Summary by Futu AI
Xiao Peng Automotive announced its fourth quarter and full-year 2023 unaudited financial results, showing a fourth quarter total revenue of RMB130.5 billion, up 53.0% quarter-on-quarter and a gross margin of 6.2%, an increase of 8.9 percentage points over the previous quarter. Year-on-year vehicle deliveries reached 141,601 vehicles, up 17.3% year-on-year, and total revenue was RMB306.8 billion for the year. However, the full-year gross margin declined 10.0 percentage points to 1.5%. As of the end of 2023, the Company's cash and cash equivalents were RMB457.0 billion. Xiaopeng Motor Corporation announced the new X9 in January 2024 and signed a technical cooperation agreement with Volkswagen Group. It expects vehicle deliveries to increase by approximately 15.2% to 23.4% in the first quarter of 2024, and total revenue will increase by about 43.8% to 53.7%.