Today, XPeng Motors released its Q4 and full-year 2022 financial report. Let’s take a look together.
Profit Data
-
XPeng Motors achieved a revenue of CNY 26.86 billion for the full year, a year-on-year increase of 28%. Among them, vehicle sales revenue was CNY 24.84 billion, a year-on-year increase of 23.9%; Q4 revenue was CNY 5.14 billion, a year-on-year decrease of 39.9% and a quarter-on-quarter decrease of 24.7%. Of which, vehicle sales revenue was CNY 4.66 billion, a year-on-year decrease of 43.1% and a quarter-on-quarter decrease of 25.3%;
-
The total gross profit for the full year was CNY 3.088 billion, a year-on-year increase of 15.09%. The Q4 total gross profit was CNY 445 million, a year-on-year decrease of 56.5% and a quarter-on-quarter decrease of 51.8%;
-
The overall gross profit margin for the full year was 11.5%, a year-on-year decrease of 1%. The Q4 overall gross profit margin was 8.7%, compared to 13.5% in the previous quarter, a year-on-year decrease of 3.3% and a quarter-on-quarter decrease of 4.8%;
-
The gross profit margin per vehicle for the full year was 9.4%, a year-on-year decrease of 2.1%. The Q4 gross profit margin per vehicle was 5.7%, compared to 13.5% in the previous quarter, a year-on-year decrease of 5.2% and a quarter-on-quarter decrease of 5.9%;
-
The net loss for the full year was CNY 9.14 billion, an 88.06% year-on-year increase compared to CNY 4.86 billion last year. The net loss for Q4 was CNY 2.36 billion, a year-on-year increase of 83.4%, and a quarter-on-quarter decrease of 0.6%.
Cash Data
-
As of December 31, 2022, the company’s cash reserves were CNY 38.25 billion, a year-on-year decrease of 13.83% compared to CNY 43.54 billion at the end of 2021. Cash and cash equivalents were CNY 14.607 billion, a year-on-year increase of 38.2% compared to CNY 27.85 billion last year.
-
The free cash flow for the full year was CNY 106 million, a significant year-on-year decrease of 473.97% compared to CNY 610 million last year.
Other Data
Xpeng’s R&D investment in the whole year amounted to CNY 5.21 billion, a YoY growth of 21.1%. The R&D expenditure in Q4 was CNY 1.23 billion, a YoY decrease of 18% and a QoQ decrease of 21.8%.
The total delivery volume in 2022 was 120,757, up 23.0% YoY. Among them, the delivery volume of P7 was 63,396, up 17.8% YoY; the delivery volume of G3i was 50,988, up 30.4% YoY; and the delivery volume of G9 was 6,373.
From September 2022 to January 2023, Xpeng Motors only delivered more than 10,000 vehicles in December. In other months, the sales volume generally reached only about 5,000 or 6,000.
Xpeng’s expectations for Q1 2023 are as follows:
-
The expected vehicle delivery volume is between 18,000 and 19,000, an increase of about -48% to -45% compared with Q1 2022;
-
The expected total revenue is between CNY 4 billion and CNY 4.2 billion, an increase of about -46% to -44% compared with Q1 2022.
Conclusion
2022 was undoubtedly a difficult year for Xpeng, with pressure from competitors and long-term impacts from the COVID-19 pandemic leading to less favorable financial numbers. The disappointing launch of the G9 also had a great impact on Xpeng.
Fortunately, Xpeng began to reorganize its structure from Q4 and seemed to be heading in a positive direction with the release of the P7i. Is this the darkness before the dawn for Xpeng? Let us look forward to the answers in the Q1 and Q2 financial reports.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.