Source: Wall Street News
Xiaopeng expects second-quarter revenue to increase by about 48.1% to 63.9% year on year; car deliveries will be between 29,000 and 32,000 vehicles, up about 25.0% to 37.9% year over year.
Before the US stock market on Tuesday, Xiaopeng Motor announced its results for the first quarter ended March 31, 2024.
According to financial reports, Xiaopeng Motor's revenue for the first quarter was 6.55 billion yuan, better than the market estimate of 6.11 billion yuan. It increased 62.3% year over year and decreased by 49.8% month on month.
There was an increase in gross margin. Quarterly gross margin was 12.9%, up 11.2 percentage points year over year, up 6.7 percentage points month over month, exceeding the estimate of 9.15%.
US stocks opened today.$XPeng (XPEV.US)$It has been rising in a straight line, and the stock price once soared by more than 26%.
Among them, automobile sales revenue was 5.54 billion yuan, up 57.8% year on year and down 54.7% month on month. Automobile gross margin increased. Quarterly gross margin was 5.5%, up 1.4 percentage points from month to month.
The year-on-year increase in sales revenue was mainly due to an increase in deliveries in the first quarter of 2024 (especially X9 models). The quarterly decline was mainly due to a decrease in current deliveries of the G6 and 2024 G9 models. Coupled with seasonal effects, it was partially offset by X9 deliveries.
Losses also improved. The net loss for the first quarter was 1.37 billion yuan. The loss for the same period last year was 2.34 billion yuan, a sharp decrease of 41.5% from the previous year, but increased by 1.5% month-on-month, with an adjusted loss of 0.75 yuan per share.
In terms of delivery volume, the total number of vehicles delivered in the first quarter was 21,821 vehicles, an increase of 19.7% over 18,230 vehicles in the same period in 2023. The number of vehicles delivered in April this year was 9,393. As of April 30, 2024, the total number of vehicles delivered during the year was 31,214.
As of March 31, 2024, Xiaopeng Motor's physical sales network had 574 stores, covering 178 cities. As of March 31, 2024, Xiaopeng Motor's self-operated charging station network reached 1,171 charging stations, including 359 Xiaopeng S4 ultra-fast charging stations.
Q2 deliveries are expected to increase by about 25.0% — 37.9% year over year
Financial reports show that on the expense side, sales costs for the first quarter were RMB 5.70 billion, up 43.8% year on year and down 53.4% month on month, in line with revenue growth and decline.
R&D expenditure for the first quarter was RMB 1.35 billion, an increase of 4.2% over RMB 1.3 billion in the same period of 2023, and an increase of 3.3% over RMB 1.31 billion in the fourth quarter of 2023, mainly related to the timing and progress of new model R&D projects.
Sales, general and administrative expenses for the first quarter were RMB 1.39 billion (US$190 million), up 0.1% from $1.39 billion in the same period in 2023, and down 28.3% from $1.94 billion in the fourth quarter of 2023. The quarterly decline was mainly due to lower commissions paid to franchisees and lower marketing, promotion and advertising expenses.
In terms of cash flow, there was a year-on-year increase, and there was a slight decline from month to month. As of March 31, 2024, Xiaopeng Motor had cash and cash equivalents, restricted cash, short-term investments and term deposits of RMB 44.12 billion as of March 31, 2023, compared to RMB 45.70 billion as of December 31, 2023.
In terms of new product launch and cooperation, on April 17, Xiaopeng Motor and Volkswagen Group jointly announced that the two sides signed a strategic cooperation framework agreement on electronic and electrical architecture technology. On May 20, Xiaopeng Motor released XOS 5.1.0 to Xiaopeng Motor users through an OTA update. XOS 5.1.0 incorporates AI-driven smart cockpit features and XNGP ADAS technology, including AI chauffeuring and xPlanner equipped with a large neural network-based planning and control model.
In terms of performance guidance, the company expects second-quarter revenue of 7.5 billion yuan to 8.3 billion yuan, an increase of about 48.1% to 63.9%; vehicle deliveries will be between 29,000 and 32,000 vehicles, an increase of about 25.0% to 37.9% over the previous year, and the market estimates 38,147 vehicles.
Mr. He Xiaopeng, Chairman and CEO of Xiaopeng Motors, said:
Xiaopeng Motor pioneered the mass production application of large AI models in the Chinese automobile industry. We are confident that it will launch competitive models more efficiently around the world and lead the widespread popularization of AI smart driving cars. Through strategic cooperation with Volkswagen Group, Xiaopeng has taken the lead in outputting self-developed intelligent technology, and our industry-leading technology will gain greater market influence and better financial returns.
Dr. Gu Hongdi, Honorary Vice Chairman and Co-President of Xiaopeng Motors, said:
In the face of extreme market competition, the company's gross margin rose sharply to 12.9% in the first quarter. This marks that Xiaopeng Motor has achieved a unique model of increasing profits and internationalization potential through intelligent technology output based on the smart electric vehicle business.
edit/lambor