Financial News

XPENG Reports Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results

  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB38.25 billion (US$5.55 billion) as of December 31, 2022
  • Quarterly total revenues were RMB5.14 billion, a 39.9% decrease year-over-year
  • Quarterly vehicle deliveries were 22,204, a 46.8% decrease year-over-year
  • Quarterly gross margin was 8.7%, a decrease of 3.3 percentage points year-over-year
  • Full year vehicle deliveries reached 120,757, a 23.0% increase year-over-year
  • Full year revenues reached RMB26.86 billion
  • Full year gross margin was 11.5%, a decrease of 1 percentage point year-over-year

XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2022.

Operational and Financial Highlights for the Three Months Ended December 31, 2022

 

2022Q4

 

2022Q3

 

2022Q2

 

2022Q1

 

2021Q4

 

2021Q3

Total deliveries

 

22,204

 

29,570

 

34,422

 

34,561

 

41,751

 

25,666

  • Total deliveries of vehicles were 22,204 in the fourth quarter of 2022, representing a decrease of 46.8% from 41,751 in the corresponding period of 2021.
  • Deliveries of the Flagship G9 SUVs were 6,189 in the fourth quarter of 2022.
  • XPENG’s physical sales network continued expansion with a total of 420 stores, covering 143 cities as of December 31, 2022.
  • XPENG self-operated charging station network further expanded to 1,014 stations, including 808 XPENG self-operated supercharging stations and 206 destination charging stations as of December 31, 2022.
  • Total revenues were RMB5.14 billion (US$0.75 billion) for the fourth quarter of 2022, representing a decrease of 39.9% from the same period of 2021, and a decrease of 24.7% from the third quarter of 2022.
  • Revenues from vehicle sales were RMB4.66 billion (US$0.68 billion) for the fourth quarter of 2022, representing a decrease of 43.1% from the same period of 2021, and a decrease of 25.3% from the third quarter of 2022.
  • Gross margin was 8.7% for the fourth quarter of 2022, compared with 12.0% for the same period of 2021 and 13.5% for the third quarter of 2022.
  • Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 5.7% for the fourth quarter of 2022, compared with 10.9% for the same period of 2021 and 11.6% for the third quarter of 2022.
  • Net loss was RMB2.36 billion (US$0.34 billion) for the fourth quarter of 2022, compared with RMB1.29 billion for the same period of 2021 and RMB2.38 billion for the third quarter of 2022. Excluding share-based compensation expenses, non-GAAP net loss was RMB2.21 billion (US$0.32 billion) in the fourth quarter of 2022, compared with RMB1.20 billion for the same period of 2021 and RMB2.22 billion for the third quarter of 2022.
  • Net loss attributable to ordinary shareholders of XPENG was RMB2.36 billion (US$0.34 billion) for the fourth quarter of 2022, compared with RMB1.29 billion for the same period of 2021 and RMB2.38 billion in the third quarter of 2022. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB2.21 billion (US$0.32 billion) for the fourth quarter of 2022, compared with RMB1.20 billion for the same period of 2021 and RMB2.22 billion for the third quarter of 2022.
  • Basic and diluted net loss per American depositary share (ADS) were both RMB2.74 (US$0.40) and basic and diluted net loss per ordinary share were both RMB1.37 (US$0.20) for the fourth quarter of 2022.
  • Non-GAAP basic and diluted net loss per ADS were both RMB2.57 (US$0.37) and non- GAAP basic and diluted net loss per ordinary share were both RMB1.29 (US$0.19) for the fourth quarter of 2022. Each ADS represents two Class A ordinary shares.
  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB38.25 billion (US$5.55 billion) as of December 31, 2022, compared with RMB43.54 billion as of December 31, 2021 and RMB40.12 billion as of September 30, 2022. Time deposits include short-term deposits, current portion and non-current portion of long-term deposits.

Key Financial Results

(in RMB billions, except for percentage)

   

 

For the Three Months Ended

 

% Changei

 

December 31,

 

September 30,

 

December 31,

 

 

 

2021

 

 

2022

 

 

2022

 

 

YoY

 

QoQ

 

 

 

 

 

 

 

 

 

 

Vehicle sales

8.19

 

 

6.24

 

 

4.66

 

 

-43.1

%

 

-25.3

%

Vehicle margin

10.9

%

 

11.6

%

 

5.7

%

 

-5.2pts

 

-5.9pts

Total revenues

8.56

 

 

6.82

 

 

5.14

 

 

-39.9

%

 

-24.7

%

Gross profit

1.02

 

 

0.92

 

 

0.45

 

 

-56.5

%

 

-51.8

%

Gross margin

12.0

%

 

13.5

%

 

8.7

%

 

-3.3pts

 

-4.8pts

Net loss

1.29

 

 

2.38

 

 

2.36

 

 

83.4

%

 

-0.6

%

Non-GAAP net loss

1.20

 

 

2.22

 

 

2.21

 

 

84.6

%

 

-0.5

%

Net loss attributable to

   ordinary shareholders

1.29

 

 

2.38

 

 

2.36

 

 

83.4

%

 

-0.6

%

Non-GAAP net loss

   attributable to ordinary

   shareholders

1.20

 

 

2.22

 

 

2.21

 

 

84.6

%

 

-0.5

%

Comprehensive loss

   attributable to ordinary

   shareholders

1.86

 

 

0.69

 

 

2.68

 

 

44.4

%

 

288.3

%

i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Operational and Financial Highlights for the Fiscal Year Ended December 31, 2022

  • Total deliveries of vehicles were 120,757 in 2022, representing an increase of 23.0% from 98,155 in 2021.
  • Total revenues were RMB26.86 billion (US$3.89 billion) for the fiscal year of 2022, representing an increase of 28.0% from RMB20.99 billion for the prior year.
  • Revenues from vehicle sales were RMB24.84 billion (US$3.60 billion) for the fiscal year of 2022, representing an increase of 23.9% from RMB20.04 billion for the prior year.
  • Gross margin was 11.5% for the fiscal year of 2022, compared with 12.5% for the prior year.
  • Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 9.4% for the fiscal year of 2022, compared with 11.5% for the prior year.
  • Net loss was RMB9.14 billion (US$1.33 billion) for the fiscal year of 2022, compared with RMB4.86 billion for the prior year. Excluding share-based compensation expenses, non-GAAP net loss was RMB8.43 billion (US$1.22 billion) for the fiscal year of 2022, compared with RMB4.48 billion for the prior year.
  • Net loss attributable to ordinary shareholders of XPENG was RMB9.14 billion (US$1.33 billion) for the fiscal year of 2022, compared with RMB4.86 billion for the prior year. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB8.43 billion (US$1.22 billion) for the fiscal year of 2022, compared with RMB4.48 billion for the prior year.
  • Basic and diluted net loss per ADS were both RMB10.67 (US$1.55) for fiscal year 2022, compared with RMB5.92 for the prior year. Non-GAAP basic and diluted net loss per ADS were both RMB9.84 (US$1.43) for fiscal year 2022, compared with RMB5.46 for the prior year.

Key Financial Results

(in RMB billions, except for percentage)

   

 

For the Fiscal Year Ended

 

% Changei

December 31,

 

December 31,

 

 

2021

 

 

2022

 

 

YoY

Vehicle sales

20.04

 

 

24.84

 

 

23.9

%

Vehicle margin

11.5

%

 

9.4

%

 

-2.1pts

Total revenues

20.99

 

 

26.86

 

 

28.0

%

Gross profit

2.62

 

 

3.09

 

 

17.8

%

Gross margin

12.5

%

 

11.5

%

 

-1.0pts

Net loss

4.86

 

 

9.14

 

 

87.9

%

Non-GAAP net loss

4.48

 

 

8.43

 

 

88.0

%

Net loss attributable to ordinary

   shareholders

4.86

 

 

9.14

 

 

87.9

%

Non-GAAP net loss attributable to

   ordinary shareholders

4.48

 

 

8.43

 

 

88.0

%

Comprehensive loss attributable to

   ordinary shareholders

5.78

 

 

5.95

 

 

2.9

%

i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

“We have comprehensively reviewed our strategy and took decisive actions to execute our organisational restructuring and strengthen our capabilities where necessary,” said Mr. He Xiaopeng, Chairman and CEO of XPENG. “From 2023 to 2027, the industry will move from a phase of rapid EV penetration to an era of accelerated disruption by smart technologies, and we are confident that we will further strengthen our leadership in smart EV technologies.”

“With the optimization of our product portfolio and the significant improvement of our marketing capabilities, we will resume growth in our sales and market share,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG. “In the meantime, we will improve operational efficiency across our business processes and continue to reduce costs.”

Recent Developments

Deliveries in January and February 2023

  • Total deliveries were 5,218 vehicles in January 2023.
  • Total deliveries were 6,010 vehicles in February 2023.
  • As of February 28, 2023, year-to-date total deliveries were 11,228 vehicles.

Appointment of President

Ms. Fengying Wang (“Ms. Wang”) has been appointed as the president of the Company with effect from January 30, 2023. Prior to joining the Company, Ms. Wang served various leadership positions at Great Wall Motor Company Limited (HKEX stock code: 2333 and SSE stock code: 601633) from 1991 to 2022, including but not limited to the Vice Chairman and the General Manager.

Launch of The New P7i Sports Sedan

In March 2023, the Company officially launched and kicked off deliveries of the P7i sports sedan for the Chinese market. The P7i is the new mid-cycle facelift version of the P7, with comprehensive upgrades in driver assistance, intelligent cockpit, performance and charging efficiency.

Unaudited Financial Results for the Three Months Ended December 31, 2022

Total revenues were RMB5.14 billion (US$0.75 billion) for the fourth quarter of 2022, representing a decrease of 39.9% from RMB8.56 billion for the same period of 2021 and a decrease of 24.7% from RMB6.82 billion for the third quarter of 2022.

Revenues from vehicle sales were RMB4.66 billion (US$0.68 billion) for the fourth quarter of 2022, representing a decrease of 43.1% from RMB8.19 billion for the same period of 2021 and a decrease of 25.3% from RMB6.24 billion for the third quarter of 2022. The year-over-year decrease was mainly attributable to lower vehicle deliveries for the G3i and P7, while the quarter-over-quarter decrease was mainly due to lower vehicle deliveries for the P5 and P7 with partial offset by the newly launched G9.

Revenues from services and others were RMB0.48 billion (US$0.07 billion) for the fourth quarter of 2022, representing an increase of 29.9% from RMB0.37 billion for the same period of 2021 and a decrease of 17.7% from RMB0.58 billion for the third quarter of 2022. The year-over-year increase was mainly attributable to more services, parts and accessory sales in line with higher accumulated vehicle sales, while the quarter-over-quarter decrease was mainly due to lower parts and services sales associated with Covid-19 pandemic impact in the fourth quarter of 2022.

Cost of sales was RMB4.70 billion (US$0.68 billion) for the fourth quarter of 2022, representing a decrease of 37.7% from RMB7.53 billion for the same period of 2021 and a decrease of 20.4% from RMB5.90 billion for the third quarter of 2022. The year-over-year and quarter-over-quarter decreases were mainly in line with vehicle deliveries as described above.

Gross margin was 8.7% for the fourth quarter of 2022, compared with 12.0% and 13.5% for the fourth quarter of 2021 and the third quarter of 2022, respectively.

Vehicle margin was 5.7% for the fourth quarter of 2022, compared with 10.9% for the same period of 2021 and 11.6% for the third quarter of 2022. The year-over-year and quarter-over-quarter decreases were explained by increased sales promotions.

Research and development expenses were RMB1.23 billion (US$0.18 billion) for the fourth quarter of 2022, representing a decrease of 15.3% from RMB1.45 billion for the same period of 2021 and a decrease of 17.9% from RMB1.50 billion for the third quarter of 2022. The year-over-year and quarter-over-quarter decreases were mainly in line with timing and progress of new vehicle programs.

Selling, general and administrative expenses were RMB1.76 billion (US$0.25 billion) for the fourth quarter of 2022, representing a decrease of 12.9% from RMB2.02 billion for the same period of 2021 and an increase of 8.0% from RMB1.63 billion for the third quarter of 2022. The year-over-year decrease was mainly due to the decrease of commission to the franchised stores associated with lower vehicle deliveries. The quarter-over-quarter increase was mainly attributable to the higher marketing, promotional and advertising expenses to support vehicle sales.

Loss from operations was RMB2.52 billion (US$0.36 billion) for the fourth quarter of 2022, compared with RMB2.43 billion for the same period of 2021 and RMB2.18 billion for the third quarter of 2022.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB2.37 billion (US$0.34 billion) for the fourth quarter of 2022, compared with RMB2.34 billion for the same period of 2021 and RMB2.02 billion for the third quarter of 2022.

Net loss was RMB2.36 billion (US$0.34 billion) for the fourth quarter of 2022, compared with RMB1.29 billion for the same period of 2021 and RMB2.38 billion for the third quarter of 2022.

Non-GAAP net loss, which excludes share-based compensation expenses, was RMB2.21 billion (US$0.32 billion) for the fourth quarter of 2022, compared with RMB1.20 billion for the same period of 2021 and RMB2.22 billion for the third quarter of 2022.

Net loss attributable to ordinary shareholders of XPENG was RMB2.36 billion (US$0.34 billion) for the fourth quarter of 2022, compared with RMB1.29 billion for the same period of 2021 and RMB2.38 billion for the third quarter of 2022.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, was RMB2.21 billion (US$0.32 billion) for the fourth quarter of 2022, compared with RMB1.20 billion for the same period of 2021 and RMB2.22 billion for the third quarter of 2022.

Basic and diluted net loss per ADS were both RMB2.74 (US$0.40) for the fourth quarter of 2022, compared with RMB1.51 for the fourth quarter of 2021 and RMB2.77 for the third quarter of 2022.

Non-GAAP basic and diluted net loss per ADS were both RMB2.57 (US$0.37) for the fourth quarter of 2022, compared with RMB1.41 for the fourth quarter of 2021 and RMB2.59 for the third quarter of 2022.

Balance Sheets

As of December 31, 2022, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB38.25 billion (US$5.55 billion), compared with RMB43.54 billion as of December 31, 2021 and RMB40.12 billion as of September 30, 2022.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2022

Total revenues were RMB26.86 billion (US$3.89 billion) for the fiscal year of 2022, representing an increase of 28.0% from RMB20.99 billion for the prior year.

Revenues from vehicle sales were RMB24.84 billion (US$3.60 billion) for fiscal year 2022, representing an increase of 23.9% from RMB20.04 billion for the prior year. The increase was mainly attributable to higher vehicle deliveries.

Revenues from services and others were RMB2.02 billion (US$0.29 billion) for fiscal year 2022, representing an increase of 113.0% from RMB0.95 billion for the prior year. The increase was mainly attributable to more services, parts and accessory sales in line with higher accumulated vehicle sales.

Cost of sales was RMB23.77 billion (US$3.45 billion) for fiscal year 2022, representing an increase of 29.4% from RMB18.37 billion for the prior year. The increase was mainly in line with vehicle deliveries as described above.

Gross margin was 11.5% for fiscal year 2022, compared with 12.5% for the prior year.

Vehicle margin was 9.4% for fiscal year 2022, compared with 11.5% for the prior year. The decrease was primarily due to increased sales discount and increases in material cost.

Research and development expenses were RMB5.21 billion (US$0.76 billion) for fiscal year 2022, representing an increase of 26.8% from RMB4.11 billion for the prior year. The increase was primarily due to higher employee compensation as a result of more research and development staff and higher expenses relating to the development of new vehicle models to support future growth.

Selling, general and administrative expenses were RMB6.69 billion (US$0.97 billion) for fiscal year 2022, representing an increase of 26.1% from RMB5.31 billion for the prior year. The increase was mainly due to the expansion of the Company’s sales network and associated personnel cost.

Loss from operations was RMB8.71 billion (US$1.26 billion) for fiscal year 2022, compared with RMB6.58 billion for the prior year.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB8.00 billion (US$1.16 billion) for fiscal year 2022, compared with RMB6.20 billion for the prior year.

Impact of foreign currency revaluation reflected the following results:

(i) Exchange loss from foreign currency transactions was RMB1.46 billion (US$0.21 billion) for fiscal year of 2022, primarily reflecting the revaluation impact of Renminbi-denominated assets held in U.S. dollar functional currency subsidiaries as a result of Renminbi depreciation against U.S. dollars in 2022.

(ii) Foreign currency translation adjustment was RMB3.19 billion (US$0.46 billion) gain for fiscal year 2022, primarily resulting from the appreciation of U.S. dollar-denominated assets. Such revaluation was included in other comprehensive (loss) income, but not net loss.

Net loss was RMB9.14 billion (US$1.33 billion) for fiscal year 2022, compared with RMB4.86 billion for the prior year.

Non-GAAP net loss, which excludes share-based compensation expenses, was RMB8.43 billion (US$1.22 billion) for fiscal year 2022, compared with RMB4.48 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB9.14 billion (US$1.33 billion) for fiscal year 2022, compared with RMB4.86 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share- based compensation expenses, was RMB8.43 billion (US$1.22 billion) for fiscal year 2022, compared with RMB4.48 billion for the prior year.

Comprehensive loss attributable to ordinary shareholders of XPENG was RMB5.95 billion (US$0.86 billion) for fiscal year 2022, compared with RMB5.78 billion for the prior year.

Basic and diluted net loss per ADS were both RMB10.67 (US$1.55) for fiscal year 2022, compared with RMB5.92 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB9.84 (US$1.43) for fiscal year 2022, compared with RMB5.46 for the prior year.

Business Outlook

For the first quarter of 2023, the Company expects:

  • Deliveries of vehicles to be between 18,000 and 19,000, representing a year over-year decrease of approximately 45.0% to 47.9%.
  • Total revenues to be between RMB4.0 billion and RMB4.2 billion, representing a year-over-year decrease of approximately 43.7% to 46.3%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 17, 2023 (8:00 PM Beijing/Hong Kong time on March 17, 2023).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:

 

XPeng Inc. Fourth Quarter 2022 Earnings Conference Call

Pre-registration link:

 

https://s1.c-conf.com/diamondpass/10028722-ty785x.html

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until March 24, 2023, by dialing the following telephone numbers:

United States:

 +1-855-883-1031

International:

 

+61-7-3107-6325

Hong Kong, China:

 

800-930-639

Mainland China:

 

400-120-9216

Replay Access Code:

 

10028722

About XPeng Inc.

XPeng Inc. (“XPENG”) is a leading Chinese Smart EV company that designs, develops, manufactures, and markets smart EVs that appeal to the large and growing base of technology- savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://heyXPENG.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non- GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.8972 to US$1.00, the exchange rate on December 30, 2022, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third- party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

 

As of December 31,

2021

RMB

 

2022

RMB

 

2022

US$

ASSETS

 

 

 

 

 

Current assets

Cash and cash equivalents

11,024,906

 

14,607,774

 

2,117,928

Restricted cash

609,975

 

106,272

 

15,408

Short-term deposits

25,858,007

 

14,921,688

 

2,163,441

Short-term investments

2,833,763

 

1,262,129

 

182,992

Long-term deposits, current portion

-

 

427,466

 

61,977

Accounts and notes receivable, net

2,673,494

 

3,872,846

 

561,510

Installment payment receivables, net,

   current portion

887,202

 

1,294,665

 

187,709

Inventory

2,661,921

 

4,521,373

 

655,537

Amounts due from related parties

32,785

 

47,124

 

6,832

Prepayments and other current assets

2,248,683

 

2,466,084

 

357,547

 

Total current assets

48,830,736

 

43,527,421

 

6,310,881

 

Non-current assets

 

 

 

 

 

Long-term deposits

3,217,266

 

6,926,450

 

1,004,241

Property, plant and equipment, net

5,424,776

 

10,606,745

 

1,537,833

Right-of-use assets, net

1,561,175

 

1,954,618

 

283,393

Intangible assets, net

878,724

 

1,042,972

 

151,217

Land use rights, net

595,471

 

2,747,854

 

398,401

Installment payment receivables, net

1,863,492

 

2,188,643

 

317,323

Long-term investments

1,549,176

 

2,295,032

 

332,748

Other non-current assets

1,730,486

 

201,271

 

29,182

 

Total non-current assets

16,820,566

 

27,963,585

 

4,054,338

 

Total assets

65,651,302

 

71,491,006

 

10,365,219

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   

 

As of December 31,

2021

RMB

 

 

2022

RMB

 

2022

US$

LIABILITIES

Current liabilities

 

 

 

 

 

 

Short-term borrowings

-

 

 

2,419,210

 

 

350,752

 

Accounts and notes payable

12,362,186

 

 

14,222,856

 

 

2,062,120

 

Amounts due to related parties

24,919

 

 

91,111

 

 

13,210

 

Operating lease liabilities, current portion

373,488

 

490,811

 

71,161

 

Finance lease liabilities, current portion

 

-

 

 

128,279

 

 

18,599

 

Deferred revenue, current portion

418,227

 

 

389,243

 

 

56,435

 

Long-term borrowings, current portion

-

 

 

761,859

 

 

110,459

 

Accruals and other liabilities

4,811,107

 

 

5,583,829

 

 

809,579

 

Income taxes payable

22,737

 

 

27,655

 

 

4,010

 

 

Total current liabilities

18,012,664

 

 

24,114,853

 

 

3,496,325

 

 

Non-current liabilities

 

 

 

 

 

 

Long-term borrowings

1,675,106

 

 

4,613,057

 

 

668,830

 

Operating lease liabilities

1,189,754

 

 

1,854,576

 

 

268,888

 

Finance lease liabilities

-

 

 

797,743

 

 

115,662

 

Deferred revenue

479,061

 

 

694,006

 

 

100,621

 

Other non-current liabilities

2,148,139

 

 

2,506,106

 

 

363,351

 

 

Total non-current liabilities

5,492,060

 

 

10,465,488

 

 

1,517,352

 

 

Total liabilities

23,504,724

 

 

34,580,341

 

 

5,013,677

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Class A Ordinary shares

87

 

 

92

 

 

13

 

Class B Ordinary shares

25

 

 

21

 

 

3

 

Additional paid-in capital

59,980,534

 

 

60,691,019

 

 

8,799,371

 

Statutory reserves

6,047

 

 

6,425

 

 

932

 

Accumulated deficit

(16,191,566

)

 

(25,330,916

)

 

(3,672,639

)

Accumulated other comprehensive

   (loss) income

(1,648,549

)

 

1,544,024

 

 

223,862

 

 

Total shareholders’ equity

42,146,578

 

 

36,910,665

 

 

5,351,542

 

 

Total liabilities and shareholders’ equity

65,651,302

 

 

71,491,006

 

 

10,365,219

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

Three Months Ended

 

December 31,

2021

September 30,

2022

December 31,

2022

December 31,

2022

RMB

RMB

RMB

US$

Revenues

Vehicle sales

8,187,181

 

6,241,143

 

4,661,182

 

675,808

 

Services and others

368,827

 

582,344

 

479,167

 

69,473

 

 

 

 

 

 

 

 

 

Total revenues

8,556,008

 

6,823,487

 

5,140,349

 

745,281

 

 

Cost of sales

Vehicle sales

(7,296,930

)

(5,514,695

)

(4,397,201

)

(637,534

)

Services and others

(235,768

)

(385,554

)

(298,084

)

(43,218

)

 

 

 

 

 

 

 

 

Total cost of sales

(7,532,698

)

(5,900,249

)

(4,695,285

)

(680,752

)

 

Gross profit

1,023,310

 

923,238

 

445,064

 

64,529

 

 

Operating expenses

Research and development

   expenses

(1,451,389

)

(1,498,550

)

(1,230,049

)

(178,340

)

Selling, general and

   administrative expenses

(2,015,425

)

(1,626,343

)

(1,755,815

)

(254,569

)

Total operating expenses

(3,466,814

)

(3,124,893

)

(2,985,864

)

(432,909

)

 

Other income, net

13,837

 

24,824

 

23,357

 

3,386

 

Loss from operations

(2,429,667

)

(2,176,831

)

(2,517,443

)

(364,994

)

 

Interest income

264,015

 

289,954

 

273,367

 

39,634

 

Interest expense

(13,841

)

(38,968

)

(51,079

)

(7,406

)

Fair value (loss) gain on derivative

   assets or derivative liabilities

(26,910

)

(8,003

)

1,398

 

203

 

Fair value gain (loss) on long-term

   investments

591,506

 

129,240

 

(102,798

)

(14,904

)

Exchange gain (loss) from foreign

   currency transactions

269,630

 

(550,775

)

(17,454

)

(2,531

)

Other non-operating income

   (loss), net

83,789

 

(2,600

)

37,761

 

5,475

 

 

 

 

 

 

 

 

 

Loss before income tax (expenses)

   benefit and share of results of

   equity method investees

(1,261,478

)

(2,357,983

)

(2,376,248

)

(344,523

)

Income tax (expenses) benefit

(25,687

)

(21,017

)

10,445

 

1,514

 

Share of results of equity method

   investees

-

 

2,852

 

4,628

 

671

 

 

 

 

 

 

 

 

 

Net loss

(1,287,165

)

(2,376,148

)

(2,361,175

)

(342,338

)

Net loss attributable to ordinary

   shareholders of XPeng Inc.

(1,287,165

)

(2,376,148

)

(2,361,175

)

(342,338

)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

 

Three Months Ended

 

December 31,

2021

September 30,

2022

December 31,

2022

December 31,

2022

 

RMB

 

RMB

 

RMB

 

US$

Net loss

(1,287,165

)

 

(2,376,148

)

 

(2,361,175

)

 

(342,338

)

 

Other comprehensive (loss)

   income

 

 

 

 

 

 

 

Foreign currency translation

   adjustment, net of nil tax

(568,659

)

1,686,156

 

(318,072

)

(46,116

)

 

 

 

 

 

 

 

 

Total comprehensive loss

   attributable to XPeng Inc.

(1,855,824

)

(689,992

)

(2,679,247

)

(388,454

)

 

 

 

 

 

 

 

 

Comprehensive loss

   attributable to ordinary

   shareholders of XPeng Inc.

(1,855,824

)

(689,992

)

(2,679,247

)

(388,454

)

 

 

 

 

 

 

 

 

Weighted average number of

   ordinary shares used in

   computing net loss per

   ordinary share

 

 

 

 

 

 

 

Basic and diluted

1,700,956,007

 

 

1,718,162,864

 

 

1,720,448,811

 

 

1,720,448,811

 

 

 

 

 

 

 

 

 

Net loss per ordinary share

   attributable to ordinary

   shareholders

 

 

 

 

 

 

 

Basic and diluted

(0.76

)

(1.38

)

(1.37

)

(0.20

)

 

 

 

 

 

 

 

 

Weighted average number of

   ADS used in computing net

   loss per share

 

 

 

 

 

 

 

Basic and diluted

850,478,004

 

859,081,432

 

860,224,405

 

860,224,405

 

 

 

 

 

 

 

 

 

Net loss per ADS attributable

   to ordinary shareholders

 

 

 

 

 

 

 

Basic and diluted

(1.51

)

(2.77

)

(2.74

)

(0.40

)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

Three Months Ended

 

December 31,

2021

September 30,

2022

 

December 31,

2022

December 31,

2022

RMB

RMB

RMB

US$

 

Loss from operations

(2,429,667

)

(2,176,831

)

(2,517,443

)

(364,994

)

Share-based compensation

   expenses

88,846

 

152,695

 

148,783

 

21,572

 

 

Non-GAAP loss from operations

(2,340,821

)

(2,024,136

)

(2,368,660

)

(343,422

)

 

Net loss

(1,287,165

)

(2,376,148

)

(2,361,175

)

(342,338

)

Share-based compensation

   expenses

88,846

 

152,695

 

148,783

 

21,572

 

 

Non-GAAP net loss

(1,198,319

)

(2,223,453

)

(2,212,392

)

(320,766

)

 

Net loss attributable to ordinary

   shareholders

(1,287,165

)

(2,376,148

)

(2,361,175

)

(342,338

)

Share-based compensation

   expenses

88,846

 

152,695

 

148,783

 

21,572

 

 

Non-GAAP net loss attributable

   to ordinary shareholders of

   XPeng Inc.

(1,198,319

)

(2,223,453

)

(2,212,392

)

(320,766

)

 

Weighted average number of

   ordinary shares used in

   calculating Non-GAAP net loss

   per share

Basic and diluted

1,700,956,007

 

1,718,162,864

 

1,720,448,811

 

1,720,448,811

 

 

Non-GAAP net loss per ordinary

   share

Basic and diluted

(0.70

)

(1.29

)

(1.29

)

(0.19

)

 

Weighted average number of

   ADS used in calculating Non-

   GAAP net loss per share

Basic and diluted

850,478,004

 

859,081,432

 

860,224,405

 

860,224,405

 

 

Non-GAAP net loss per ADS

Basic and diluted

(1.41

)

(2.59

)

(2.57

)

(0.37

)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

 

For the Year Ended December 31

2021

2022

2022

RMB

RMB

US$

 

Revenues

Vehicle sales

20,041,955

 

24,839,637

 

3,601,409

 

Services and others

946,176

 

2,015,482

 

292,217

 

 

 

 

 

 

 

Total revenues

20,988,131

 

26,855,119

 

3,893,626

 

 

Cost of sales

Vehicle sales

(17,733,036

)

(22,493,122

)

(3,261,196

)

Services and others

(632,540

)

(1,273,606

)

(184,656

)

 

 

 

 

 

 

Total cost of sales

(18,365,576

)

(23,766,728

)

(3,445,852

)

 

Gross profit

2,622,555

 

3,088,391

 

447,774

 

 

Operating expenses

Research and development expenses

(4,114,267

)

(5,214,836

)

(756,080

)

Selling, general and administrative

   expenses

(5,305,433

)

(6,688,246

)

(969,705

)

Total operating expenses

(9,419,700

)

(11,903,082

)

(1,725,785

)

 

Other income, net

217,740

 

109,168

 

15,828

 

Loss from operations

(6,579,405

)

(8,705,523

)

(1,262,183

)

 

Interest income

743,034

 

1,058,771

 

153,507

 

Interest expense

(55,336

)

(132,192

)

(19,166

)

Fair value gain on derivative assets or

   derivative liabilities

79,262

 

59,357

 

8,606

 

Fair value gain on long-term

   investments

591,506

 

25,062

 

3,634

 

Exchange gain (loss) from foreign

   currency transactions

313,580

 

(1,460,151

)

(211,702

)

Other non-operating income, net

70,253

 

36,318

 

5,266

 

 

 

 

 

 

 

Loss before income tax expenses and

   share of results of equity method

   investees

(4,837,106

)

(9,118,358

)

(1,322,038

)

Income tax expenses

(25,990

)

(24,731

)

(3,586

)

Share of results of equity method

   investees

-

 

4,117

 

597

 

 

 

 

 

 

 

Net loss

(4,863,096

)

(9,138,972

)

(1,325,027

)

Net loss attributable to ordinary

   shareholders of XPeng Inc.

(4,863,096

)

(9,138,972

)

(1,325,027

)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

 

For the Year Ended December 31

 

2021

2022

2022

 

RMB

 

RMB

 

US$

Net loss

(4,863,096

)

 

(9,138,972

)

 

(1,325,027

)

 

Other comprehensive (loss) income

 

 

 

 

 

Foreign currency translation

   adjustment, net of nil tax

(918,168

)

3,192,573

 

462,880

 

 

 

 

 

 

 

Total comprehensive loss

   attributable to XPeng Inc.

(5,781,264

)

(5,946,399

)

(862,147

)

 

 

 

 

 

 

Comprehensive loss attributable to

   ordinary shareholders of XPeng

   Inc.

(5,781,264

)

(5,946,399

)

(862,147

)

 

 

 

 

 

 

Weighted average number of

   ordinary shares used in

   computing net loss per ordinary

   share

 

 

 

 

 

Basic and diluted

1,642,906,400

 

 

1,712,533,564

 

1,712,533,564

 

 

 

 

 

 

 

Net loss per ordinary share

   attributable to ordinary

   shareholders

 

 

 

 

 

Basic and diluted

(2.96

)

(5.34

)

(0.77

)

 

 

 

 

 

 

Weighted average number of ADS

   used in computing net loss per

   share

 

 

 

 

 

Basic and diluted

821,453,200

 

856,266,782

 

856,266,782

 

 

 

 

 

 

 

Net loss per ADS attributable to

   ordinary shareholders

 

 

 

 

 

Basic and diluted

(5.92

)

(10.67

)

(1.55

)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

 

 

For the Year Ended December 31

2021

2022

2022

RMB

RMB

US$

 

Loss from operations

(6,579,405)

(8,705,523)

(1,262,183)

Share-based compensation expenses

379,948

710,486

103,011

 

Non-GAAP loss from operations

(6,199,457)

(7,995,037)

(1,159,172)

 

Net loss

(4,863,096)

(9,138,972)

(1,325,027)

Share-based compensation expenses

379,948

710,486

103,011

 

Non-GAAP net loss

(4,483,148)

(8,428,486)

(1,222,016)

 

Net loss attributable to ordinary

   shareholders

(4,863,096)

(9,138,972)

(1,325,027)

Share-based compensation expenses

379,948

710,486

103,011

 

Non-GAAP net loss attributable to

   ordinary shareholders of XPeng

   Inc.

(4,483,148)

(8,428,486)

(1,222,016)

 

Weighted average number of

   ordinary shares used in

   calculating Non-GAAP net loss

   per share

Basic and diluted

1,642,906,400

1,712,533,564

1,712,533,564

 

Non-GAAP net loss per ordinary

   share

Basic and diluted

(2.73)

(4.92)

(0.71)

 

Weighted average number of ADS

   used in calculating Non-GAAP net

   loss per share

Basic and diluted

821,453,200

856,266,782

856,266,782

 

Non-GAAP net loss per ADS

Basic and diluted

(5.46)

(9.84)

(1.43)

 

Contacts

For Investor Enquiries

IR Department XPeng Inc.

E-mail: ir@xiaopeng.com

Jenny Cai

The Piacente Group

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: xpeng@tpg-ir.com

For Media Enquiries

PR Department XPeng Inc.

E-mail: pr@xiaopeng.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback