XPENG Reports First Quarter 2024 Unaudited Financial Results

Rhea-AI Summary

XPeng reported its Q1 2024 unaudited financial results. The company had cash and equivalents of RMB41.40 billion (US$5.73 billion) as of March 31, 2024. Total revenues were RMB6.55 billion, a 49.8% decrease quarter-over-quarter but a 62.3% increase year-over-year. Vehicle sales revenue was RMB5.54 billion, down 54.7% QoQ but up 57.8% YoY. The gross margin increased to 12.9%, up from 6.2% in Q4 2023. The net loss was RMB1.37 billion, compared to a net loss of RMB2.34 billion in Q1 2023. XPeng delivered 21,821 vehicles, a 19.7% YoY increase. The company operates 574 stores and 1,171 charging stations across 178 cities. In April 2024, total deliveries reached 9,393 vehicles. For Q2 2024, XPeng expects deliveries between 29,000 and 32,000 vehicles, with revenues of RMB7.5 billion to RMB8.3 billion.

Positive

• Total revenues increased 62.3% YoY to RMB6.55 billion.
• Vehicle sales revenue increased 57.8% YoY to RMB5.54 billion.
• Gross margin improved to 12.9%, up from 6.2% in Q4 2023.
• Net loss reduced to RMB1.37 billion from RMB2.34 billion YoY.
• Total deliveries increased 19.7% YoY to 21,821 vehicles.
• XPeng operates 574 stores and 1,171 charging stations across 178 cities.
• Partnership with Volkswagen for E/E Architecture Technical Collaboration.
• positive7:

Negative

• Total revenues decreased 49.8% QoQ.
• Vehicle sales revenue decreased 54.7% QoQ.
• Net loss increased slightly QoQ from RMB1.35 billion to RMB1.37 billion.
• Cash and equivalents decreased from RMB45.70 billion in Q4 2023 to RMB41.40 billion.
• Excluding special items, non-GAAP net loss was RMB1.41 billion.
• Research and development expenses increased 4.2% YoY.
• Quarterly deliveries decreased significantly from 60,158 in Q4 2023 to 21,821.

Financial Analyst

XPeng's Q1 2024 financial results are a mixed bag for investors. On one hand, there's a substantial year-over-year (62.3%) revenue increase, primarily driven by a higher volume of vehicle deliveries. Total deliveries of 21,821 units show a commendable growth of 19.7% compared to the same period last year. However, on a quarter-over-quarter basis, revenues have plummeted by 49.8%, indicating potential seasonality or a demand drop for certain models.

Interestingly, the company's gross margin improved to 12.9%, compared to 1.7% in Q1 2023, which suggests that XPeng is becoming more efficient in managing their cost of sales and product mix. This is a positive signal as it indicates improving profitability per unit sold.

However, the persistent net losses remain a concern. Even though the net loss of RMB1.37 billion is lower compared to previous quarters, the company still operates in the red. The high operating costs, particularly in R&D and SG&A, are areas that management should address for long-term sustainability.

For retail investors, the cash position of RMB41.40 billion is a vital safety net. It indicates that the company has enough liquidity to weather short-term challenges and continue its strategic investments in smart technologies and expansion plans. However, the significant quarter-over-quarter drop in this figure (RMB45.70 billion in Dec 2023) needs careful monitoring.

Market Research Analyst

The operational highlights offer a broader lens on XPeng's market positioning. The increase in total deliveries by 19.7% year-over-year to 21,821 units suggests a growing demand for XPeng's smart EVs in a competitive market. This is bolstered by the company's extensive physical sales network of 574 stores across 178 cities and a robust charging station network with 1,171 stations.

Despite the growth in deliveries, the 49.8% quarter-over-quarter revenue decline points to possible market saturation or competitive pressures in the smart EV sector. This contrasts with the year-over-year growth, indicating that while there may be long-term demand, short-term fluctuations are pronounced.

XPeng's partnership with Volkswagen and advancements in AI-based large models can give it a competitive edge. The strategic tie-up with Volkswagen is expected to broaden XPeng's technological capabilities and market reach. The deployment of AI technologies in their vehicles underlines their commitment to innovation, which can attract tech-savvy consumers.

For retail investors, the fluctuating delivery numbers and high operational costs are critical to watch. While the technological advancements and strategic partnerships are promising, they need to translate into consistent and sustainable financial performance.

• Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.40 billion (US$5.73 billion) as of March 31, 2024
• Quarterly total revenues were RMB6.55 billion, a 49.8% decrease quarter-over-quarter
• Quarterly gross margin was 12.9%, an increase of 6.7 percentage points quarter-over-quarter

GUANGZHOU, China, May 21, 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 March 31, 2024.

Operational and Financial Highlights for the Three Months Ended March 31, 2024

	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Total deliveries	21,821	60,158	40,008	23,205	18,230	22,204

• Total deliveries of vehicles were 21,821 for the first quarter of 2024, representing an increase of 19.7% from 18,230 in the corresponding period of 2023.
  
  
• XPENG’s physical sales network had a total of 574 stores, covering 178 cities as of March 31, 2024.
  
  
• XPENG self-operated charging station network reached 1,171 stations, including 359 XPENG S4 ultra-fast charging station as of March 31, 2024.
  
  
• Total revenues were RMB6.55 billion (US$0.91 billion) for the first quarter of 2024, representing an increase of 62.3% from the same period of 2023, and a decrease of 49.8% from the fourth quarter of 2023.
  
  
• Revenues from vehicle sales were RMB5.54 billion (US$0.77 billion) for the first quarter of 2024, representing an increase of 57.8% from the same period of 2023, and a decrease of 54.7% from the fourth quarter of 2023.
  
  
• Gross margin was 12.9% for the first quarter of 2024, compared with 1.7% for the same period of 2023 and 6.2% for the fourth quarter of 2023.
  
  
• Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was 5.5% for the first quarter of 2024, compared with negative 2.5% for the same period of 2023 and 4.1% for the fourth quarter of 2023.
  
  
• Net loss was RMB1.37 billion (US$0.19 billion) for the first quarter of 2024, compared with RMB2.34 billion for the same period of 2023 and RMB1.35 billion for the fourth quarter of 2023. Excluding share-based compensation expenses, fair value gain on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.41 billion (US$0.20 billion) for the first quarter of 2024, compared with RMB2.21 billion for the same period of 2023 and RMB1.77 billion for the fourth quarter of 2023.
  
  
• Net loss attributable to ordinary shareholders of XPENG was RMB1.37 billion (US$0.19 billion) for the first quarter of 2024, compared with RMB2.34 billion for the same period of 2023 and RMB1.35 billion for the fourth quarter of 2023. Excluding share-based compensation expenses, fair value gain 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 RMB1.41 billion (US$0.20 billion) for the first quarter of 2024, compared with RMB2.21 billion for the same period of 2023 and RMB1.77 billion for the fourth quarter of 2023.
  
  
• Basic and diluted net loss per American depositary share (ADS) were both RMB1.45 (US$0.20) and basic and diluted net loss per ordinary share were both RMB0.73 (US$0.10) for the first quarter of 2024. Each ADS represents two Class A ordinary shares.
  
  
• Non-GAAP basic and diluted net loss per ADS were both RMB1.49 (US$0.21) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.75 (US$0.10) for the first quarter of 2024.
  
  
• Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB41.40 billion (US$5.73 billion) as of March 31, 2024, compared with RMB45.70 billion as of December 31, 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
	March 31,	December 31,	March 31,
	2024	2023	2023	YoY	QoQ
Vehicle sales	5.54	12.23	3.51	57.8%	-54.7%
Vehicle margin	5.5%	4.1%	-2.5%	8.0pts	1.4pts
Total revenues	6.55	13.05	4.03	62.3%	-49.8%
Gross profit	0.84	0.81	0.07	1,158.7%	4.2%
Gross margin	12.9%	6.2%	1.7%	11.2pts	6.7pts
Net loss	1.37	1.35	2.34	-41.5%	1.5%
Non-GAAP net loss	1.41	1.77	2.21	-36.3%	-20.5%
Net loss attributable to ordinary shareholders	1.37	1.35	2.34	-41.5%	1.5%
Non-GAAP net loss attributable to ordinary shareholders	1.41	1.77	2.21	-36.3%	-20.5%
Comprehensive loss attributable to ordinary shareholders	1.34	1.57	2.58	-48.0%	-14.6%

^________
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

“XPENG took the lead in the mass production and application of AI-based large models within the China automobile industry. We are confident that we can launch competitive models globally in a more efficient manner and thus spearhead the widespread adoption of AI-powered smart cars,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “Through our strategic partnership with the Volkswagen Group, XPENG is at the forefront of monetizing in-house developed smart technologies as a technology enabler. Our industry-leading technologies are expected to gain greater market influence and yield better financial returns.”

“Despite fierce market competition, the Company’s gross profit margin saw a substantial increase to 12.9% in the first quarter of 2024,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG. “This signifies that XPENG, based on its smart EV business, has developed a unique approach to lift its profitability and international market potential by providing smart technologies.”

Recent Developments

Deliveries in April 2024

• Total deliveries were 9,393 vehicles in April 2024.
  
  
• As of April 30, 2024, year-to-date total deliveries were 31,214 vehicles.

Entry into the Framework Agreement on E/E Architecture Technical Collaboration with the Volkswagen Group

On April 17, 2024, XPENG and the Volkswagen Group announced entry into a framework agreement on technical collaboration with respect to Electrical/Electronic architecture (“E/E Architecture”). For details, please refer to the announcement of the Company dated April 17, 2024.

OTA release of XOS 5.1.0

On May 20, 2024, XPENG released its XOS 5.1.0 to XPENG users via the Over-the-Air (“OTA”) update. The XOS 5.1.0 integrated AI-powered smart cabin functions and XNGP ADAS technologies, including AI Valet Driver and XPlanner with neural network-based planning and control large model.

Unaudited Financial Results for the Three Months Ended March 31, 2024

Total revenues were RMB6.55 billion (US$0.91 billion) for the first quarter of 2024, representing an increase of 62.3% from RMB4.03 billion for the same period of 2023 and a decrease of 49.8% from RMB13.05 billion for the fourth quarter of 2023.

Revenues from vehicle sales were RMB5.54 billion (US$0.77 billion) for the first quarter of 2024, representing an increase of 57.8% from RMB3.51 billion for the same period of 2023, and a decrease of 54.7% from RMB12.23 billion for the fourth quarter of 2023. The year-over-year increase was mainly attributable to higher deliveries, particularly the model X9 in the first quarter of 2024. The quarter-over-quarter decrease was mainly attributable to lower deliveries of the G6 and the 2024 G9, compounded by seasonal impact, partially offset by contribution of the X9.

Revenues from services and others were RMB1.00 billion (US$0.14 billion) for the first quarter of 2024, representing an increase of 93.1% from RMB0.52 billion for the same period of 2023 and an increase of 22.1% from RMB0.82 billion for the fourth quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly attributable to the revenue from technical research and development service recorded in the first quarter of 2024, which is related to the platform and software strategic technical collaboration with the Volkswagen Group.

Cost of sales was RMB5.70 billion (US$0.79 billion) for the first quarter of 2024, representing an increase of 43.8% from RMB3.97 billion for the same period of 2023 and a decrease of 53.4% from RMB12.24 billion for the fourth quarter of 2023. The year-over-year increase and quarter-over-quarter decrease were mainly in line with vehicle deliveries as described above, respectively.

Gross margin was 12.9% for the first quarter of 2024, compared with 1.7% for the same period of 2023 and 6.2% for the fourth quarter of 2023.

Vehicle margin was 5.5% for the first quarter of 2024, compared with negative 2.5% for the same period of 2023 and 4.1% for the fourth quarter of 2023. The year-over-year and quarter-over-quarter increases were primarily attributable to the cost reduction and the improvement in product mix of models, partially offset by the inventory provision and losses on purchase commitment related to the model P5, with a negative impact of 3.2 percentage points on vehicle margin for this quarter, as management lowered the P5’s forecasted sales due to expected stronger market demands for upcoming new vehicle models.

Services and others margin was 53.9% for the first quarter of 2024, compared with 29.6% for the same period of 2023 and 38.2% for the fourth quarter of 2023. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher gross margin from the aforementioned revenue from technical research and development service.

Research and development expenses were RMB1.35 billion (US$0.19 billion) for the first quarter of 2024, representing an increase of 4.2% from RMB1.30 billion for the same period of 2023 and an increase of 3.3% from RMB1.31 billion for the fourth quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly in line with timing and progress of new vehicle programs.

Selling, general and administrative expenses were RMB1.39 billion (US$0.19 billion) for the first quarter of 2024, representing an increase of 0.1% from RMB1.39 billion for the same period of 2023 and a decrease of 28.3% from RMB1.94 billion for the fourth quarter of 2023. The quarter-over-quarter decrease was mainly due to lower commission to the franchised stores and lower marketing, promotional and advertising expenses.

Other income, net was RMB0.07 billion (US$0.01 billion) for the first quarter of 2024, representing an increase of 146.3% from RMB0.03 billion for the same period of 2023 and a decrease of 79.0% from RMB0.35 billion for the fourth quarter of 2023. The quarter-over-quarter decrease was primarily attributable to the decrease of government subsidies.

Fair value gain on derivative liability relating to the contingent consideration was RMB0.18 billion (US$0.02 billion) for the first quarter of 2024, compared with RMB0.03 billion for the fourth quarter of 2023. This non-cash gain resulted from the fair value change of the contingent consideration related to the acquisition of DiDi’s smart auto business.

Loss from operations was RMB1.65 billion (US$0.23 billion) for the first quarter of 2024, compared with RMB2.59 billion for the same period of 2023 and RMB2.05 billion for the fourth quarter of 2023.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.69 billion (US$0.23 billion) for the first quarter of 2024, compared with RMB2.46 billion for the same period of 2023 and RMB1.92 billion for the fourth quarter of 2023.

Net loss was RMB1.37 billion (US$0.19 billion) for the first quarter of 2024, compared with RMB2.34 billion for the same period of 2023 and RMB1.35 billion for the fourth quarter of 2023.

Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB1.41 billion (US$0.20 billion) for the first quarter of 2024, compared with RMB2.21 billion for the same period of 2023 and RMB1.77 billion for the fourth quarter of 2023.

Net loss attributable to ordinary shareholders of XPENG was RMB1.37 billion (US$0.19 billion) for the first quarter of 2024, compared with RMB2.34 billion for the same period of 2023 and RMB1.35 billion for the fourth quarter of 2023.

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 on derivative liability relating to the contingent consideration, was RMB1.41 billion (US$0.20 billion) for the first quarter of 2024, compared with RMB2.21 billion for the same period of 2023 and RMB1.77 billion for the fourth quarter of 2023.

Basic and diluted net loss per ADS were both RMB1.45 (US$0.20) for the first quarter of 2024, compared with RMB2.71 for the first quarter of 2023 and RMB1.51 for the fourth quarter of 2023.

Non-GAAP basic and diluted net loss per ADS were both RMB1.49 (US$0.21) for the first quarter of 2024, compared with RMB2.57 for the first quarter of 2023 and RMB1.98 for the fourth quarter of 2023.

Balance Sheets

As of March 31, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB41.40 billion (US$5.73 billion), compared with RMB34.12 billion as of March 31, 2023 and RMB45.70 billion as of December 31, 2023.

Business Outlook

For the second quarter of 2024, the Company expects:

• Deliveries of vehicles to be between 29,000 and 32,000, representing a year-over-year increase of approximately 25.0% to 37.9%.

• Total revenues to be between RMB7.5 billion and RMB8.3 billion, representing a year-over-year increase of approximately 48.1% to 63.9%.

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 May 21, 2024 (8:00 PM Beijing/Hong Kong Time on May 21, 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 First Quarter 2024 Earnings Conference Call
Pre-registration link:	https://s1.c-conf.com/diamondpass/10038698-t61b9s.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 May 28, 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:	10038698

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 RMB7.2203 to US$1.00, the exchange rate on March 29, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

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		March 31, 2024		March 31, 2024
		RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		21,127,163		14,543,226		2,014,214
Restricted cash		3,174,886		3,059,545		423,742
Short-term deposits		9,756,979		11,640,303		1,612,163
Restricted short-term deposits		-		450,863		62,444
Short-term investments		781,216		684,038		94,738
Long-term deposits, current portion		7,054,915		6,755,728		935,658
Accounts and notes receivable, net		2,716,216		2,027,706		280,834
Installment payment receivables, net, current portion		1,881,755		1,966,401		272,343
Inventory		5,526,212		6,140,623		850,466
Amounts due from related parties		12,948		20,879		2,892
Prepayments and other current assets		2,489,339		2,988,260		413,867
Total current assets		54,521,629		50,277,572		6,963,361
Non-current assets
Long-term deposits		3,035,426		3,495,221		484,083
Restricted long-term deposits		767,899		773,675		107,153
Property, plant and equipment, net		10,954,485		10,690,749		1,480,652
Right-of-use assets, net		1,455,865		1,308,344		181,204
Intangible assets, net		4,948,992		4,832,587		669,306
Land use rights, net		2,789,367		2,776,898		384,596
Installment payment receivables, net		3,027,795		3,092,606		428,321
Long-term investments		2,084,933		2,062,585		285,665
Other non-current assets		576,150		585,156		81,043
Total non-current assets		29,640,912		29,617,821		4,102,023
Total assets		84,162,541		79,895,393		11,065,384

 

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			March 31, 2024			March 31, 2024
		RMB			RMB			US$
LIABILITIES
Current liabilities
Short-term borrowings		3,889,100			4,224,200			585,045
Accounts and notes payable		22,210,431			20,024,354			2,773,341
Amounts due to related parties		30,880			-			-
Operating lease liabilities, current portion		365,999			330,770			45,811
Finance lease liabilities, current portion		34,382			34,629			4,796
Deferred revenue, current portion		630,997			556,077			77,016
Long-term borrowings, current portion		1,363,835			1,958,697			271,276
Accruals and other liabilities		7,580,195			6,359,391			880,765
Income taxes payable		5,743			6,737			933
Total current liabilities		36,111,562			33,494,855			4,638,983
Non-current liabilities
Long-term borrowings		5,650,782			5,432,906			752,449
Operating lease liabilities		1,490,882			1,386,830			192,074
Finance lease liabilities		777,697			787,263			109,035
Deferred revenue		668,946			676,599			93,708
Derivative liability		393,473			224,896			31,148
Deferred tax liabilities		404,018			403,065			55,824
Other non-current liabilities		2,336,654			2,366,947			327,818
Total non-current liabilities		11,722,452			11,278,506			1,562,056
Total liabilities		47,834,014			44,773,361			6,201,039
SHAREHOLDERS’ EQUITY
Class A Ordinary shares		103			103			14
Class B Ordinary shares		21			21			3
Additional paid-in capital		70,198,031			70,332,742			9,740,972
Statutory and other reserves		60,035			67,812			9,392
Accumulated deficit		(35,760,301	)		(37,135,968	)		(5,143,272	)
Accumulated other comprehensive income		1,830,638			1,857,322			257,236
Total shareholders' equity		36,328,527			35,122,032			4,864,345
Total liabilities and shareholders’ equity		84,162,541			79,895,393			11,065,384

 

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
	March 31,			December 31,			March 31,			March 31,
	2023			2023			2024			2024
	RMB			RMB			RMB			US$
Revenues
Vehicle sales	3,513,767			12,228,314			5,544,396			767,890
Services and others	519,653			822,116			1,003,700			139,011
Total revenues	4,033,420			13,050,430			6,548,096			906,901
Cost of sales
Vehicle sales	(3,600,529	)		(11,732,955	)		(5,242,040	)		(726,014	)
Services and others	(365,859	)		(508,003	)		(462,303	)		(64,028	)
Total cost of sales	(3,966,388	)		(12,240,958	)		(5,704,343	)		(790,042	)
Gross profit	67,032			809,472			843,753			116,859
Operating expenses
Research and development expenses	(1,295,854	)		(1,307,745	)		(1,350,448	)		(187,035	)
Selling, general and administrative expenses	(1,386,620	)		(1,936,503	)		(1,388,447	)		(192,298	)
Total operating expenses	(2,682,474	)		(3,244,248	)		(2,738,895	)		(379,333	)
Other income, net	30,065			352,391			74,040			10,254
Fair value gain on derivative liability relating to the contingent consideration	-			29,339			175,131			24,255
Loss from operations	(2,585,377	)		(2,053,046	)		(1,645,971	)		(227,965	)
Interest income	299,741			342,780			398,645			55,212
Interest expense	(62,667	)		(73,225	)		(85,121	)		(11,789	)
Fair value gain on derivative liability	-			561,415			-			-
Investment gain (loss) on long-term investments	8,440			(185,318	)		(19,456	)		(2,695	)
Exchange gain (loss) from foreign currency transactions	2,083			46,362			(12,915	)		(1,789	)
Other non-operating income, net	6,002			27,364			4,092			567
Loss before income tax expenses and share of results of equity method investees	(2,331,778	)		(1,333,668	)		(1,360,726	)		(188,459	)
Income tax expenses	(6,157	)		(21,754	)		(1,060	)		(147	)
Share of results of equity method investees	977			7,807			(6,104	)		(845	)
Net loss	(2,336,958	)		(1,347,615	)		(1,367,890	)		(189,451	)
Net loss attributable to ordinary shareholders of XPeng Inc.	(2,336,958	)		(1,347,615	)		(1,367,890	)		(189,451	)

 

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
	March 31,			December 31,			March 31,			March 31,
	2023			2023			2024			2024
	RMB			RMB			RMB			US$
Net loss	(2,336,958	)		(1,347,615	)		(1,367,890	)		(189,451	)
Other comprehensive loss
Foreign currency translation adjustment, net of tax	(243,953	)		(222,618	)		26,684			3,696
Total comprehensive loss attributable to XPeng Inc.	(2,580,911	)		(1,570,233	)		(1,341,206	)		(185,755	)
Comprehensive loss attributable to ordinary shareholders of XPeng Inc.	(2,580,911	)		(1,570,233	)		(1,341,206	)		(185,755	)
Weighted average number of ordinary shares used in computing net loss per ordinary share
Basic and diluted	1,722,080,453			1,787,655,242			1,885,395,377			1,885,395,377
Net loss per ordinary share attributable to ordinary shareholders
Basic and diluted	(1.36	)		(0.75	)		(0.73	)		(0.10	)
Weighted average number of ADS used in computing net loss per share
Basic and diluted	861,040,227			893,827,621			942,697,689			942,697,689
Net loss per ADS attributable to ordinary shareholders
Basic and diluted	(2.71	)		(1.51	)		(1.45	)		(0.20	)

 

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
	March 31,			December 31,			March 31,			March 31,
	2023			2023			2024			2024
	RMB			RMB			RMB			US$
Loss from operations	(2,585,377	)		(2,053,046	)		(1,645,971	)		(227,965	)
Fair value gain on derivative liability relating to the contingent consideration	-			(29,339	)		(175,131	)		(24,255	)
Share-based compensation expenses	124,638			167,036			134,711			18,657
Non-GAAP loss from operations	(2,460,739	)		(1,915,349	)		(1,686,391	)		(233,563	)
Net loss	(2,336,958	)		(1,347,615	)		(1,367,890	)		(189,451	)
Fair value gain on derivative liability relating to the contingent consideration	-			(29,339	)		(175,131	)		(24,255	)
Fair value gain on derivative liability	-			(561,415	)		-			-
Share-based compensation expenses	124,638			167,036			134,711			18,657
Non-GAAP net loss	(2,212,320	)		(1,771,333	)		(1,408,310	)		(195,049	)
Net loss attributable to ordinary shareholders	(2,336,958	)		(1,347,615	)		(1,367,890	)		(189,451	)
Fair value gain on derivative liability relating to the contingent consideration	-			(29,339	)		(175,131	)		(24,255	)
Fair value gain on derivative liability	-			(561,415	)		-			-
Share-based compensation expenses	124,638			167,036			134,711			18,657
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.	(2,212,320	)		(1,771,333	)		(1,408,310	)		(195,049	)
Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share
Basic and diluted	1,722,080,453			1,787,655,242			1,885,395,377			1,885,395,377
Non-GAAP net loss per ordinary share
Basic and diluted	(1.28	)		(0.99	)		(0.75	)		(0.10	)
Weighted average number of ADS used in calculating Non-GAAP net loss per share
Basic and diluted	861,040,227			893,827,621			942,697,689			942,697,689
Non-GAAP net loss per ADS
Basic and diluted	(2.57	)		(1.98	)		(1.49	)		(0.21	)

FAQ

What were XPeng's total revenues for Q1 2024?

Total revenues for Q1 2024 were RMB6.55 billion.

How much did XPeng's vehicle sales revenue change in Q1 2024?

Vehicle sales revenue in Q1 2024 was RMB5.54 billion, a 54.7% decrease QoQ and a 57.8% increase YoY.

What was XPeng's gross margin in Q1 2024?

XPeng's gross margin was 12.9% in Q1 2024.

How many vehicles did XPeng deliver in Q1 2024?

XPeng delivered 21,821 vehicles in Q1 2024.

What is the expected range for XPeng's vehicle deliveries in Q2 2024?

XPeng expects vehicle deliveries to be between 29,000 and 32,000 in Q2 2024.

How did XPeng's cash and equivalents change in Q1 2024?

XPeng's cash and equivalents decreased from RMB45.70 billion in Q4 2023 to RMB41.40 billion in Q1 2024.

What was XPeng's net loss for Q1 2024?

XPeng's net loss was RMB1.37 billion for Q1 2024.

How many stores and charging stations does XPeng operate?

XPeng operates 574 stores and 1,171 charging stations.

What is the revenue outlook for XPeng in Q2 2024?

XPeng expects total revenues to be between RMB7.5 billion and RMB8.3 billion in Q2 2024.

What were XPeng's vehicle deliveries in April 2024?

XPeng delivered 9,393 vehicles in April 2024.