On May 13th, XPeng Motors released its Q1 2021 financial report, with a total gross profit of 11.2% and a per-unit gross profit of 10.1%, with cash reserves of 36.2 billion yuan.
Delivery Data:
XPeng delivered 13,340 cars in Q1 2021, including 7,974 P7s and 5,366 G3s, representing a YoY growth of 487.4% and a MoM growth of 2.9%.
Financial Data:
- Total revenue of RMB 2.951 billion;
- Automotive sales revenue of RMB 2.81 billion, up 655.2% YoY and 2.7% QoQ compared to the same period last year;
- Q1 gross profit margin was 11.2%, up from -4.8% YoY and 7.4% in Q4 last year;
- Per-unit gross profit margin was 10.1%, up from -5.3% YoY and 6.8% QoQ in Q4 last year;
- The total amount of cash and cash equivalents, restricted funds, and short-term investments was RMB 36.2 billion, compared to RMB 35.3421 billion in Q4 last year;
- As of March 31st, there were 178 sales outlets and 61 service outlets covering 70 cities. The brand’s supercharging stations operate 172 locations in 60 cities. As of April 30th, more than 1,000 charging stations have been operated for free, covering 160 cities.
Sales Costs:
The sales cost in Q1 2021 was RMB 2.621 billion, up 506.8% from RMB 432 million in the same period last year, and decreased by 0.7% compared to RMB 2.6408 billion in Q4 last year. The increase was mainly due to the increase in delivery volume, while the decrease was mainly due to the decrease in material costs.
R&D Expenses:
R&D expenses in Q1 2021 were RMB 0.535 billion, up 72.2% YoY from RMB 0.31 billion in the same period last year. The increase is due to 1) the increase in personnel costs, 2) R&D costs for P5, and 3) stock incentives in 2021Q1.
Sales and General Administrative Expenses:
The sales and general administrative expenses in Q1 2021 were RMB 0.72 billion, up 124% YoY from RMB 0.32 billion in the same period last year, and decreased by 21.5% compared to RMB 0.9179 billion in Q4 last year. The increase was mainly due to 1) higher marketing and advertising expenses to support vehicle sales, 2) the increased costs of personnel and site fees as the sales network expands, and 3) stock incentives in 2021Q1.
Q2 2021 Forecast:
Delivery of 15,500 to 16,000 vehicles.
Total revenue is expected to be between RMB 3.4 to 3.5 billion.
Source: XPeng Motors
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