小鹏汽车公布2023年第四季度及财年未经审计财务业绩-11页_98kb

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XPENG Inc. Fourth Quarter and Fiscal Year 2023 Financial Summary

Core Financial Performance

XPENG Inc. ("XPENG") reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023, showing significant growth in vehicle deliveries and revenue, but a decline in gross margin and net loss.

Fourth Quarter Highlights (Q4 2023)

Total Deliveries: 60,158 units, up 170.9% from Q4 2022.
Total Revenues: RMB13.05 billion (US$1.84 billion), up 153.9% year-over-year (YoY) and 53.0% quarter-over-quarter (QoQ).
Vehicle Sales Revenue: RMB12.23 billion (US$1.72 billion), up 162.3% YoY and 55.9% QoQ.
Services and Others Revenue: RMB0.82 billion (US$0.12 billion), up 71.6% YoY and 20.0% QoQ.
Gross Margin: 6.2%, up 8.9 percentage points QoQ, but down 10.0 percentage points YoY from 14.2% in 2022.
Vehicle Margin: 4.1%, up 10.2 percentage points QoQ, but down 1.6 percentage points YoY from 5.7% in 2022.
Net Loss: RMB1.35 billion (US$0.19 billion), down 42.9% YoY and 65.3% QoQ.
Non-GAAP Net Loss: RMB1.77 billion (US$0.25 billion), down 19.9% YoY and 36.5% QoQ.
Cash and Cash Equivalents: RMB45.70 billion (US$6.44 billion), up from RMB36.48 billion as of September 30, 2023.

Full Fiscal Year 2023 Highlights

Total Deliveries: 141,601 units, up 17.3% YoY.
Total Revenues: RMB30.68 billion (US$4.32 billion), up 14.2% YoY.
Vehicle Sales Revenue: RMB28.01 billion (US$3.95 billion), up 12.8% YoY.
Services and Others Revenue: RMB2.67 billion (US$0.38 billion), up 32.2% YoY.
Gross Margin: 1.5%, down 10.0 percentage points YoY from 11.5% in 2022.
Vehicle Margin: Negative 1.6%, down 11.0 percentage points YoY from 9.4% in 2022.
Net Loss: RMB10.38 billion (US$1.46 billion), up 13.5% YoY from RMB9.14 billion in 2022.
Non-GAAP Net Loss: RMB9.44 billion (US$1.33 billion), up 12.5% YoY from RMB8.43 billion in 2022.

Operational and Strategic Developments

Sales Network: XPENG had 500 physical stores covering 181 cities as of December 31, 2023.
Charging Network: Self-operated charging stations reached 1,108, including 902 supercharging stations.
New Product Launch: XPENG X9, a smart large seven-seater MPV, was launched on January 1, 2024, and began deliveries in the same month.
Strategic Collaboration: A Master Agreement was signed with the Volkswagen Group for technical collaboration and joint sourcing, aiming to reduce costs and enhance innovation.

Management Commentary

XPENG's vehicle deliveries continued to grow throughout 2023, reaching over 60,000 units in Q4 2023.
The company is preparing for a major product cycle and plans to launch more than 10 new models over the next three years.
It is committed to advancing autonomous driving technology and expanding its international market presence.
Cost reduction and operational improvements are contributing to margin expansion.
The company has a strong cash position, with cash on hand exceeding RMB45 billion as of December 31, 2023.

Business Outlook

For Q1 2024, XPENG expects:

Vehicle Deliveries: Between 21,000 and 22,500 units, representing a YoY increase of 15.2% to 23.4%.
Total Revenues: Between RMB5.8 billion and RMB6.2 billion, a YoY increase of 43.8% to 53.7%.

Financial Measures and Reconciliation

XPENG uses non-GAAP measures for financial analysis, excluding share-based compensation, fair value gains/losses on derivative liabilities, and contingent consideration gains.
These measures are intended to provide better visibility into the company's underlying performance and future prospects.
The reconciliation of GAAP to non-GAAP results is available in the company's announcement.

Conference Call Details

The earnings call was scheduled for March 19, 2024, at 8:00 AM U.S. Eastern Time.
A live and archived webcast was available on the company's investor relations website.
Replay access was available via phone numbers and an access code for approximately one week.

About XPENG

XPENG is a leading Chinese smart electric vehicle (Smart EV) company, focused on technology-savvy middle-class consumers.
It develops full-stack advanced driver-assistance systems and in-car intelligent operating systems.
The company is headquartered in Guangzhou, China, with offices in Beijing, Shanghai, Silicon Valley, San Diego, and Amsterdam.
Its Smart EVs are produced in Zhaoqing and Guangzhou, Guangdong province.

Exchange Rate and Disclaimer

All RMB figures were converted using an exchange rate of RMB7.0999 to US$1.00, as of December 29, 2023.
The company includes forward-looking statements, which are subject to risks and uncertainties.
Investors are encouraged to review the full financial report and consider all risks and uncertainties associated with future performance.

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