XPENG Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results
XPENG reported strong Q4 and FY2024 financial results, with significant growth in deliveries and revenues. Q4 total revenues reached RMB16.11 billion (US$2.21 billion), up 59.4% quarter-over-quarter. The company delivered 91,507 vehicles in Q4, a 52.1% increase year-over-year.
Q4 gross margin improved to 14.4%, up 8.2 percentage points from 2023, while vehicle margin reached 10.0%. Full-year vehicle deliveries totaled 190,068 units, up 34.2% year-over-year, with annual revenues of RMB40.87 billion, representing a 33.2% increase.
The company maintained a strong financial position with RMB41.96 billion (US$5.75 billion) in cash and equivalents. XPENG's physical network expanded to 690 stores across 226 cities, with 1,920 self-operated charging stations, including 928 ultra-fast charging stations.
XPENG ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024, con una crescita significativa nelle consegne e nei ricavi. I ricavi totali del Q4 hanno raggiunto 16,11 miliardi di RMB (2,21 miliardi di dollari USA), con un aumento del 59,4% rispetto al trimestre precedente. L'azienda ha consegnato 91.507 veicoli nel Q4, un incremento del 52,1% rispetto all'anno precedente.
Il margine lordo del Q4 è migliorato al 14,4%, con un aumento di 8,2 punti percentuali rispetto al 2023, mentre il margine per veicolo ha raggiunto il 10,0%. Le consegne di veicoli per l'intero anno hanno totalizzato 190.068 unità, con un aumento del 34,2% rispetto all'anno precedente, e i ricavi annuali hanno raggiunto 40,87 miliardi di RMB, rappresentando un incremento del 33,2%.
L'azienda ha mantenuto una posizione finanziaria robusta con 41,96 miliardi di RMB (5,75 miliardi di dollari USA) in contante e equivalenti. La rete fisica di XPENG si è espansa a 690 negozi in 226 città, con 1.920 stazioni di ricarica autogestite, incluse 928 stazioni di ricarica ultra-rapida.
XPENG reportó resultados financieros sólidos para el cuarto trimestre y el año fiscal 2024, con un crecimiento significativo en entregas e ingresos. Los ingresos totales del Q4 alcanzaron 16.11 mil millones de RMB (2.21 mil millones de dólares estadounidenses), un aumento del 59.4% con respecto al trimestre anterior. La compañía entregó 91,507 vehículos en el Q4, un incremento del 52.1% interanual.
El margen bruto del Q4 mejoró al 14.4%, un aumento de 8.2 puntos porcentuales desde 2023, mientras que el margen por vehículo alcanzó el 10.0%. Las entregas de vehículos del año completo totalizaron 190,068 unidades, un aumento del 34.2% interanual, con ingresos anuales de 40.87 mil millones de RMB, lo que representa un incremento del 33.2%.
La compañía mantuvo una sólida posición financiera con 41.96 mil millones de RMB (5.75 mil millones de dólares estadounidenses) en efectivo y equivalentes. La red física de XPENG se expandió a 690 tiendas en 226 ciudades, con 1,920 estaciones de carga autogestionadas, incluidas 928 estaciones de carga ultra-rápida.
XPENG는 2024년 4분기 및 연간 재무 실적을 발표하며, 배송 및 수익에서 상당한 성장을 기록했습니다. 4분기 총 수익은 161.1억 RMB (22.1억 달러)로, 전분기 대비 59.4% 증가했습니다. 회사는 4분기에 91,507대의 차량을 배송했으며, 이는 전년 대비 52.1% 증가한 수치입니다.
4분기 총 매출 총 이익률은 14.4%로, 2023년 대비 8.2포인트 상승했으며, 차량당 이익률은 10.0%에 도달했습니다. 연간 차량 배송량은 190,068대로, 전년 대비 34.2% 증가했으며, 연간 수익은 408.7억 RMB로, 33.2% 증가했습니다.
회사는 419.6억 RMB (57.5억 달러)의 현금 및 현금성 자산을 보유하여 강력한 재무 상태를 유지하고 있습니다. XPENG의 물리적 네트워크는 226개 도시에서 690개의 매장으로 확장되었으며, 1,920개의 자가 운영 충전소를 포함해 928개의 초고속 충전소가 있습니다.
XPENG a annoncé de solides résultats financiers pour le quatrième trimestre et l'année fiscale 2024, avec une croissance significative des livraisons et des revenus. Les revenus totaux du Q4 ont atteint 16,11 milliards de RMB (2,21 milliards de dollars américains), soit une augmentation de 59,4 % par rapport au trimestre précédent. L'entreprise a livré 91 507 véhicules au Q4, une augmentation de 52,1 % par rapport à l'année précédente.
La marge brute du Q4 s'est améliorée à 14,4 %, en hausse de 8,2 points de pourcentage par rapport à 2023, tandis que la marge par véhicule a atteint 10,0 %. Les livraisons de véhicules pour l'année entière ont totalisé 190 068 unités, en hausse de 34,2 % par rapport à l'année précédente, avec des revenus annuels de 40,87 milliards de RMB, représentant une augmentation de 33,2 %.
L'entreprise a maintenu une position financière solide avec 41,96 milliards de RMB (5,75 milliards de dollars américains) en liquidités et équivalents. Le réseau physique d'XPENG s'est étendu à 690 magasins dans 226 villes, avec 1 920 stations de recharge autogérées, dont 928 stations de recharge ultra-rapides.
XPENG berichtete über starke Finanzzahlen für das vierte Quartal und das Geschäftsjahr 2024, mit signifikantem Wachstum bei den Lieferungen und Umsätzen. Die Gesamtumsätze im Q4 beliefen sich auf 16,11 Milliarden RMB (2,21 Milliarden US-Dollar), was einem Anstieg von 59,4% im Vergleich zum Vorquartal entspricht. Das Unternehmen lieferte im Q4 91.507 Fahrzeuge aus, was einem Anstieg von 52,1% im Jahresvergleich entspricht.
Die Bruttomarge im Q4 verbesserte sich auf 14,4%, ein Anstieg um 8,2 Prozentpunkte im Vergleich zu 2023, während die Fahrzeugmarge 10,0% erreichte. Die Fahrzeuglieferungen für das gesamte Jahr beliefen sich auf 190.068 Einheiten, was einem Anstieg von 34,2% im Jahresvergleich entspricht, bei einem Jahresumsatz von 40,87 Milliarden RMB, was einem Anstieg von 33,2% entspricht.
Das Unternehmen hielt eine starke Finanzlage mit 41,96 Milliarden RMB (5,75 Milliarden US-Dollar) in Bargeld und Äquivalenten aufrecht. Das physische Netzwerk von XPENG erweiterte sich auf 690 Geschäfte in 226 Städten, mit 1.920 selbstbetriebenen Ladestationen, darunter 928 ultraschnelle Ladestationen.
- Q4 revenue increased 59.4% quarter-over-quarter to RMB16.11 billion
- Vehicle deliveries grew 52.1% year-over-year to 91,507 units in Q4
- Gross margin improved significantly to 14.4%, up 8.2 percentage points YoY
- Vehicle margin reached 10.0%, marking six consecutive quarters of improvement
- Full-year deliveries grew 34.2% to 190,068 units
- Strategic collaboration with Volkswagen Group for super-fast charging network
- Net loss of RMB1.33 billion in Q4 2024
- R&D expenses increased 53.4% year-over-year to RMB2.01 billion
- Cash position decreased to RMB41.96 billion from RMB45.70 billion YoY
- Selling, general and administrative expenses rose 17.5% YoY
Insights
XPENG's Q4 and fiscal year 2024 results highlight a company successfully scaling operations while dramatically improving profitability metrics. The quarterly revenue surge of 59.4% to
The standout achievement is XPENG's margin expansion. Vehicle margin reached 10% in Q4, a significant milestone that marks six consecutive quarters of improvement and a
Looking at full-year figures, XPENG delivered 190,068 vehicles, growing
While XPENG recorded a net loss of
The Volkswagen partnership to jointly build a super-fast charging network adds strategic value, potentially accelerating adoption and creating network effects. With 60,803 deliveries already in the first two months of 2025, XPENG appears positioned to continue its strong growth trajectory while making steady progress toward profitability.
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.96 billion (US
$5.75 billion ) as of December 31, 2024 - Quarterly total revenues were RMB16.11 billion, a
59.4% increase quarter-over-quarter - Quarterly gross margin was
14.4% , an increase of 8.2 percentage points over the same period of 2023 - Quarterly vehicle margin was
10.0% , an increase of 5.9 percentage points over the same period of 2023 - Full year vehicle deliveries reached 190,068, a
34.2% increase year-over-year - Full year revenues reached RMB40.87 billion, a
33.2% increase year-over-year - Full year gross margin was
14.3% , an increase of 12.8 percentage points year-over-year
GUANGZHOU, China, March 18, 2025 (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, 2024.
Operational and Financial Highlights for the Three Months Ended December 31, 2024
| 2024Q4 | 2024Q3 | 2024Q2 | 2024Q1 | 2023Q4 | 2023Q3 | |
| Total deliveries | 91,507 | 46,533 | 30,207 | 21,821 | 60,158 | 40,008 |
- Total deliveries of vehicles were 91,507 for the fourth quarter of 2024, representing an increase of
52.1% from 60,158 in the corresponding period of 2023. - XPENG’s physical sales network had a total of 690 stores, covering 226 cities as of December 31, 2024.
- XPENG self-operated charging station network reached 1,920 stations, including 928 XPENG S4 and S5 ultra-fast charging stations as of December 31, 2024.
- Total revenues were RMB16.11 billion (US
$2.21 billion ) for the fourth quarter of 2024, representing an increase of23.4% from the same period of 2023, and an increase of59.4% from the third quarter of 2024. - Revenues from vehicle sales were RMB14.67 billion (US
$2.01 billion ) for the fourth quarter of 2024, representing an increase of20.0% from the same period of 2023, and an increase of66.8% from the third quarter of 2024. - Gross margin was
14.4% for the fourth quarter of 2024, compared with6.2% for the same period of 2023 and15.3% for the third quarter of 2024. - Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was
10.0% for the fourth quarter of 2024, compared with4.1% for the same period of 2023 and8.6% for the third quarter of 2024. - Net loss was RMB1.33 billion (US
$0.18 billion ) for the fourth quarter of 2024, compared with RMB1.35 billion for the same period of 2023 and RMB1.81 billion for the third quarter of 2024. Excluding share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.39 billion (US$0.19 billion ) for the fourth quarter of 2024, compared with RMB1.77 billion for the same period of 2023 and RMB1.53 billion for the third quarter of 2024. - Net loss attributable to ordinary shareholders of XPENG was RMB1.33 billion (US
$0.18 billion ) for the fourth quarter of 2024, compared with RMB1.35 billion for the same period of 2023 and RMB1.81 billion for the third quarter of 2024. Excluding share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.39 billion (US$0.19 billion ) for the fourth quarter of 2024, compared with RMB1.77 billion for the same period of 2023 and RMB1.53 billion for the third quarter of 2024. - Basic and diluted net loss per American depositary share (ADS) were both RMB1.40 (US
$0.19) and basic and diluted net loss per ordinary share were both RMB0.70 (US$0.10) for the fourth quarter of 2024. Each ADS represents two Class A ordinary shares. - Non-GAAP basic and diluted net loss per ADS were both RMB1.47 (US
$0.20) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.73 (US$0.10) for the fourth quarter of 2024. - Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.96 billion (US
$5.75 billion ) as of December 31, 2024, compared with RMB45.70 billion as of December 31, 2023 and RMB35.75 billion as of September 30, 2024. 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, | |||
| 2024 | 2024 | 2023 | YoY | QoQ | |
| Vehicle sales | 14.67 | 8.80 | 12.23 | ||
| Vehicle margin | 5.9pts | 1.4pts | |||
| Total revenues | 16.11 | 10.10 | 13.05 | ||
| Gross profit | 2.32 | 1.54 | 0.81 | ||
| Gross margin | 8.2pts | -0.9pts | |||
| Net loss | 1.33 | 1.81 | 1.35 | - | - |
| Non-GAAP net loss | 1.39 | 1.53 | 1.77 | - | - |
| Net loss attributable to ordinary shareholders | 1.33 | 1.81 | 1.35 | - | - |
| Non-GAAP net loss attributable to ordinary shareholders | 1.39 | 1.53 | 1.77 | - | - |
| Comprehensive loss attributable to ordinary shareholders | 0.90 | 2.09 | 1.57 | - | - |
_____________________________
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
“In the fourth quarter of 2024, we achieved a series of notable results that reflect holistic upgrade in our capabilities to grow scale. We are well-positioned to significantly expand our market share in the Smart EV industry both in China and globally,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “I believe that AI will accelerate the development of L3 and L4 autonomous driving in the automotive sector. We are committed to building XPENG into an AI-empowered global automotive company and a smart technology brand beloved by users worldwide.”
“With deliveries hitting new highs and ongoing progress in technology-driven cost reductions, our vehicle gross margin further improved to
Recent Developments
Deliveries in January and February 2025
- Total deliveries were 30,350 vehicles in January 2025.
- Total deliveries were 30,453 vehicles in February 2025.
- As of February 28, 2025, year-to-date total deliveries were 60,803 vehicles.
XPENG and Volkswagen Group China to Jointly Build One of the Largest Super-Fast Charging Networks in China
On January 6, 2025, XPENG and the Volkswagen Group China announced the entry of a memorandum of understanding (“MOU”) for strategic collaboration on super-fast charging networks in China. Under the MOU, XPENG and the Volkswagen Group China will jointly build one of the largest super-fast charging networks in China.
Unaudited Financial Results for the Three Months Ended December 31, 2024
Total revenues were RMB16.11 billion (US
Revenues from vehicle sales were RMB14.67 billion (US
Revenues from services and others were RMB1.43 billion (US
Cost of sales was RMB13.78 billion (US
Gross margin was
Vehicle margin was
Services and others margin was
Research and development expenses were RMB2.01 billion (US
Selling, general and administrative expenses were RMB2.28 billion (US
Other income, net was RMB0.20 billion (US
Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.20 billion (US
Loss from operations was RMB1.56 billion (US
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.62 billion (US
Net loss was RMB1.33 billion (US
Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.39 billion (US
Net loss attributable to ordinary shareholders of XPENG was RMB1.33 billion (US
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value gain on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.39 billion (US
Basic and diluted net loss per ADS were both RMB1.40 (US
Non-GAAP basic and diluted net loss per ADS were both RMB1.47 (US
Balance Sheets
As of December 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB41.96 billion (US
Unaudited Financial Results for the Fiscal Year Ended December 31, 2024
Total revenues were RMB40.87 billion (US
Revenues from vehicle sales were RMB35.83 billion (US
Revenues from services and others were RMB5.04 billion (US
Cost of sales was RMB35.02 billion (US
Gross margin was
Vehicle margin was
Services and others margin was
Research and development expenses were RMB6.46 billion (US
Selling, general and administrative expenses were RMB6.87 billion (US
Other income, net was RMB0.59 billion (US
Fair value gain on derivative liability relating to the contingent consideration was gain of RMB0.23 billion (US
Loss from operations was RMB6.66 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 RMB6.42 billion (US
Net loss was RMB5.79 billion (US
Non-GAAP net loss, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB5.55 billion (US
Net loss attributable to ordinary shareholders of XPENG was RMB5.79 billion (US
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB5.55 billion (US
Basic and diluted net loss per ADS were both RMB6.12 (US
Non-GAAP basic and diluted net loss per ADS were both RMB5.87 (US
Business Outlook
For the first quarter of 2025, the Company expects:
- Deliveries of vehicles to be between 91,000 and 93,000, representing a year-over-year increase of approximately
317.0% to326.2% . - Total revenues to be between RMB15.0 billion and RMB15.7 billion, representing a year-over-year increase of approximately
129.1% to139.8% .
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 18, 2025 (8:00 PM Beijing/Hong Kong Time on March 18, 2025).
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 2024 Earnings Conference Call |
| Pre-registration link: | https://s1.c-conf.com/diamondpass/10044942-kinyg.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 25, 2025, 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: | 10044942 |
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 (loss) 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 RMB7.2993 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 | ||||||
| 2023 | 2024 | 2024 | ||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 21,127,163 | 18,586,274 | 2,546,309 | |||
| Restricted cash | 3,174,886 | 3,153,390 | 432,013 | |||
| Short-term deposits | 9,756,979 | 12,931,757 | 1,771,643 | |||
| Restricted short-term deposits | - | 110,699 | 15,166 | |||
| Short-term investments | 781,216 | 751,290 | 102,926 | |||
| Long-term deposits, current portion | 7,054,915 | 452,326 | 61,968 | |||
| Accounts and notes receivable, net | 2,716,216 | 2,449,629 | 335,598 | |||
| Installment payment receivables, net, current portion | 1,881,755 | 2,558,756 | 350,548 | |||
| Inventory | 5,526,212 | 5,562,922 | 762,117 | |||
| Amounts due from related parties | 12,948 | 43,714 | 5,989 | |||
| Prepayments and other current assets | 2,489,339 | 3,135,312 | 429,535 | |||
| Total current assets | 54,521,629 | 49,736,069 | 6,813,812 | |||
| Non-current assets: | ||||||
| Long-term deposits | 3,035,426 | 4,489,036 | 614,995 | |||
| Restricted long-term deposits | 767,899 | 1,487,688 | 203,812 | |||
| Property, plant and equipment, net | 10,954,485 | 11,521,863 | 1,578,489 | |||
| Right-of-use assets, net | 1,455,865 | 1,261,663 | 172,847 | |||
| Intangible assets, net | 4,948,992 | 4,610,469 | 631,632 | |||
| Land use rights, net | 2,789,367 | 2,744,424 | 375,985 | |||
| Installment payment receivables, net | 3,027,795 | 4,448,416 | 609,430 | |||
| Long-term investments | 2,084,933 | 1,963,194 | 268,956 | |||
| Other non-current assets | 576,150 | 443,283 | 60,730 | |||
| Total non-current assets | 29,640,912 | 32,970,036 | 4,516,876 | |||
| Total assets | 84,162,541 | 82,706,105 | 11,330,688 | |||
| 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 | |||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Short-term borrowings | 3,889,100 | 4,609,123 | 631,447 | ||||||
| Accounts and notes payable | 22,210,431 | 23,080,481 | 3,162,013 | ||||||
| Amounts due to related parties | 30,880 | 9,364 | 1,283 | ||||||
| Operating lease liabilities, current portion | 365,999 | 324,496 | 44,456 | ||||||
| Finance lease liabilities, current portion | 34,382 | 41,940 | 5,746 | ||||||
| Deferred revenue, current portion | 630,997 | 1,275,716 | 174,772 | ||||||
| Long-term borrowings, current portion | 1,363,835 | 1,858,613 | 254,629 | ||||||
| Accruals and other liabilities | 7,580,195 | 8,650,636 | 1,185,132 | ||||||
| Income taxes payable | 5,743 | 14,514 | 1,988 | ||||||
| Total current liabilities | 36,111,562 | 39,864,883 | 5,461,466 | ||||||
| Non-current liabilities | |||||||||
| Long-term borrowings | 5,650,782 | 5,664,518 | 776,036 | ||||||
| Operating lease liabilities | 1,490,882 | 1,345,852 | 184,381 | ||||||
| Finance lease liabilities | 777,697 | 777,697 | 106,544 | ||||||
| Deferred revenue | 668,946 | 822,719 | 112,712 | ||||||
| Derivative liability | 393,473 | 167,940 | 23,008 | ||||||
| Deferred tax liabilities | 404,018 | 341,932 | 46,844 | ||||||
| Other non-current liabilities | 2,336,654 | 2,445,776 | 335,070 | ||||||
| Total non-current liabilities | 11,722,452 | 11,566,434 | 1,584,595 | ||||||
| Total liabilities | 47,834,014 | 51,431,317 | 7,046,061 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Class A Ordinary shares | 103 | 104 | 14 | ||||||
| Class B Ordinary shares | 21 | 21 | 3 | ||||||
| Additional paid-in capital | 70,198,031 | 70,671,685 | 9,681,981 | ||||||
| Statutory and other reserves | 60,035 | 95,019 | 13,017 | ||||||
| Accumulated deficit | (35,760,301 | ) | (41,585,549 | ) | (5,697,197 | ) | |||
| Accumulated other comprehensive income | 1,830,638 | 2,093,508 | 286,809 | ||||||
| Total shareholders' equity | 36,328,527 | 31,274,788 | 4,284,627 | ||||||
| Total liabilities and shareholders’ equity | 84,162,541 | 82,706,105 | 11,330,688 | ||||||
| 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, | ||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Revenues | |||||||||||
| Vehicle sales | 12,228,314 | 8,795,011 | 14,671,128 | 2,009,936 | |||||||
| Services and others | 822,116 | 1,306,699 | 1,433,968 | 196,453 | |||||||
| Total revenues | 13,050,430 | 10,101,710 | 16,105,096 | 2,206,389 | |||||||
| Cost of sales | |||||||||||
| Vehicle sales | (11,732,955 | ) | (8,039,240 | ) | (13,200,594 | ) | (1,808,474 | ) | |||
| Services and others | (508,003 | ) | (521,022 | ) | (579,725 | ) | (79,422 | ) | |||
| Total cost of sales | (12,240,958 | ) | (8,560,262 | ) | (13,780,319 | ) | (1,887,896 | ) | |||
| Gross profit | 809,472 | 1,541,448 | 2,324,777 | 318,493 | |||||||
| Operating expenses | |||||||||||
| Research and development expenses | (1,307,745 | ) | (1,633,071 | ) | (2,006,463 | ) | (274,884 | ) | |||
| Selling, general and administrative expenses | (1,936,503 | ) | (1,633,196 | ) | (2,275,400 | ) | (311,729 | ) | |||
| Total operating expenses | (3,244,248 | ) | (3,266,267 | ) | (4,281,863 | ) | (586,613 | ) | |||
| Other income, net | 352,391 | 39,908 | 196,436 | 26,912 | |||||||
| Fair value gain (loss) on derivative liability relating to the contingent consideration | 29,339 | (162,185 | ) | 204,637 | 28,035 | ||||||
| Loss from operations | (2,053,046 | ) | (1,847,096 | ) | (1,556,013 | ) | (213,173 | ) | |||
| Interest income | 342,780 | 318,021 | 301,177 | 41,261 | |||||||
| Interest expense | (73,225 | ) | (83,461 | ) | (94,001 | ) | (12,878 | ) | |||
| Fair value gain on derivative liability | 561,415 | - | - | - | |||||||
| Investment (loss) gain on long-term investments | (185,318 | ) | (216,768 | ) | 10,069 | 1,379 | |||||
| Exchange gain (loss) from foreign currency transactions | 46,362 | 47,565 | (104,994 | ) | (14,384 | ) | |||||
| Other non-operating income, net | 27,364 | 6,444 | 94,093 | 12,891 | |||||||
| Loss before income tax (expenses) benefit and share of results of equity method investees | (1,333,668 | ) | (1,775,295 | ) | (1,349,669 | ) | (184,904 | ) | |||
| Income tax (expenses) benefit | (21,754 | ) | (7,025 | ) | 44,092 | 6,041 | |||||
| Share of results of equity method investees | 7,807 | (25,400 | ) | (24,396 | ) | (3,342 | ) | ||||
| Net loss | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Net loss attributable to ordinary shareholders of XPeng Inc. | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| 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, | ||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Net loss | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Other comprehensive loss | |||||||||||
| Foreign currency translation adjustment, net of tax | (222,618 | ) | (284,343 | ) | 433,820 | 59,433 | |||||
| Total comprehensive loss attributable to XPeng Inc. | (1,570,233 | ) | (2,092,063 | ) | (896,153 | ) | (122,772 | ) | |||
| Comprehensive loss attributable to ordinary shareholders of XPeng Inc. | (1,570,233 | ) | (2,092,063 | ) | (896,153 | ) | (122,772 | ) | |||
| Weighted average number of ordinary shares used in computing net loss per ordinary share | |||||||||||
| Basic and diluted | 1,787,655,242 | 1,893,857,778 | 1,898,086,802 | 1,898,086,802 | |||||||
| Net loss per ordinary share attributable to ordinary shareholders | |||||||||||
| Basic and diluted | (0.75 | ) | (0.95 | ) | (0.70 | ) | (0.10 | ) | |||
| Weighted average number of ADS used in computing net loss per share | |||||||||||
| Basic and diluted | 893,827,621 | 946,928,889 | 949,043,401 | 949,043,401 | |||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||||
| Basic and diluted | (1.51 | ) | (1.91 | ) | (1.40 | ) | (0.19 | ) | |||
| 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, | ||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Loss from operations | (2,053,046 | ) | (1,847,096 | ) | (1,556,013 | ) | (213,173 | ) | |||
| Fair value (gain) loss on derivative liability relating to the contingent consideration | (29,339 | ) | 162,185 | (204,637 | ) | (28,035 | ) | ||||
| Share-based compensation expenses | 167,036 | 113,963 | 143,675 | 19,683 | |||||||
| Non-GAAP loss from operations | (1,915,349 | ) | (1,570,948 | ) | (1,616,975 | ) | (221,525 | ) | |||
| Net loss | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Fair value (gain) loss on derivative liability relating to the contingent consideration | (29,339 | ) | 162,185 | (204,637 | ) | (28,035 | ) | ||||
| Fair value gain on derivative liability | (561,415 | ) | - | - | - | ||||||
| Share-based compensation expenses | 167,036 | 113,963 | 143,675 | 19,683 | |||||||
| Non-GAAP net loss | (1,771,333 | ) | (1,531,572 | ) | (1,390,935 | ) | (190,557 | ) | |||
| Net loss attributable to ordinary shareholders | (1,347,615 | ) | (1,807,720 | ) | (1,329,973 | ) | (182,205 | ) | |||
| Fair value (gain) loss on derivative liability relating to the contingent consideration | (29,339 | ) | 162,185 | (204,637 | ) | (28,035 | ) | ||||
| Fair value gain on derivative liability | (561,415 | ) | - | - | - | ||||||
| Share-based compensation expenses | 167,036 | 113,963 | 143,675 | 19,683 | |||||||
| Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. | (1,771,333 | ) | (1,531,572 | ) | (1,390,935 | ) | (190,557 | ) | |||
| 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, | ||||||||
| 2023 | 2024 | 2024 | 2024 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | |||||||||||
| Basic and diluted | 1,787,655,242 | 1,893,857,778 | 1,898,086,802 | 1,898,086,802 | |||||||
| Non-GAAP net loss per ordinary share | |||||||||||
| Basic and diluted | (0.99 | ) | (0.81 | ) | (0.73 | ) | (0.10 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share | |||||||||||
| Basic and diluted | 893,827,621 | 946,928,889 | 949,043,401 | 949,043,401 | |||||||
| Non-GAAP net loss per ADS | |||||||||||
| Basic and diluted | (1.98 | ) | (1.62 | ) | (1.47 | ) | (0.20 | ) | |||
| 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 | |||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| Revenues | |||||||||
| Vehicle sales | 28,010,857 | 35,829,402 | 4,908,608 | ||||||
| Services and others | 2,665,210 | 5,036,907 | 690,053 | ||||||
| Total revenues | 30,676,067 | 40,866,309 | 5,598,661 | ||||||
| Cost of sales | |||||||||
| Vehicle sales | (28,457,909 | ) | (32,866,163 | ) | (4,502,646 | ) | |||
| Services and others | (1,767,003 | ) | (2,154,378 | ) | (295,149 | ) | |||
| Total cost of sales | (30,224,912 | ) | (35,020,541 | ) | (4,797,795 | ) | |||
| Gross profit | 451,155 | 5,845,768 | 800,866 | ||||||
| Operating expenses | |||||||||
| Research and development expenses | (5,276,574 | ) | (6,456,734 | ) | (884,569 | ) | |||
| Selling, general and administrative expenses | (6,558,942 | ) | (6,870,644 | ) | (941,274 | ) | |||
| Total operating expenses | (11,835,516 | ) | (13,327,378 | ) | (1,825,843 | ) | |||
| Other income, net | 465,588 | 589,227 | 80,724 | ||||||
| Fair value gain on derivative liability relating to the contingent consideration | 29,339 | 234,245 | 32,091 | ||||||
| Loss from operations | (10,889,434 | ) | (6,658,138 | ) | (912,162 | ) | |||
| Interest income | 1,260,162 | 1,374,525 | 188,309 | ||||||
| Interest expense | (268,666 | ) | (343,982 | ) | (47,125 | ) | |||
| Fair value loss on derivative liability | (410,417 | ) | - | - | |||||
| Investment loss on long-term investments | (224,364 | ) | (261,991 | ) | (35,893 | ) | |||
| Exchange gain (loss) from foreign currency transactions | 97,080 | (49,543 | ) | (6,787 | ) | ||||
| Other non-operating income, net | 41,934 | 108,154 | 14,817 | ||||||
| Loss before income tax (expenses) benefit and share of results of equity method investees | (10,393,705 | ) | (5,830,975 | ) | (798,841 | ) | |||
| Income tax (expenses) benefit | (36,810 | ) | 69,780 | 9,560 | |||||
| Share of results of equity method investees | 54,740 | (29,069 | ) | (3,982 | ) | ||||
| Net loss | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Net loss attributable to ordinary shareholders of XPeng Inc. | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| 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 | |||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| Net loss | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Other comprehensive income | |||||||||
| Foreign currency translation adjustment, net of tax | 286,614 | 262,870 | 36,013 | ||||||
| Total comprehensive loss attributable to XPeng Inc. | (10,089,161 | ) | (5,527,394 | ) | (757,250 | ) | |||
| Comprehensive loss attributable to ordinary shareholders of XPeng Inc. | (10,089,161 | ) | (5,527,394 | ) | (757,250 | ) | |||
| Weighted average number of ordinary shares used in computing net loss per ordinary share | |||||||||
| Basic and diluted | 1,740,921,519 | 1,891,357,212 | 1,891,357,212 | ||||||
| Net loss per ordinary share attributable to ordinary shareholders | |||||||||
| Basic and diluted | (5.96 | ) | (3.06 | ) | (0.42 | ) | |||
| Weighted average number of ADS used in computing net loss per share | |||||||||
| Basic and diluted | 870,460,760 | 945,678,606 | 945,678,606 | ||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||
| Basic and diluted | (11.92 | ) | (6.12 | ) | (0.84 | ) | |||
| 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 | |||||||||
| 2023 | 2024 | 2024 | |||||||
| RMB | RMB | US$ | |||||||
| Loss from operations | (10,889,434 | ) | (6,658,138 | ) | (912,162 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | (29,339 | ) | (234,245 | ) | (32,091 | ) | |||
| Share-based compensation expenses | 550,535 | 473,655 | 64,890 | ||||||
| Non-GAAP loss from operations | (10,368,238 | ) | (6,418,728 | ) | (879,363 | ) | |||
| Net loss | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | (29,339 | ) | (234,245 | ) | (32,091 | ) | |||
| Fair value loss on derivative liability | 410,417 | - | - | ||||||
| Share-based compensation expenses | 550,535 | 473,655 | 64,890 | ||||||
| Non-GAAP net loss | (9,444,162 | ) | (5,550,854 | ) | (760,464 | ) | |||
| Net loss attributable to ordinary shareholders | (10,375,775 | ) | (5,790,264 | ) | (793,263 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | (29,339 | ) | (234,245 | ) | (32,091 | ) | |||
| Fair value loss on derivative liability | 410,417 | - | - | ||||||
| Share-based compensation expenses | 550,535 | 473,655 | 64,890 | ||||||
| Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. | (9,444,162 | ) | (5,550,854 | ) | (760,464 | ) | |||
| Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share | |||||||||
| Basic and diluted | 1,740,921,519 | 1,891,357,212 | 1,891,357,212 | ||||||
| Non-GAAP net loss per ordinary share | |||||||||
| Basic and diluted | (5.42 | ) | (2.93 | ) | (0.40 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share | |||||||||
| Basic and diluted | 870,460,760 | 945,678,606 | 945,678,606 | ||||||
| Non-GAAP net loss per ADS | |||||||||
| Basic and diluted | (10.85 | ) | (5.87 | ) | (0.80 | ) | |||
FAQ
What was XPENG's (XPEV) Q4 2024 revenue growth rate?
How many vehicles did XPEV deliver in Q4 2024?
What was XPENG's (XPEV) vehicle margin in Q4 2024?
How much cash does XPENG (XPEV) have as of December 2024?
What was XPENG's (XPEV) full-year 2024 delivery growth?
