XPENG Reports Second Quarter 2024 Unaudited Financial Results
XPENG (NYSE: XPEV) reported Q2 2024 financial results, showing significant growth:
- Total revenues: RMB8.11 billion (US$1.12 billion), up 60.2% YoY
- Vehicle sales: RMB6.82 billion (US$0.94 billion), up 54.1% YoY
- Gross margin: 14.0%, up from -3.9% in Q2 2023
- Vehicle deliveries: 30,207, up 30.2% YoY
- Net loss narrowed to RMB1.28 billion (US$0.18 billion)
Cash position remains strong at RMB37.33 billion (US$5.14 billion). XPENG expanded its sales network to 611 stores and 1,298 charging stations. The company expects Q3 2024 deliveries between 41,000-45,000 vehicles and revenues of RMB9.1-9.8 billion.
XPENG (NYSE: XPEV) ha riportato i risultati finanziari del Q2 2024, mostrando una crescita significativa:
- Ricavi totali: 8,11 miliardi di RMB (1,12 miliardi di USD), in aumento del 60,2% rispetto all'anno precedente
- Vendite di veicoli: 6,82 miliardi di RMB (0,94 miliardi di USD), in aumento del 54,1% rispetto all'anno precedente
- Margine lordo: 14,0%, in aumento rispetto al -3,9% del Q2 2023
- Consegne di veicoli: 30.207, in aumento del 30,2% rispetto all'anno precedente
- La perdita netta si è ridotta a 1,28 miliardi di RMB (0,18 miliardi di USD)
La posizione di liquidità rimane forte a 37,33 miliardi di RMB (5,14 miliardi di USD). XPENG ha ampliato la sua rete di vendita a 611 negozi e 1.298 stazioni di ricarica. L'azienda prevede consegne nel Q3 2024 tra 41.000 e 45.000 veicoli e ricavi di 9,1-9,8 miliardi di RMB.
XPENG (NYSE: XPEV) informó sobre los resultados financieros del Q2 2024, mostrando un crecimiento significativo:
- Ingresos totales: 8,11 mil millones de RMB (1,12 mil millones de USD), un aumento del 60,2% en comparación con el año anterior
- Ventas de vehículos: 6,82 mil millones de RMB (0,94 mil millones de USD), un aumento del 54,1% en comparación con el año anterior
- Margen bruto: 14,0%, un aumento desde el -3,9% en el Q2 2023
- Entregas de vehículos: 30,207, un aumento del 30,2% en comparación con el año anterior
- La pérdida neta se redujo a 1,28 mil millones de RMB (0,18 mil millones de USD)
La posición de caja sigue siendo fuerte en 37,33 mil millones de RMB (5,14 mil millones de USD). XPENG amplió su red de ventas a 611 tiendas y 1,298 estaciones de carga. La empresa espera entregar entre 41,000 y 45,000 vehículos en el Q3 2024 y generar ingresos de 9,1 a 9,8 mil millones de RMB.
XPENG (NYSE: XPEV)는 2024년 2분기 재무 결과를 발표하며 괄목할 만한 성장을 보여주었습니다:
- 총 수익: 81.1억 위안 (11.2억 달러), 전년 대비 60.2% 증가
- 차량 판매: 68.2억 위안 (9.4억 달러), 전년 대비 54.1% 증가
- 총 이익률: 14.0%, 2023년 2분기의 -3.9%에서 증가
- 차량 인도: 30,207대, 전년 대비 30.2% 증가
- 순손실은 12.8억 위안 (1.8억 달러)로 축소됨
현금 잔고는 373.3억 위안 (51.4억 달러)로 여전히 강한 상태입니다. XPENG는 611개의 매장과 1,298개의 충전소로 판매 네트워크를 확장했습니다. 회사는 2024년 3분기에 41,000~45,000대의 차량을 인도하고 91억~98억 위안의 수익을 예상하고 있습니다.
XPENG (NYSE: XPEV) a annoncé ses résultats financiers du Q2 2024, montrant une croissance significative :
- Revenus totaux : 8,11 milliards de RMB (1,12 milliard de USD), en hausse de 60,2 % par rapport à l'année précédente
- Ventes de véhicules : 6,82 milliards de RMB (0,94 milliard de USD), en hausse de 54,1 % par rapport à l'année précédente
- Marge brute : 14,0 %, en hausse par rapport à -3,9 % au Q2 2023
- Livraisons de véhicules : 30.207, en hausse de 30,2 % par rapport à l'année précédente
- La perte nette a été réduite à 1,28 milliard de RMB (0,18 milliard de USD)
La position de trésorerie reste solide à 37,33 milliards de RMB (5,14 milliards de USD). XPENG a élargi son réseau de vente à 611 magasins et 1.298 stations de recharge. L'entreprise prévoit des livraisons entre 41.000 et 45.000 véhicules pour le Q3 2024 et des revenus de 9,1 à 9,8 milliards de RMB.
XPENG (NYSE: XPEV) hat die Finanzergebnisse des Q2 2024 veröffentlicht und ein erhebliches Wachstum gezeigt:
- Gesamterlöse: 8,11 Milliarden RMB (1,12 Milliarden USD), ein Anstieg um 60,2% im Jahresvergleich
- Fahrzeugverkäufe: 6,82 Milliarden RMB (0,94 Milliarden USD), ein Anstieg um 54,1% im Jahresvergleich
- Bruttomarge: 14,0%, ein Anstieg von -3,9% im Q2 2023
- Fahrzeuglieferungen: 30.207, ein Anstieg um 30,2% im Jahresvergleich
- Nettoverlust verringerte sich auf 1,28 Milliarden RMB (0,18 Milliarden USD)
Die Liquiditätsposition bleibt stark bei 37,33 Milliarden RMB (5,14 Milliarden USD). XPENG hat sein Vertriebsnetz auf 611 Geschäfte und 1.298 Ladestationen ausgeweitet. Das Unternehmen erwartet im Q3 2024 Lieferungen zwischen 41.000 und 45.000 Fahrzeugen sowie Erlöse von 9,1 bis 9,8 Milliarden RMB.
- Total revenues increased 60.2% year-over-year to RMB8.11 billion
- Vehicle sales grew 54.1% year-over-year to RMB6.82 billion
- Gross margin improved significantly to 14.0% from -3.9% in Q2 2023
- Vehicle deliveries increased 30.2% year-over-year to 30,207 units
- Net loss narrowed by 54.2% year-over-year to RMB1.28 billion
- Strong cash position of RMB37.33 billion as of June 30, 2024
- Expanded sales network to 611 stores and 1,298 charging stations
- Entered into a technical collaboration agreement with Volkswagen Group
- Net loss of RMB1.28 billion, despite narrowing from previous year
- Cash and equivalents decreased from RMB41.40 billion in Q1 2024 to RMB37.33 billion in Q2 2024
Insights
XPENG's Q2 2024 results show significant improvement, with total revenues up 60.2% year-over-year to
Vehicle sales revenue increased by 54.1% YoY, while services and others revenue saw a remarkable 102.5% growth. The company's net loss narrowed to
Looking ahead, XPENG expects Q3 2024 deliveries between 41,000 and 45,000 vehicles, projecting continued growth. The partnership with Volkswagen for E/E Architecture development could provide additional revenue streams and technological advantages. However, investors should monitor the company's ability to sustain this growth trajectory and further improve profitability in the competitive EV market.
XPENG's Q2 results demonstrate a strong rebound in the EV market. The 30,207 vehicles delivered represent a 30.2% YoY increase, indicating growing consumer demand. The expansion of XPENG's sales network to 611 stores across 185 cities shows aggressive market penetration.
The company's focus on charging infrastructure, with 1,298 self-operated stations including 442 ultra-fast charging stations, addresses a critical consumer concern in EV adoption. This strategic move could enhance XPENG's competitive position.
The upcoming product cycle, starting with the MONA M03 launch, suggests potential for further growth. However, the EV market remains highly competitive and XPENG will need to maintain its technological edge, particularly in AI and smart features, to differentiate itself. The Volkswagen partnership for E/E Architecture could be a game-changer, potentially accelerating XPENG's global expansion plans.
XPENG's technological advancements are noteworthy. The OTA update to XOS 5.2.0 enhances the XNGP (Navigation Guided Pilot) system, now offering smooth experience on all public roads nationwide. This leap in autonomous driving capabilities could be a significant differentiator in the competitive EV market.
The collaboration with Volkswagen on E/E Architecture is a strategic move that could yield substantial benefits. It not only provides an additional revenue stream but also positions XPENG at the forefront of EV technology development. This partnership could accelerate XPENG's global expansion plans and enhance its competitiveness against both traditional automakers and EV startups.
The increase in R&D expenses (
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB37.33 billion (US
$5.14 billion ) as of June 30, 2024 - Quarterly total revenues were RMB8.11 billion, a
60.2% increase over the same period of 2023 - Quarterly gross margin was
14.0% , an increase of 17.9 percentage points over the same period of 2023
GUANGZHOU, China, Aug. 20, 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 ended June 30, 2024.
Operational and Financial Highlights for the Three Months Ended June 30, 2024
| 2024Q2 | 2024Q1 | 2023Q4 | 2023Q3 | 2023Q2 | 2023Q1 | |
| Total deliveries | 30,207 | 21,821 | 60,158 | 40,008 | 23,205 | 18,230 |
- Total deliveries of vehicles were 30,207 for the second quarter of 2024, representing an increase of
30.2% from 23,205 in the corresponding period of 2023. - XPENG’s physical sales network had a total of 611 stores, covering 185 cities as of June 30, 2024.
- XPENG self-operated charging station network reached 1,298 stations, including 442 XPENG S4 ultra-fast charging stations as of June 30, 2024.
- Total revenues were RMB8.11 billion (US
$1.12 billion ) for the second quarter of 2024, representing an increase of60.2% from the same period of 2023, and an increase of23.9% from the first quarter of 2024. - Revenues from vehicle sales were RMB6.82 billion (US
$0.94 billion ) for the second quarter of 2024, representing an increase of54.1% from the same period of 2023, and an increase of23.0% from the first quarter of 2024. - Gross margin was
14.0% for the second quarter of 2024, compared with negative3.9% for the same period of 2023 and12.9% for the first quarter of 2024. - Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was
6.4% for the second quarter of 2024, compared with negative8.6% for the same period of 2023 and5.5% for the first quarter of 2024. - Net loss was RMB1.28 billion (US
$0.18 billion ) for the second quarter of 2024, compared with RMB2.80 billion for the same period of 2023 and RMB1.37 billion for the first quarter of 2024. Excluding share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.22 billion (US$0.17 billion ) for the second quarter of 2024, compared with RMB2.67 billion for the same period of 2023 and RMB1.41 billion for the first quarter of 2024. - Net loss attributable to ordinary shareholders of XPENG was RMB1.28 billion (US
$0.18 billion ) for the second quarter of 2024, compared with RMB2.80 billion for the same period of 2023 and RMB1.37 billion for the first quarter of 2024. Excluding share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.22 billion (US$0.17 billion ) for the second quarter of 2024, compared with RMB2.67 billion for the same period of 2023 and RMB1.41 billion for the first quarter of 2024. - Basic and diluted net loss per American depositary share (ADS) were both RMB1.36 (US
$0.19) and basic and diluted net loss per ordinary share were both RMB0.68 (US$0.09) for the second quarter of 2024. Each ADS represents two Class A ordinary shares. - Non-GAAP basic and diluted net loss per ADS were both RMB1.29 (US
$0.18) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.65 (US$0.09) for the second quarter of 2024. - Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB37.33 billion (US
$5.14 billion ) as of June 30, 2024, compared with RMB41.40 billion as of March 31, 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 | ||||
| June 30, | March 31, | June 30, | |||
| 2024 | 2024 | 2023 | YoY | QoQ | |
| Vehicle sales | 6.82 | 5.54 | 4.42 | ||
| Vehicle margin | 6.4% | - | 15.0 pts | 0.9 pts | |
| Total revenues | 8.11 | 6.55 | 5.06 | ||
| Gross profit (loss) | 1.14 | 0.84 | (0.20) | ||
| Gross margin | 14.0% | - | 17.9 pts | 1.1 pts | |
| Net loss | 1.28 | 1.37 | 2.80 | - | - |
| Non-GAAP net loss | 1.22 | 1.41 | 2.67 | - | - |
| Net loss attributable to ordinary shareholders | 1.28 | 1.37 | 2.80 | - | - |
| Non-GAAP net loss attributable to ordinary shareholders | 1.22 | 1.41 | 2.67 | - | - |
| Comprehensive loss attributable to ordinary shareholders | 1.20 | 1.34 | 1.93 | - | - |
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
“Starting from the launch of MONA M03 in August, we are about to enter into a strong product cycle. In the next 3 years, we will have a large number of new models and facelift versions in the pipeline for market launch,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “I believe that through a powerful product cycle and more efficient marketing, the technological advantages we have accumulated through a long period of time and the breakthroughs we have achieved in AI will be transformed into sales growth in China and the international market. We are confident that we will return to the track of fast growth, and we resolve on winning the industry competition for smart technologies and global expansion.”
“With cost reduction through technical improvement and revenues from technical collaboration in our strategic partnership with Volkswagen, our gross profit margin in the second quarter of 2024 has further increased to
Recent Developments
Deliveries in July 2024
- Total deliveries were 11,145 vehicles in July 2024.
- As of July 31, 2024, year-to-date total deliveries were 63,173 vehicles.
Entry into the Master Agreement on E/E Architecture Technical Collaboration with the Volkswagen Group
On July 22, 2024, XPENG and the Volkswagen Group (“Volkswagen”) announced the entry of a Master Agreement (“Master Agreement”) on technical collaboration with respect to electrical/electronic architecture (“E/E Architecture”), which solidifies both parties’ commitment to jointly develop industry-leading E/E Architecture for all locally produced vehicles based on Volkswagen’s China Main Platform (CMP) and Modular Electric Drive Matrix (MEB) platform. For details, please refer to the announcement of the Company dated July 22, 2024.
OTA update of XOS 5.2.0
On July 30, 2024, XPENG fully rolled out its XOS 5.2.0 to XPENG users via the Over-the-Air (“OTA”) update. XNGP has been leveled up from “available nationwide” to “smooth experience anywhere”, offering users nationwide access to the enhanced XNGP on all public roads with navigation maps, regardless of city, route, or road condition.
Unaudited Financial Results for the Three Months Ended June 30, 2024
Total revenues were RMB8.11 billion (US
Revenues from vehicle sales were RMB6.82 billion (US
Revenues from services and others were RMB1.29 billion (US
Cost of sales was RMB6.98 billion (US
Gross margin was
Vehicle margin was
Services and others margin was
Research and development expenses were RMB1.47 billion (US
Selling, general and administrative expenses were RMB1.57 billion (US
Other income, net was RMB0.28 billion (US
Fair value gain on derivative liability relating to the contingent consideration was RMB0.02 billion (US
Loss from operations was RMB1.61 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 RMB1.54 billion (US
Net loss was RMB1.28 billion (US
Non-GAAP net loss, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.22 billion (US
Net loss attributable to ordinary shareholders of XPENG was RMB1.28 billion (US
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.22 billion (US
Basic and diluted net loss per ADS were both RMB1.36 (US
Non-GAAP basic and diluted net loss per ADS were both RMB1.29 (US
Balance Sheets
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB37.33 billion (US
Business Outlook
For the third quarter of 2024, the Company expects:
- Deliveries of vehicles to be between 41,000 and 45,000, representing a year-over-year increase of approximately
2.5% to12.5% . - Total revenues to be between RMB9.1 billion and RMB9.8 billion, representing a year-over-year increase of approximately
6.7% to14.9% .
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 August 20, 2024 (8:00 PM Beijing/Hong Kong Time on August 20, 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 Second Quarter 2024 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10040571-yt6du.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 August 27, 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: | 10040571 |
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 RMB7.27 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) | ||||||
| December 31, 2023 | June 30, 2024 | June 30, 2024 | ||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 21,127,163 | 14,253,645 | 1,961,367 | |||
| Restricted cash | 3,174,886 | 3,451,099 | 474,887 | |||
| Short-term deposits | 9,756,979 | 10,868,694 | 1,495,582 | |||
| Restricted short-term deposits | - | 533,377 | 73,395 | |||
| Short-term investments | 781,216 | 250,967 | 34,534 | |||
| Long-term deposits, current portion | 7,054,915 | 2,765,569 | 380,555 | |||
| Accounts and notes receivable, net | 2,716,216 | 2,135,141 | 293,805 | |||
| Installment payment receivables, net, current portion | 1,881,755 | 1,972,380 | 271,409 | |||
| Inventory | 5,526,212 | 5,565,776 | 765,876 | |||
| Amounts due from related parties | 12,948 | 33,533 | 4,614 | |||
| Prepayments and other current assets | 2,489,339 | 2,902,937 | 399,456 | |||
Total current assets | 54,521,629 | 44,733,118 | 6,155,480 | |||
Non-current assets | ||||||
| Long-term deposits | 3,035,426 | 3,915,641 | 538,810 | |||
| Restricted long-term deposits | 767,899 | 1,287,281 | 177,136 | |||
| Property, plant and equipment, net | 10,954,485 | 10,467,934 | 1,440,436 | |||
| Right-of-use assets, net | 1,455,865 | 1,270,676 | 174,851 | |||
| Intangible assets, net | 4,948,992 | 4,705,139 | 647,449 | |||
| Land use rights, net | 2,789,367 | 2,764,487 | 380,406 | |||
| Installment payment receivables, net | 3,027,795 | 3,187,137 | 438,565 | |||
| Long-term investments | 2,084,933 | 2,061,775 | 283,710 | |||
| Other non-current assets | 576,150 | 605,601 | 83,333 | |||
Total non-current assets | 29,640,912 | 30,265,671 | 4,164,696 | |||
Total assets | 84,162,541 | 74,998,789 | 10,320,176 | |||
| XPENG INC. | ||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | ||||||
| (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | ||||||
| December 31, 2023 | June 30, 2024 | June 30, 2024 | ||||
| RMB | RMB | US$ | ||||
| LIABILITIES | ||||||
| Current liabilities | ||||||
| Short-term borrowings | 3,889,100 | 4,157,200 | 572,050 | |||
| Accounts and notes payable | 22,210,431 | 16,389,995 | 2,255,338 | |||
| Amounts due to related parties | 30,880 | 175 | 24 | |||
| Operating lease liabilities, current portion | 365,999 | 323,210 | 44,475 | |||
| Finance lease liabilities, current portion | 34,382 | 34,878 | 4,799 | |||
| Deferred revenue, current portion | 630,997 | 889,625 | 122,416 | |||
| Long-term borrowings, current portion | 1,363,835 | 1,977,994 | 272,181 | |||
| Accruals and other liabilities | 7,580,195 | 6,015,270 | 827,729 | |||
| Income taxes payable | 5,743 | 7,852 | 1,080 | |||
Total current liabilities | 36,111,562 | 29,796,199 | 4,100,092 | |||
Non-current liabilities | ||||||
| Long-term borrowings | 5,650,782 | 5,358,915 | 737,411 | |||
| Operating lease liabilities | 1,490,882 | 1,367,459 | 188,169 | |||
| Finance lease liabilities | 777,697 | 796,947 | 109,664 | |||
| Deferred revenue | 668,946 | 667,165 | 91,805 | |||
| Derivative liability | 393,473 | 208,974 | 28,756 | |||
| Deferred tax liabilities | 404,018 | 364,272 | 50,125 | |||
| Other non-current liabilities | 2,336,654 | 2,433,492 | 334,860 | |||
Total non-current liabilities | 11,722,452 | 11,197,224 | 1,540,790 | |||
Total liabilities | 47,834,014 | 40,993,423 | 5,640,882 | |||
| SHAREHOLDERS’ EQUITY | ||||||
| Class A Ordinary shares | 103 | 103 | 14 | |||
| Class B Ordinary shares | 21 | 21 | 3 | |||
| Additional paid-in capital | 70,198,031 | 70,414,048 | 9,689,295 | |||
| Statutory and other reserves | 60,035 | 79,337 | 10,917 | |||
| Accumulated deficit | (35,760,301) | (38,432,174) | (5,288,443) | |||
| Accumulated other comprehensive income | 1,830,638 | 1,944,031 | 267,508 | |||
Total shareholders' equity | 36,328,527 | 34,005,366 | 4,679,294 | |||
Total liabilities and shareholders’ equity | 84,162,541 | 74,998,789 | 10,320,176 | |||
| 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 | |||||||
| June 30, | March 31, | June 30, | June 30, | ||||
| 2023 | 2024 | 2024 | 2024 | ||||
| RMB | RMB | RMB | US$ | ||||
| Revenues | |||||||
| Vehicle sales | 4,424,537 | 5,544,396 | 6,818,867 | 938,307 | |||
| Services and others | 638,159 | 1,003,700 | 1,292,540 | 177,859 | |||
| Total revenues | 5,062,696 | 6,548,096 | 8,111,407 | 1,116,166 | |||
| Cost of sales | |||||||
| Vehicle sales | (4,804,535) | (5,242,040) | (6,384,289) | (878,507) | |||
| Services and others | (455,552) | (462,303) | (591,328) | (81,369) | |||
Total cost of sales | (5,260,087) | (5,704,343) | (6,975,617) | (959,876) | |||
Gross (loss) profit | (197,391) | 843,753 | 1,135,790 | 156,290 | |||
Operating expenses | |||||||
| Research and development expenses | (1,367,107) | (1,350,448) | (1,466,752) | (201,832) | |||
| Selling, general and administrative expenses | (1,543,625) | (1,388,447) | (1,573,601) | (216,535) | |||
| Total operating expenses | (2,910,732) | (2,738,895) | (3,040,353) | (418,367) | |||
Other income, net | 17,940 | 74,040 | 278,843 | 38,370 | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | 175,131 | 16,662 | 2,293 | |||
Loss from operations | (3,090,183) | (1,645,971) | (1,609,058) | (221,414) | |||
| Interest income | 303,637 | 398,645 | 356,682 | 49,081 | |||
| Interest expense | (67,007) | (85,121) | (81,399) | (11,201) | |||
| Investment loss on long-term investments | (38,704) | (19,456) | (35,836) | (4,931) | |||
| Exchange gain (loss) from foreign currency transactions | 42,663 | (12,915) | 20,801 | 2,862 | |||
| Other non-operating income, net | 4,286 | 4,092 | 3,525 | 485 | |||
| Loss before income tax (expenses) benefit and share of | |||||||
| results of equity method investees | (2,845,308) | (1,360,726) | (1,345,285) | (185,118) | |||
| Income tax (expenses) benefit | (8,217) | (1,060) | 33,773 | 4,647 | |||
| Share of results of equity method investees | 48,873 | (6,104) | 26,831 | 3,692 | |||
| Net loss | (2,804,652) | (1,367,890) | (1,284,681) | (176,779) | |||
| Net loss attributable to ordinary shareholders of XPeng Inc. | (2,804,652) | (1,367,890) | (1,284,681) | (176,779) | |||
| 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 | |||||||
| June 30, | March 31, | June 30, | June 30, | ||||
| 2023 | 2024 | 2024 | 2024 | ||||
| RMB | RMB | RMB | US$ | ||||
| Net loss | (2,804,652) | (1,367,890) | (1,284,681) | (176,779) | |||
| Other comprehensive loss | |||||||
| Foreign currency translation adjustment, net of tax | 876,266 | 26,684 | 86,709 | 11,932 | |||
Total comprehensive loss attributable to XPeng Inc. | (1,928,386) | (1,341,206) | (1,197,972) | (164,847) | |||
Comprehensive loss attributable to ordinary shareholders of XPeng Inc. | (1,928,386) | (1,341,206) | (1,197,972) | (164,847) | |||
| Weighted average number of ordinary shares used in computing net | |||||||
| loss per ordinary share | |||||||
| Basic and diluted | 1,723,369,664 | 1,885,395,377 | 1,888,024,660 | 1,888,024,660 | |||
Net loss per ordinary share attributable to ordinary shareholders | |||||||
| Basic and diluted | (1.63) | (0.73) | (0.68) | (0.09) | |||
| Weighted average number of ADS used in computing net loss per share | |||||||
| Basic and diluted | 861,684,832 | 942,697,689 | 944,012,330 | 944,012,330 | |||
Net loss per ADS attributable to ordinary shareholders | |||||||
| Basic and diluted | (3.25) | (1.45) | (1.36) | (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 | |||||||
| June 30, | March 31, | June 30, | June 30, | ||||
| 2023 | 2024 | 2024 | 2024 | ||||
| RMB | RMB | RMB | US$ | ||||
| Loss from operations | (3,090,183) | (1,645,971) | (1,609,058) | (221,414) | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | (175,131) | (16,662) | (2,293) | |||
| Share-based compensation expenses | 134,570 | 134,711 | 81,306 | 11,188 | |||
Non-GAAP loss from operations | (2,955,613) | (1,686,391) | (1,544,414) | (212,519) | |||
| Net loss | (2,804,652) | (1,367,890) | (1,284,681) | (176,779) | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | (175,131) | (16,662) | (2,293) | |||
| Share-based compensation expenses | 134,570 | 134,711 | 81,306 | 11,188 | |||
Non-GAAP net loss | (2,670,082) | (1,408,310) | (1,220,037) | (167,884) | |||
| Net loss attributable to ordinary shareholders | (2,804,652) | (1,367,890) | (1,284,681) | (176,779) | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | (175,131) | (16,662) | (2,293) | |||
| Share-based compensation expenses | 134,570 | 134,711 | 81,306 | 11,188 | |||
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. | (2,670,082) | (1,408,310) | (1,220,037) | (167,884) | |||
Weighted average number of ordinary shares used in calculating | |||||||
| Non-GAAP net loss per share | |||||||
| Basic and diluted | 1,723,369,664 | 1,885,395,377 | 1,888,024,660 | 1,888,024,660 | |||
Non-GAAP net loss per ordinary share | |||||||
| Basic and diluted | (1.55) | (0.75) | (0.65) | (0.09) | |||
Weighted average number of ADS used in calculating Non-GAAP | |||||||
| net loss per share | |||||||
| Basic and diluted | 861,684,832 | 942,697,689 | 944,012,330 | 944,012,330 | |||
| Non-GAAP net loss per ADS | |||||||
| Basic and diluted | (3.10) | (1.49) | (1.29) | (0.18) | |||
FAQ
What were XPENG's (XPEV) total revenues for Q2 2024?
How many vehicles did XPENG (XPEV) deliver in Q2 2024?
What was XPENG's (XPEV) gross margin in Q2 2024?
What is XPENG's (XPEV) vehicle delivery guidance for Q3 2024?
