Key points of the announcement: In April 2024, Xiaopeng Motor delivered a total of 9393 new cars, +33% compared to the previous year, +4% month-on-month. From January to April 2024, it delivered a total of 31,214 vehicles, +23% over the same period. The overall performance was in line with expectations.
Intelligent driving is being further accelerated, and products and markets are further developed. In April, Xiaopeng X9 delivered 1,959 units, with a total of nearly 10,000 units delivered in four months of launch, continuing to lead the pure electric MPV and pure electric three-seater models. In the first four months of 2024, Xiaopeng Motor delivered a total of 31,214 new vehicles, +23% over the same period last year.
Intelligent driving is further accelerated, and Xiaopeng XNGP continues to expand the open scale of smart driving users. The monthly active penetration rate of smart driving users in XNGP urban areas reached 82%, and the total mileage of smart driving during the May 1st period exceeded 18 million km; in April, Xiaopeng Motors successfully completed high-speed NGP road tests in Germany, and the 2024 high-speed NGP development plan for the world is progressing steadily, and R&D capabilities are improving the implementation of functions. Global overseas markets & product development. In April, Xiaopeng officially entered the Hong Kong and Macau markets, launching various models such as the G9, X9, G6 and P7i in Hong Kong and Macau; at the same time, the Xiaopeng G6 580 Long Battery Life Plus was officially launched, becoming the only 200,000 yuan model in the industry equipped with an 800V silicon carbide platform and advanced intelligent driving capabilities, highlighting the competitiveness and ultimate cost performance ratio of Xiaopeng products.
Global strategic cooperation has brought new growth poles. The new brand will be launched in June, which is expected to contribute to a significant increase in sales. In April, Xiaopeng Motor and Volkswagen Group signed a strategic cooperation framework agreement on electronic and electrical architecture technology. The two sides will jointly develop electronic and electrical architecture based on Xiaopeng Motor's latest generation electronic and electrical architecture. Using this architecture, Volkswagen can reduce the number of controllers in the vehicle by 30%, quickly integrate advanced functions such as autonomous driving, and obtain higher cost benefits. Furthermore, this cooperation is very good to recoup the profits invested by Xiaopeng Company and quickly return funds. At the same time, based on larger strategic cooperation, it will also positively affect Xiaopeng's future profitability and optimize the operating cost structure. The architecture is expected to be applied to Volkswagen brand electric models manufactured in China from 2026.
At the Beijing International Auto Show in April, Xiaopeng Motor debuted the AI Tianji system. The end-to-end solution with a perception+regulation dimension is expected to be fully launched on May 20. At the same time, it was announced that the new brand MONA will be officially launched in June. The MONA brand positions the middle and low end mainstream competitive market, leveraging the differentiated competitiveness of Xiaopeng Smart Driving, and can be expected to explode.
Profit forecast and investment rating: We maintain Xiaopeng Motor's 2024-2026 operating income forecast of 630/1114/164.5 billion yuan, respectively; net profit to mother was -43/8/5.4 billion yuan; corresponding EPS was -2.28/0.43/2.84 yuan, respectively, corresponding PE from 2025 to 2026 was 74/11 times, respectively, maintaining Xiaopeng Motor's “buy” rating.
Risk warning: The recovery in downstream demand for passenger cars fell short of expectations; the price war exceeded expectations.