XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle (Smart EV) company, reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. The company saw a significant increase in quarterly total revenues, which reached RMB 13.05 billion, marking a 53.0% increase from the previous quarter. The quarterly gross margin improved to 6.2%, up from negative 2.7% in the third quarter. Full-year vehicle deliveries grew by 17.3% year-over-year, reaching 141,601 units, while full-year revenues hit RMB 30.68 billion. However, the full-year gross margin declined to 1.5%, a 10.0 percentage point decrease from the previous year. XPeng's net loss for the fourth quarter was RMB 1.35 billion, an improvement from RMB 2.36 billion in the same period of 2022 and RMB 3.89 billion in...Show More

XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle (Smart EV) company, reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. The company saw a significant increase in quarterly total revenues, which reached RMB 13.05 billion, marking a 53.0% increase from the previous quarter. The quarterly gross margin improved to 6.2%, up from negative 2.7% in the third quarter. Full-year vehicle deliveries grew by 17.3% year-over-year, reaching 141,601 units, while full-year revenues hit RMB 30.68 billion. However, the full-year gross margin declined to 1.5%, a 10.0 percentage point decrease from the previous year. XPeng's net loss for the fourth quarter was RMB 1.35 billion, an improvement from RMB 2.36 billion in the same period of 2022 and RMB 3.89 billion in the third quarter of 2023. The company's cash and cash equivalents, along with other liquid assets, totaled RMB 45.70 billion as of December 31, 2023. XPeng's management highlighted the company's increasing vehicle deliveries and announced plans to launch over 10 new models in the next three years, expand into more international markets, and continue leading in autonomous driving technology. The company also reported progress in cost reduction and operational improvements, which contributed to the improved vehicle margin in the fourth quarter.