XPeng Q3 Financial Report Released (Unaudited), First Quarterly Gross Profit Turned Positive
Operational Highlights
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8,578 vehicles were delivered in Q3, a YoY increase of 265.8%;
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6,210 P7 vehicles were delivered in Q3;
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98% of the delivered P7 vehicles were equipped with XPILOT 2.5 or 3.0;
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As of September 30, XPeng has established 50 service centers and 116 sales outlets in 58 cities in China, with 135 fast charging stations built in 50 cities.
Key Financial Information
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Total revenue was RMB 1.99 billion;
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Automotive sales revenue was RMB 1.898 billion;
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The overall gross profit margin in Q3 was 4.6%, compared to -10.1% in the same period last year and -2.7% in Q2 this year;
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The gross profit margin per vehicle was 3.2%, compared to -10.8% in the same period last year and -5.6% in Q2 this year;
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Total cash, restricted funds, and short-term investments were RMB 19.998 billion;
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The average selling price per vehicle in Q3 was RMB 221,000.
Sales Cost:
The sales cost for Q3 2020 was RMB 1.899 billion, an increase of 283.5% from RMB 495 million in the same period last year and an increase of 212.8% from RMB 607 million in Q2 this year, mainly due to the increase in vehicle deliveries.
R&D Expenses:
R&D expenses for Q3 2020 were RMB 635 million, an increase of 46.1% from RMB 435 million in the same period last year and an increase of 98.7% from RMB 320 million in Q2 this year.
Selling and General Administrative Expenses:
The selling and general administrative expenses for Q3 2020 were RMB 1.204 billion, an increase of 320.8% YoY from RMB 286 million in the same period last year and an increase of 152.3% from RMB 477 million in Q2 this year. The increase was mainly due to a substantial share-based compensation expense. Another major reason for the increase, aside from the equity compensation cost, was the promotional, marketing, and advertising expenses related to the increased sales volume.
After the financial report was released, XPeng’s stock price surged 10% in pre-market trading, with a high of USD 37 per share.The following is the translated Markdown text from Chinese to English, with HTML tags preserved:
🔗 Information source: XPeng Q3 2020 Unaudited Financial Results
XPeng Reports 3Q 2020 Unaudited Financial Results
Highlights
- Total revenues reached RMB 1,990.1 million, representing an increase of 342.5% YoY.
- Vehicle deliveries were 8,578 units, representing an increase of 265.8% YoY.
- Gross profit was RMB 204.2 million, compared with gross loss of RMB 118.1 million in the same period of 2019.
- Operating loss was RMB 787.4 million, compared with operating loss of RMB 1,149.9 million in the same period of 2019.
- Non-GAAP adjusted net loss was RMB 589.8 million, compared with non-GAAP adjusted net loss of RMB 1,003.6 million in the same period of 2019.
Business Highlights
XPeng’s deliveries in the third quarter of 2020 were 8,578, an increase of 265.8% from the same period in 2019. The total revenues for the quarter were RMB 1,990.1 million, up 342.5% YoY, driven by significant growth in vehicle deliveries and increased service revenues. The gross margin for the third quarter was 10.3%, compared with negative 17.6% for the same period in 2019.
XPeng’s third quarter 2020 R&D expenses rose to RMB 402.7 million, up 87.2% from the same period in 2019, reflecting the company’s ongoing commitment to technological innovation.
XPeng ended September 2020 with cash and cash equivalents, restricted cash and short-term investments of RMB 14,285.3 million.
Quote
“We are pleased to report record third quarter results, reflecting the strong execution of our growth strategy,” said Mr. Brian Gu, Vice Chairman & President of XPeng. “Our deliveries of smart EVs continued to increase significantly, driven by growing brand awareness, expanded sales network and strong product appeal, including the newly launched P7. Together with our strategic initiatives such as battery leasing and Super Charging, we are strengthening our leadership in China’s rapidly growing smart EV market.”
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.