Summary by Futu AI
Xiaopeng Automotive announced its unaudited financial results for the first quarter of 2024, showing quarterly total revenue of RMB65.5 billion, up 62.3% from the same period last year, but down 49.8% from the previous quarter. Automotive sales revenue reached RMB55.4 billion, up 57.8% year-on-year and down 54.7% quarter-on-quarter. The gross margin increased to 12.9%, a significant increase from 1.7% in the same period last year and 6.2% in the previous quarter. Vehicle deliveries amounted to 21,821 vehicles, an increase of 19.7% year-on-year. As of 31 March 2024, cash and cash equivalents were RMB414.0 billion. The net loss was RMB13.7 billion, a significant decrease from RMB23.4 billion in the same period last year. The company expects vehicle deliveries in the second quarter of 2024 to reach 29,000 to 32,000 vehicles, with total revenue in the range of RMB75 billion to RMB83 billion.