Summary by Futu AI
Xiaopeng Automobile-W (XPeng Inc.) announced unaudited financial results for the full year ended December 31, 2023, showing total annual revenue of RMB306.8 billion, an increase of 14.2% year-on-year. Car sales revenue was RMB280.1 billion, up 12.8% year-on-year. Year-on-year vehicle deliveries were 141,601 vehicles, an increase of 17.3% over the previous year. However, the gross margin fell to 1.5%, and the automotive gross margin was negative 1.6%. The annual net loss widened to RMB103.8 billion, an increase from the previous year's $91.4 billion. Management said that despite the challenges, the company will launch more than 10 new models and is committed to commercializing the technology. In addition, the company has entered into a strategic technical partnership with Volkswagen Group to jointly develop new platforms. As of the end of 2023, the Company's cash on hand and equivalents amounted to RMB457.0 billion, an increase over the previous year. The Company expects first quarter 2024 deliveries to grow by approximately 15.2% to 23.4%, and total revenue is expected to grow 43.8% to 53.7%.