036740-6pn4dk.html |
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 an hour after the conclusion of the call until March 26, 2024, by dialing the following telephone numbers:
| United States: | +1-855-883-1031 |
| International: | +61-7-3107-6325 |
| Hong Kong, China: | 800-930-639 |
| Mainland China: | 400-120-9216 |
| Replay Access Code: | 10036740 |
About XPENG
XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.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 gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, 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 “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.
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 RMB7.0999 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, 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 United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For Investor Enquiries
IR Department
XPeng Inc.
E-mail: ir@xiaopeng.com
Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com
For Media Enquiries
PR Department
XPeng Inc.
E-mail: pr@xiaopeng.com
Source: XPeng Inc.
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | ||||||
| As of December 31 | ||||||
| 2022 | 2023 | 2023 | ||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 14,607,774 | 21,127,163 | 2,975,699 | |||
| Restricted cash | 106,272 | 3,174,886 | 447,173 | |||
| Short-term deposits | 14,921,688 | 9,756,979 | 1,374,242 | |||
| Short-term investments | 1,262,129 | 781,216 | 110,032 | |||
| Long-term deposits, current portion | 427,466 | 7,054,915 | 993,664 | |||
| Accounts and notes receivable, net | 3,872,846 | 2,716,216 | 382,571 | |||
| Installment payment receivables, net, current portion | 1,294,665 | 1,881,755 | 265,040 | |||
| Inventory | 4,521,373 | 5,526,212 | 778,351 | |||
| Amounts due from related parties | 47,124 | 12,948 | 1,824 | |||
| Prepayments and other current assets | 2,466,084 | 2,489,339 | 350,616 | |||
| Total current assets | 43,527,421 | 54,521,629 | 7,679,212 | |||
| Non-current assets | ||||||
| Long-term deposits | 6,926,450 | 3,035,426 | 427,531 | |||
| Restricted long-term deposits | - | 767,899 | 108,156 | |||
| Property, plant and equipment, net | 10,606,745 | 10,954,485 | 1,542,907 | |||
| Right-of-use assets, net | 1,954,618 | 1,455,865 | 205,054 | |||
| Intangible assets, net | 1,042,972 | 4,948,992 | 697,051 | |||
| Land use rights, net | 2,747,854 | 2,789,367 | 392,874 | |||
| Installment payment receivables, net | 2,188,643 | 3,027,795 | 426,456 | |||
| Long-term investments | 2,295,032 | 2,084,933 | 293,657 | |||
| Other non-current assets | 201,271 | 576,150 | 81,149 | |||
| Total non-current assets | 27,963,585 | 29,640,912 | 4,174,835 | |||
| Total assets | 71,491,006 | 84,162,541 | 11,854,047 | |||
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||
| As of December 31 | |||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Short-term borrowings | 2,419,210 | 3,889,100 | 547,768 | ||||||
| Accounts and notes payable | 14,222,856 | 22,210,431 | 3,128,274 | ||||||
| Amounts due to related parties | 91,111 | 30,880 | 4,349 | ||||||
| Operating lease liabilities, current portion | 490,811 | 365,999 | 51,550 | ||||||
| Finance lease liabilities, current portion | 128,279 | 34,382 | 4,843 | ||||||
| Deferred revenue, current portion | 389,243 | 630,997 | 88,874 | ||||||
| Long-term borrowings, current portion | 761,859 | 1,363,835 | 192,092 | ||||||
| Accruals and other liabilities | 5,583,829 | 7,580,195 | 1,067,648 | ||||||
| Income taxes payable | 27,655 | 5,743 | 809 | ||||||
| Total current liabilities | 24,114,853 | 36,111,562 | 5,086,207 | ||||||
| Non-current liabilities | |||||||||
| Long-term borrowings | 4,613,057 | 5,650,782 | 795,896 | ||||||
| Operating lease liabilities | 1,854,576 | 1,490,882 | 209,986 | ||||||
| Finance lease liabilities | 797,743 | 777,697 | 109,536 | ||||||
| Deferred revenue | 694,006 | 668,946 | 94,219 | ||||||
| Derivative liability | - | 393,473 | 55,420 | ||||||
| Deferred tax liabilities | - | 404,018 | 56,905 | ||||||
| Other non-current liabilities | 2,506,106 | 2,336,654 | 329,111 | ||||||
| Total non-current liabilities | 10,465,488 | 11,722,452 | 1,651,073 | ||||||
| Total liabilities | 34,580,341 | 47,834,014 | 6,737,280 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Class A Ordinary shares | 92 | 103 | 15 | ||||||
| Class B Ordinary shares | 21 | 21 | 3 | ||||||
| Additional paid-in capital | 60,691,019 | 70,198,031 | 9,887,186 | ||||||
| Statutory and other reserves | 6,425 | 60,035 | 8,456 | ||||||
| Accumulated deficit | (25,330,916 | ) | (35,760,301 | ) | (5,036,733 | ) | |||
| Accumulated other comprehensive income | 1,544,024 | 1,830,638 | 257,840 | ||||||
| Total shareholders' equity | 36,910,665 | 36,328,527 | 5,116,767 | ||||||
| Total liabilities and shareholders’ equity | 71,491,006 | 84,162,541 | 11,854,047 | ||||||
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Revenues | |||||||||||
| Vehicle sales | 4,661,182 | 7,844,239 | 12,228,314 | 1,722,322 | |||||||
| Services and others | 479,167 | 685,282 | 822,116 | 115,793 | |||||||
| Total revenues | 5,140,349 | 8,529,521 | 13,050,430 | 1,838,115 | |||||||
| Cost of sales | |||||||||||
| Vehicle sales | (4,397,201 | ) | (8,319,890 | ) | (11,732,955 | ) | (1,652,552 | ) | |||
| Services and others | (298,084 | ) | (437,589 | ) | (508,003 | ) | (71,551 | ) | |||
| Total cost of sales | (4,695,285 | ) | (8,757,479 | ) | (12,240,958 | ) | (1,724,103 | ) | |||
| Gross profit (loss) | 445,064 | (227,958 | ) | 809,472 | 114,012 | ||||||
| Operating expenses | |||||||||||
| Research and development expenses | (1,230,049 | ) | (1,305,868 | ) | (1,307,745 | ) | (184,192 | ) | |||
| Selling, general and administrative expenses | (1,755,815 | ) | (1,692,194 | ) | (1,936,503 | ) | (272,751 | ) | |||
| Total operating expenses | (2,985,864 | ) | (2,998,062 | ) | (3,244,248 | ) | (456,943 | ) | |||
| Other income, net | 23,357 | 65,192 | 352,391 | 49,633 | |||||||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | 29,339 | 4,132 | |||||||
| Loss from operations | (2,517,443 | ) | (3,160,828 | ) | (2,053,046 | ) | (289,166 | ) | |||
| Interest income | 273,367 | 314,004 | 342,780 | 48,280 | |||||||
| Interest expense | (51,079 | ) | (65,767 | ) | (73,225 | ) | (10,314 | ) | |||
| Fair value gain (loss) on derivative assets or derivative liabilities | 1,398 | (971,832 | ) | 561,415 | 79,074 | ||||||
| Investment loss on long-term investments | (102,798 | ) | (8,782 | ) | (185,318 | ) | (26,101 | ) | |||
| Exchange (loss) gain from foreign currency transactions | (17,454 | ) | 5,972 | 46,362 | 6,530 | ||||||
| Other non-operating income, net | 37,761 | 4,282 | 27,364 | 3,854 | |||||||
| Loss before income tax benefit (expenses) and share of results of equity method investees | (2,376,248 | ) | (3,882,951 | ) | (1,333,668 | ) | (187,843 | ) | |||
| Income tax benefit (expenses) | 10,445 | (682 | ) | (21,754 | ) | (3,064 | ) | ||||
| Share of results of equity method investees | 4,628 | (2,917 | ) | 7,807 | 1,100 | ||||||
| Net loss | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Net loss attributable to ordinary shareholders of XPeng Inc. | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Net loss | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Other comprehensive loss | |||||||||||
| Foreign currency translation adjustment, net of tax | (318,072 | ) | (123,081 | ) | (222,618 | ) | (31,355 | ) | |||
| Total comprehensive loss | |||||||||||
| attributable to XPeng Inc. | (2,679,247 | ) | (4,009,631 | ) | (1,570,233 | ) | (221,162 | ) | |||
| Comprehensive loss attributable to | |||||||||||
| ordinary shareholders of XPeng Inc. | (2,679,247 | ) | (4,009,631 | ) | (1,570,233 | ) | (221,162 | ) | |||
| Weighted average number of | |||||||||||
| ordinary shares used in computing net loss per ordinary share | |||||||||||
| Basic and diluted | 1,720,448,811 | 1,729,980,347 | 1,787,655,242 | 1,787,655,242 | |||||||
| Net loss per ordinary share attributable to ordinary shareholders | |||||||||||
| Basic and diluted | (1.37 | ) | (2.25 | ) | (0.75 | ) | (0.11 | ) | |||
| Weighted average number of ADS | |||||||||||
| used in computing net loss per share | |||||||||||
| Basic and diluted | 860,224,405 | 864,990,174 | 893,827,621 | 893,827,621 | |||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||||
| Basic and diluted | (2.74 | ) | (4.49 | ) | (1.51 | ) | (0.21 | ) | |||
| XPENG INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Loss from operations | (2,517,443 | ) | (3,160,828 | ) | (2,053,046 | ) | (289,166 | ) | |||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | (29,339 | ) | (4,132 | ) | |||||
| Share-based compensation expenses | 148,783 | 124,291 | 167,036 | 23,527 | |||||||
| Non-GAAP loss from operations | (2,368,660 | ) | (3,036,537 | ) | (1,915,349 | ) | (269,771 | ) | |||
| Net loss | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | (29,339 | ) | (4,132 | ) | |||||
| Fair value loss (gain) on derivative liability | - | 971,832 | (561,415 | ) | (79,074 | ) | |||||
| Share-based compensation expenses | 148,783 | 124,291 | 167,036 | 23,527 | |||||||
| Non-GAAP net loss | (2,212,392 | ) | (2,790,427 | ) | (1,771,333 | ) | (249,486 | ) | |||
| Net loss attributable to ordinary shareholders | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | (29,339 | ) | (4,132 | ) | |||||
| Fair value loss (gain) on derivative liability | - | 971,832 | (561,415 | ) | (79,074 | ) | |||||
| Share-based compensation expenses | 148,783 | 124,291 | 167,036 | 23,527 | |||||||
| Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. | (2,212,392 | ) | (2,790,427 | ) | (1,771,333 | ) | (249,486 | ) | |||
| XPENG INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | |||||||||||
| Basic and diluted | 1,720,448,811 | 1,729,980,347 | 1,787,655,242 | 1,787,655,242 | |||||||
| Non-GAAP net loss per ordinary share | |||||||||||
| Basic and diluted | (1.29 | ) | (1.61 | ) | (0.99 | ) | (0.14 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share | |||||||||||
| Basic and diluted | 860,224,405 | 864,990,174 | 893,827,621 | 893,827,621 | |||||||
| Non-GAAP net loss per ADS | |||||||||||
| Basic and diluted | (2.57 | ) | (3.23 | ) | (1.98 | ) | (0.28 | ) | |||
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||
| For the Year Ended December 31 | |||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| Revenues | |||||||||
| Vehicle sales | 24,839,637 | 28,010,857 | 3,945,247 | ||||||
| Services and others | 2,015,482 | 2,665,210 | 375,387 | ||||||
| Total revenues | 26,855,119 | 30,676,067 | 4,320,634 | ||||||
| Cost of sales | |||||||||
| Vehicle sales | (22,493,122 | ) | (28,457,909 | ) | (4,008,213 | ) | |||
| Services and others | (1,273,606 | ) | (1,767,003 | ) | (248,877 | ) | |||
| Total cost of sales | (23,766,728 | ) | (30,224,912 | ) | (4,257,090 | ) | |||
| Gross profit | 3,088,391 | 451,155 | 63,544 | ||||||
| Operating expenses | |||||||||
| Research and development expenses | (5,214,836 | ) | (5,276,574 | ) | (743,190 | ) | |||
| Selling, general and administrative expenses | (6,688,246 | ) | (6,558,942 | ) | (923,808 | ) | |||
| Total operating expenses | (11,903,082 | ) | (11,835,516 | ) | (1,666,998 | ) | |||
| Other income, net | 109,168 | 465,588 | 65,577 | ||||||
| Fair value gain on derivative liability | |||||||||
| relating to the contingent consideration | - | 29,339 | 4,132 | ||||||
| Loss from operations | (8,705,523 | ) | (10,889,434 | ) | (1,533,745 | ) | |||
| Interest income | 1,058,771 | 1,260,162 | 177,490 | ||||||
| Interest expense | (132,192 | ) | (268,666 | ) | (37,841 | ) | |||
| Fair value gain (loss) on derivative assets or derivative liabilities | 59,357 | (410,417 | ) | (57,806 | ) | ||||
| Investment gain (loss) on long-term investments | 25,062 | (224,364 | ) | (31,601 | ) | ||||
| Exchange (loss) gain from foreign currency transactions | (1,460,151 | ) | 97,080 | 13,673 | |||||
| Other non-operating income, net | 36,318 | 41,934 | 5,906 | ||||||
| Loss before income tax expenses and share of results of equity method investees | (9,118,358 | ) | (10,393,705 | ) | (1,463,924 | ) | |||
| Income tax expenses | (24,731 | ) | (36,810 | ) | (5,185 | ) | |||
| Share of results of equity method investees | 4,117 | 54,740 | 7,710 | ||||||
| Net loss | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Net loss attributable to ordinary shareholders of XPeng Inc. | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||
| For the Year Ended December 31 | |||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| Net loss | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Other comprehensive income | |||||||||
| Foreign currency translation adjustment, net of tax | 3,192,573 | 286,614 | 40,369 | ||||||
| Total comprehensive loss attributable to XPeng Inc. | (5,946,399 | ) | (10,089,161 | ) | (1,421,030 | ) | |||
| Comprehensive loss attributable to ordinary shareholders of XPeng Inc. | (5,946,399 | ) | (10,089,161 | ) | (1,421,030 | ) | |||
| Weighted average number of ordinary shares used in computing net loss per ordinary share | |||||||||
| Basic and diluted | 1,712,533,564 | 1,740,921,519 | 1,740,921,519 | ||||||
| Net loss per ordinary share attributable to ordinary shareholders | |||||||||
| Basic and diluted | (5.34 | ) | (5.96 | ) | (0.84 | ) | |||
| Weighted average number of ADS used in computing net loss per share | |||||||||
| Basic and diluted | 856,266,782 | 870,460,760 | 870,460,760 | ||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||
| Basic and diluted | (10.67 | ) | (11.92 | ) | (1.68 | ) | |||
| XPENG INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||
| For the Year Ended December 31 | |||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| Loss from operations | (8,705,523 | ) | (10,889,434 | ) | (1,533,745 | ) | |||
| Share-based compensation expenses | 710,486 | 550,535 | 77,541 | ||||||
| Fair value gain on derivative liability relating to the contingent consideration | - | (29,339 | ) | (4,132 | ) | ||||
| Non-GAAP loss from operations | (7,995,037 | ) | (10,368,238 | ) | (1,460,336 | ) | |||
| Net loss | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | (29,339 | ) | (4,132 | ) | ||||
| Fair value loss on derivative liability | - | 410,417 | 57,806 | ||||||
| Share-based compensation expenses | 710,486 | 550,535 | 77,541 | ||||||
| Non-GAAP net loss | (8,428,486 | ) | (9,444,162 | ) | (1,330,184 | ) | |||
| Net loss attributable to ordinary shareholders | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | (29,339 | ) | (4,132 | ) | ||||
| Fair value loss on derivative liability | - | 410,417 | 57,806 | ||||||
| Share-based compensation expenses | 710,486 | 550,535 | 77,541 | ||||||
| Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. | (8,428,486 | ) | (9,444,162 | ) | (1,330,184 | ) | |||
| Weighted average number of ordinary shares used in | |||||||||
| calculating Non-GAAP net loss per share | |||||||||
| Basic and diluted | 1,712,533,564 | 1,740,921,519 | 1,740,921,519 | ||||||
| Non-GAAP net loss per ordinary share | |||||||||
| Basic and diluted | (4.92 | ) | (5.42 | ) | (0.76 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share | |||||||||
| Basic and diluted | 856,266,782 | 870,460,760 | 870,460,760 | ||||||
| Non-GAAP net loss per ADS | |||||||||
| Basic and diluted | (9.84 | ) | (10.85 | ) | (1.53 | ) | |||
FAQ
What were XPeng's total deliveries for Q4 2023?
What was XPeng's total revenue for Q4 2023?
What was XPeng's gross margin for Q4 2023?
What was XPeng's net loss for Q4 2023?
What was XPeng's cash position as of December 31, 2023?
