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 ended September 30, 2024.
Operational and Financial Highlights for
the Three Months Ended September 30, 2024
|
|
2024Q3 |
2024Q2 |
2024Q1 |
2023Q4 |
2023Q3 |
2023Q2 |
|
|
|
|
|
|
|
|
|
Total deliveries |
46,533 |
30,207 |
21,821 |
60,158 |
40,008 |
23,205 |
|
|
|
|
|
|
|
|
- Total deliveries of
vehicles were 46,533 for the third quarter of 2024,
representing an increase of 16.3% from 40,008 in the corresponding
period of 2023.
- XPENG’s physical sales
network had a total of 639 stores, covering 206 cities as
of September 30, 2024.
-
XPENG
self-operated
charging
station
network reached 1,557 stations,
including 654 XPENG S4 ultra-fast charging stations as of September
30, 2024.
- Total revenues
were RMB10.10 billion (US$1.44 billion) for the third quarter of
2024, representing an increase of 18.4% from the same period of
2023, and an increase of 24.5% from the second quarter of
2024.
- Revenues
from vehicle
sales were RMB8.80 billion (US$1.25 billion) for
the third quarter of 2024, representing an increase of 12.1% from
the same period of 2023, and an increase of 29.0% from the second
quarter of 2024.
- Gross margin was
15.3% for the third quarter of 2024, compared with negative 2.7%
for the same period of 2023 and 14.0% for the second quarter of
2024.
- Vehicle margin,
which is gross profit or loss of vehicle sales as a percentage of
vehicle sales revenue, was 8.6% for the third quarter of 2024,
compared with negative 6.1% for the same period of 2023 and 6.4%
for the second quarter of 2024.
- Net loss was
RMB1.81 billion (US$0.26 billion) for the third quarter of 2024,
compared with RMB3.89 billion for the same period of 2023 and
RMB1.28 billion for the second quarter of 2024. Excluding
share-based compensation expenses, fair value loss on derivative
liability and fair value gain (loss) on derivative liability
relating to the contingent consideration, non-GAAP net
loss was RMB1.53 billion (US$0.22 billion) for the third
quarter of 2024, compared with RMB2.79 billion for the same period
of 2023 and RMB1.22 billion for the second quarter of 2024.
- Net loss attributable to
ordinary shareholders of XPENG was RMB1.81 billion
(US$0.26 billion) for the third quarter of 2024, compared with
RMB3.89 billion for the same period of 2023 and RMB1.28 billion for
the second quarter of 2024. Excluding share-based compensation
expenses, fair value loss on derivative liability and fair value
gain (loss) on derivative liability relating to the contingent
consideration, non-GAAP net loss attributable to ordinary
shareholders of XPENG was RMB1.53 billion (US$0.22
billion) for the third quarter of 2024, compared with RMB2.79
billion for the same period of 2023 and RMB1.22 billion for the
second quarter of 2024.
- Basic and diluted net loss
per American depositary share (ADS) were both RMB1.91
(US$0.27) and basic and diluted net loss per ordinary
share were both RMB0.95 (US$0.14) for the third quarter of
2024. Each ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted
net loss per ADS were both RMB1.62 (US$0.23) and
non-GAAP basic and diluted net loss per ordinary
share were both RMB0.81 (US$0.12) for the third quarter of
2024.
- Cash and cash equivalents,
restricted cash, short-term investments and time deposits
were RMB35.75 billion (US$5.09 billion) as of September 30, 2024,
compared with RMB37.33 billion as of June 30, 2024. Time deposits
include restricted short-term deposits, short-term deposits,
restricted long-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 |
|
|
September 30, |
June 30, |
September 30, |
|
|
|
2024 |
2024 |
2023 |
YoY |
QoQ |
|
|
|
|
|
|
|
| Vehicle sales |
8.80 |
6.82 |
7.84 |
12.1% |
29.0% |
| Vehicle margin |
8.6% |
6.4% |
-6.1% |
14.7pts |
2.2pts |
| Total revenues |
10.10 |
8.11 |
8.53 |
18.4% |
24.5% |
| Gross profit (loss) |
1.54 |
1.14 |
(0.23) |
776.2% |
35.7% |
| Gross margin |
15.3% |
14.0% |
-2.7% |
18.0pts |
1.3pts |
| Net loss |
1.81 |
1.28 |
3.89 |
-53.5% |
40.7% |
| Non-GAAP net loss |
1.53 |
1.22 |
2.79 |
-45.1% |
25.5% |
| Net loss attributable to ordinary shareholders |
1.81 |
1.28 |
3.89 |
-53.5% |
40.7% |
| Non-GAAP net loss attributable to ordinary shareholders |
1.53 |
1.22 |
2.79 |
-45.1% |
25.5% |
| Comprehensive loss attributable to ordinary shareholders |
2.09 |
1.20 |
4.01 |
-47.8% |
74.6% |
| |
|
|
|
|
|
|
i Except for vehicle
margin and gross margin, where absolute changes instead of
percentage changes are presented |
| |
|
|
|
|
|
Management Commentary
“Our core competences and execution capabilities
have been significantly transformed. The successful launch of M03
and P7+ marks the beginning of a strong growth cycle underpinned by
our major product cycles,” said Mr. Xiaopeng He, Chairman and CEO
of XPENG. “I believe the next decade will be the era of AI. I am
confident that I can lead XPENG to become a global AI auto company
and accelerate the mass adoption of AI in mobility.”
“Through technology-driven cost reductions and
significant quarter-over-quarter volume growth, our gross margin
reached historical high at 15.3%, achieving the fifth consecutive
quarterly margin improvement,” added Dr. Hongdi Brian Gu, Vice
Chairman and Co-President of XPENG. “Our major product cycle will
not only boost sales volume growth but also contribute to healthy
gross profit and cash flow. This robust financial foundation will
empower us to continue to invest in R&D of AI technology and
provide our customers with superior products and services.”
Recent Developments
Deliveries in
October 2024
- Total deliveries
were 23,917 vehicles in October 2024.
- As of October
31, 2024, year-to-date total deliveries were 122,478 vehicles.
2024 XPENG AI Day
On November 6, 2024, XPENG hosted its 2024 AI
Day event in Guangzhou. The Company unveiled its cutting-edge
technologies and innovations, including XPENG Kunpeng Super
Electric System, Turing AI Intelligent Driving System and AI
Robot.
Launch of XPENG P7+
On November 7, 2024, XPENG officially launched
the P7+, an AI-defined smart electric fastback sedan, and commenced
mass delivery in the same month. The P7+ comes standard with
end-to-end AI-driven advanced driver assistance system (ADAS)
technology, offering industry-leading urban ADAS capabilities that
do not rely on high-definition (HD) maps or LiDARs.
ESG Performance
XPENG has been awarded the highest “AAA” ESG
rating by Morgan Stanley Capital International (“MSCI”) for the
second consecutive year, being recognized for its outstanding
performance in clean technology, product carbon footprint, and
corporate governance.
XPENG is also the only company in China’s
automotive manufacturing industry to have been named the “Industry
Mover” by S&P Global for two consecutive years.
Unaudited Financial Results for the
Three Months Ended September 30, 2024
Total revenues were RMB10.10
billion (US$1.44 billion) for the third quarter of 2024,
representing an increase of 18.4% from RMB8.53 billion for the same
period of 2023 and an increase of 24.5% from RMB8.11 billion for
the second quarter of 2024.
Revenues from vehicle sales
were RMB8.80 billion (US$1.25 billion) for the third quarter of
2024, representing an increase of 12.1% from RMB7.84 billion for
the same period of 2023, and an increase of 29.0% from RMB6.82
billion for the second quarter of 2024. The year-over-year and
quarter-over-quarter increases were mainly attributable to higher
deliveries.
Revenues from services and
others were RMB1.31 billion (US$0.19 billion) for the
third quarter of 2024, representing an increase of 90.7% from
RMB0.69 billion for the same period of 2023 and an increase of 1.1%
from RMB1.29 billion for the second quarter of 2024. The
year-over-year increase was mainly attributable to the increased
revenue from technical research and development services
(“R&D services”) related to the platform and
software strategic technical collaboration, as well as
electrical/electronic architecture (“EEA”)
technical collaboration with the Volkswagen Group. The
quarter-over-quarter increase was mainly attributable to the
revenue from technical R&D services related to EEA technical
collaboration with the Volkswagen Group, partially offset by the
decrease in parts and accessories sales.
Cost of sales was RMB8.56
billion (US$1.22 billion) for the third quarter of 2024,
representing a decrease of 2.3% from RMB8.76 billion for the same
period of 2023 and an increase of 22.7% from RMB6.98 billion for
the second quarter of 2024. The year-over-year decrease was
primarily attributable to the cost reduction and the improvement in
product mix of models. The quarter-over-quarter increase was mainly
in line with vehicle deliveries as described above, partially
offset by the lower average cost of sales due to cost
reduction.
Gross margin was 15.3% for the
third quarter of 2024, compared with negative 2.7% for the same
period of 2023 and 14.0% for the second quarter of 2024.
Vehicle margin was 8.6% for the
third quarter of 2024, compared with negative 6.1% for the same
period of 2023 and 6.4% for the second quarter of 2024. The
year-over-year increase was primarily attributable to the cost
reduction and the improvement in product mix of models. The
quarter-over-quarter increase was primarily attributable to the
cost reduction.
Services and others margin was
60.1% for the third quarter of 2024, compared with 36.1% for the
same period of 2023 and 54.3% for the second quarter of 2024. The
year-over-year and quarter-over-quarter increases were primarily
attributable to the higher gross margin from the aforementioned
revenue from technical R&D services.
Research and development
expenses were RMB1.63 billion (US$0.23 billion) for the
third quarter of 2024, representing an increase of 25.1% from
RMB1.31 billion for the same period of 2023 and an increase of
11.3% from RMB1.47 billion for the second quarter of 2024. The
year-over-year and quarter-over-quarter increases were mainly due
to higher expenses related to the development of new vehicle models
as the Company expanded its product portfolio to support future
growth.
Selling, general and administrative
expenses were RMB1.63 billion (US$0.23 billion) for the
third quarter of 2024, representing a decrease of 3.5% from RMB1.69
billion for the same period of 2023 and an increase of 3.8% from
RMB1.57 billion for the second quarter of 2024. The year-over-year
decrease was primarily due to lower employee compensation. The
quarter-over-quarter increase was mainly due to higher commission
paid to the franchised stores.
Other income, net was RMB0.04
billion (US$0.01 billion) for the third quarter of 2024,
representing a decrease of 38.8% from RMB0.07 billion for the same
period of 2023 and a decrease of 85.7% from RMB0.28 billion for the
second quarter of 2024. The year-over-year and quarter-over-quarter
decreases were primarily due to the decrease in government
subsidies.
Fair value gain (loss) on derivative
liability relating to the contingent consideration was
loss of RMB0.16 billion (US$0.02 billion) for the third quarter of
2024, compared with gain of RMB0.02 billion for the second quarter
of 2024. This non-cash gain (loss) resulted from the fair value
change of the contingent consideration related to the acquisition
of DiDi’s smart auto business.
Loss from operations was
RMB1.85 billion (US$0.26 billion) for the third quarter of 2024,
compared with RMB3.16 billion for the same period of 2023 and
RMB1.61 billion for the second quarter of 2024.
Non-GAAP loss from operations,
which excludes share-based compensation expenses, fair value loss
on derivative liability and fair value gain (loss) on derivative
liability relating to the contingent consideration, was RMB1.57
billion (US$0.22 billion) for the third quarter of 2024, compared
with RMB3.04 billion for the same period of 2023 and RMB1.54
billion for the second quarter of 2024.
Net loss was RMB1.81 billion
(US$0.26 billion) for the third quarter of 2024, compared with
RMB3.89 billion for the same period of 2023 and RMB1.28 billion for
the second quarter of 2024.
Non-GAAP net loss, which
excludes share-based compensation expenses, fair value loss on
derivative liability and fair value gain (loss) on derivative
liability relating to the contingent consideration, was RMB1.53
billion (US$0.22 billion) for the third quarter of 2024, compared
with RMB2.79 billion for the same period of 2023 and RMB1.22
billion for the second quarter of 2024.
Net loss attributable to ordinary
shareholders of XPENG was RMB1.81 billion (US$0.26
billion) for the third quarter of 2024, compared with RMB3.89
billion for the same period of 2023 and RMB1.28 billion for the
second quarter of 2024.
Non-GAAP net loss attributable to
ordinary shareholders of XPENG, which excludes share-based
compensation expenses, fair value loss on derivative liability and
fair value gain (loss) on derivative liability relating to the
contingent consideration, was RMB1.53 billion (US$0.22 billion) for
the third quarter of 2024, compared with RMB2.79 billion for the
same period of 2023 and RMB1.22 billion for the second quarter of
2024.
Basic and diluted net loss per
ADS were both RMB1.91 (US$0.27) for the third quarter of
2024, compared with RMB4.49 for the third quarter of 2023 and
RMB1.36 for the second quarter of 2024.
Non-GAAP basic and diluted net loss per
ADS were both RMB1.62 (US$0.23) for the third quarter of
2024, compared with RMB3.23 for the third quarter of 2023 and
RMB1.29 for the second quarter of 2024.
Balance Sheets
As of September 30, 2024, the Company had cash
and cash equivalents, restricted cash, short-term investments and
time deposits of RMB35.75 billion (US$5.09 billion), compared with
RMB36.48 billion as of September 30, 2023 and RMB37.33 billion as
of June 30, 2024.
Business Outlook
For the fourth quarter of 2024, the Company
expects:
- Deliveries
of vehicles to be between 87,000
and 91,000, representing a year-over-year increase of approximately
44.6% to 51.3%.
- Total
revenues to be between RMB15.3 billion and RMB16.2
billion, representing a year-over-year increase of approximately
17.2% to 24.1%.
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 November 19, 2024
(9:00 PM Beijing/Hong Kong Time on November 19, 2024).
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 Third Quarter 2024 Earnings
Conference Call Pre-registration link:
https://s1.c-conf.com/diamondpass/10042900-9iletx.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 an hour after the conclusion of the call
until November 26, 2024, 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: |
|
10042900 |
|
|
|
|
About
XPENG
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, 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://www.xpeng.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, fair value gain (loss) on
derivative liability and fair value gain on derivative liability
relating to the contingent consideration, 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 RMB7.0176 to US$1.00, the exchange rate on
September 30, 2024, 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, 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.
For Investor
EnquiriesIR DepartmentXPeng Inc.E-mail:
ir@xiaopeng.com
Jenny CaiPiacente Financial CommunicationsTel:
+1-212-481-2050 or +86-10-6508-0677E-mail: xpeng@tpg-ir.com
For Media Enquiries PR
DepartmentXPeng Inc.E-mail: pr@xiaopeng.com
Source: XPeng Inc.
|
XPENG
INC.UNAUDITED
CONDENSED CONSOLIDATED
BALANCE SHEETS(All amounts in
thousands, except for ADS/ordinary share and per ADS/ordinary share
data) |
|
|
|
|
|
December 31,2023 |
|
September 30,2024 |
|
September 30,2024 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
21,127,163 |
|
10,660,654 |
|
1,519,131 |
| Restricted cash |
|
3,174,886 |
|
2,769,472 |
|
394,647 |
| Short-term deposits |
|
9,756,979 |
|
13,225,316 |
|
1,884,592 |
| Restricted short-term
deposits |
|
- |
|
138,328 |
|
19,712 |
| Short-term investments |
|
781,216 |
|
270,154 |
|
38,497 |
| Long-term deposits, current
portion |
|
7,054,915 |
|
2,915,837 |
|
415,503 |
| Accounts and notes receivable,
net |
|
2,716,216 |
|
2,335,452 |
|
332,799 |
| Installment payment
receivables, net, current portion |
|
1,881,755 |
|
2,212,795 |
|
315,321 |
| Inventory |
|
5,526,212 |
|
6,142,463 |
|
875,294 |
| Amounts due from related
parties |
|
12,948 |
|
44,536 |
|
6,346 |
| Prepayments and other current
assets |
|
2,489,339 |
|
3,255,702 |
|
463,935 |
| Total current
assets |
|
54,521,629 |
|
43,970,709 |
|
6,265,777 |
| Non-current
assets |
|
|
|
|
|
|
| Long-term deposits |
|
3,035,426 |
|
3,860,904 |
|
550,174 |
| Restricted long-term
deposits |
|
767,899 |
|
1,908,835 |
|
272,007 |
| Property, plant and equipment,
net |
|
10,954,485 |
|
11,436,026 |
|
1,629,621 |
| Right-of-use assets, net |
|
1,455,865 |
|
1,224,553 |
|
174,497 |
| Intangible assets, net |
|
4,948,992 |
|
4,572,126 |
|
651,523 |
| Land use rights, net |
|
2,789,367 |
|
2,756,930 |
|
392,859 |
| Installment payment
receivables, net |
|
3,027,795 |
|
4,457,984 |
|
635,258 |
| Long-term investments |
|
2,084,933 |
|
1,816,317 |
|
258,823 |
| Other non-current assets |
|
576,150 |
|
430,398 |
|
61,331 |
| Total non-current
assets |
|
29,640,912 |
|
32,464,073 |
|
4,626,093 |
| Total
assets |
|
84,162,541 |
|
76,434,782 |
|
10,891,870 |
| |
|
|
|
|
|
|
|
XPENG INC.UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)(All amounts in thousands, except for
ADS/ordinary share and per ADS/ordinary share data) |
|
|
|
|
|
December 31, 2023 |
|
September 30,2024 |
|
September 30,2024 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
| Current
liabilities |
|
|
|
|
|
|
|
Short-term borrowings |
|
3,889,100 |
|
4,410,002 |
|
628,420 |
| Accounts and notes
payable |
|
22,210,431 |
|
16,864,060 |
|
2,403,109 |
| Amounts due to related
parties |
|
30,880 |
|
- |
|
- |
| Operating lease liabilities,
current portion |
|
365,999 |
|
320,550 |
|
45,678 |
| Finance lease liabilities,
current portion |
|
34,382 |
|
35,131 |
|
5,006 |
| Deferred revenue, current
portion |
|
630,997 |
|
863,330 |
|
123,024 |
| Long-term borrowings, current
portion |
|
1,363,835 |
|
2,189,590 |
|
312,014 |
| Accruals and other
liabilities |
|
7,580,195 |
|
7,334,737 |
|
1,045,192 |
| Income taxes payable |
|
5,743 |
|
8,187 |
|
1,167 |
| Total current
liabilities |
|
36,111,562 |
|
32,025,587 |
|
4,563,610 |
| Non-current
liabilities |
|
|
|
|
|
|
| Long-term borrowings |
|
5,650,782 |
|
6,377,610 |
|
908,802 |
| Operating lease
liabilities |
|
1,490,882 |
|
1,308,628 |
|
186,478 |
| Finance lease liabilities |
|
777,697 |
|
774,722 |
|
110,397 |
| Deferred revenue |
|
668,946 |
|
688,724 |
|
98,142 |
| Derivative liability |
|
393,473 |
|
355,192 |
|
50,614 |
| Deferred tax liabilities |
|
404,018 |
|
367,769 |
|
52,407 |
| Other non-current
liabilities |
|
2,336,654 |
|
2,509,284 |
|
357,570 |
| Total non-current
liabilities |
|
11,722,452 |
|
12,381,929 |
|
1,764,410 |
| Total
liabilities |
|
47,834,014 |
|
44,407,516 |
|
6,328,020 |
| SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
| Class A Ordinary shares |
|
103 |
|
104 |
|
15 |
| Class B Ordinary shares |
|
21 |
|
21 |
|
3 |
| Additional paid-in
capital |
|
70,198,031 |
|
70,528,009 |
|
10,050,161 |
| Statutory and other
reserves |
|
60,035 |
|
88,434 |
|
12,602 |
| Accumulated deficit |
|
(35,760,301) |
|
(40,248,990) |
|
(5,735,435) |
| Accumulated other
comprehensive income |
|
1,830,638 |
|
1,659,688 |
|
236,504 |
| Total shareholders'
equity |
|
36,328,527 |
|
32,027,266 |
|
4,563,850 |
| Total liabilities and
shareholders’ equity |
|
84,162,541 |
|
76,434,782 |
|
10,891,870 |
| |
|
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 |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
2023 |
|
2024 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
| Revenues |
|
|
|
|
|
|
|
|
Vehicle sales |
7,844,239 |
|
6,818,867 |
|
8,795,011 |
|
1,253,279 |
|
Services and others |
685,282 |
|
1,292,540 |
|
1,306,699 |
|
186,203 |
| Total
revenues |
8,529,521 |
|
8,111,407 |
|
10,101,710 |
|
1,439,482 |
| Cost of
sales |
|
|
|
|
|
|
|
|
Vehicle sales |
(8,319,890) |
|
(6,384,289) |
|
(8,039,240) |
|
(1,145,583) |
|
Services and others |
(437,589) |
|
(591,328) |
|
(521,022) |
|
(74,245) |
| Total cost of
sales |
(8,757,479) |
|
(6,975,617) |
|
(8,560,262) |
|
(1,219,828) |
| Gross (loss)
profit |
(227,958) |
|
1,135,790 |
|
1,541,448 |
|
219,654 |
| Operating
expenses |
|
|
|
|
|
|
|
|
Research and development expenses |
(1,305,868) |
|
(1,466,752) |
|
(1,633,071) |
|
(232,711) |
|
Selling, general and administrative expenses |
(1,692,194) |
|
(1,573,601) |
|
(1,633,196) |
|
(232,729) |
| Total operating
expense |
(2,998,062) |
|
(3,040,353) |
|
(3,266,267) |
|
(465,440) |
| Other income, net |
65,192 |
|
278,843 |
|
39,908 |
|
5,687 |
| Fair value gain (loss) on
derivative liability relating to the |
|
|
|
|
|
|
|
|
contingent consideration |
- |
|
16,662 |
|
(162,185) |
|
(23,111) |
| Loss from
operations |
(3,160,828) |
|
(1,609,058) |
|
(1,847,096) |
|
(263,210) |
| Interest income |
314,004 |
|
356,682 |
|
318,021 |
|
45,318 |
| Interest expense |
(65,767) |
|
(81,399) |
|
(83,461) |
|
(11,893) |
| Fair value loss on derivative
assets |
|
|
|
|
|
|
|
|
or derivative liabilities |
(971,832) |
|
- |
|
- |
|
- |
| Investment loss on long-term
investments |
(8,782) |
|
(35,836) |
|
(216,768) |
|
(30,889) |
| Exchange gain from foreign
currency transactions |
5,972 |
|
20,801 |
|
47,565 |
|
6,778 |
| Other non-operating income,
net |
4,282 |
|
3,525 |
|
6,444 |
|
918 |
| Loss before income tax
(expenses) benefit and share |
|
|
|
|
|
|
|
|
of results of equity method investees |
(3,882,951) |
|
(1,345,285) |
|
(1,775,295) |
|
(252,978) |
| Income tax (expenses)
benefit |
(682) |
|
33,773 |
|
(7,025) |
|
(1,001) |
| Share of results of equity
method investees |
(2,917) |
|
26,831 |
|
(25,400) |
|
(3,619) |
| Net loss |
(3,886,550) |
|
(1,284,681) |
|
(1,807,720) |
|
(257,598) |
| Net loss attributable
to ordinary shareholders of XPeng Inc. |
(3,886,550) |
|
(1,284,681) |
|
(1,807,720) |
|
(257,598) |
|
|
|
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 |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
2023 |
|
2024 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
| Net loss |
(3,886,550) |
|
(1,284,681) |
|
(1,807,720) |
|
(257,598) |
| Other comprehensive
loss |
|
|
|
|
|
|
|
| Foreign currency translation
adjustment, net of tax |
(123,081) |
|
86,709 |
|
(284,343) |
|
(40,519) |
| Total comprehensive
loss attributable to XPeng Inc. |
(4,009,631) |
|
(1,197,972) |
|
(2,092,063) |
|
(298,117) |
| Comprehensive loss
attributable to ordinary shareholders |
|
|
|
|
|
|
|
|
of XPeng Inc. |
(4,009,631) |
|
(1,197,972) |
|
(2,092,063) |
|
(298,117) |
| Weighted average
number of ordinary shares |
|
|
|
|
|
|
|
|
used in computing net loss per ordinary share |
|
|
|
|
|
|
|
| Basic and diluted |
1,729,980,347 |
|
1,888,024,660 |
|
1,893,857,778 |
|
1,893,857,778 |
| Net loss per ordinary
share attributable to ordinary |
|
|
|
|
|
|
|
|
shareholders |
|
|
|
|
|
|
|
| Basic and diluted |
(2.25) |
|
(0.68) |
|
(0.95) |
|
(0.14) |
| Weighted average
number of ADS used in computing net |
|
|
|
|
|
|
|
|
loss per share |
|
|
|
|
|
|
|
| Basic and diluted |
864,990,174 |
|
944,012,330 |
|
946,928,889 |
|
946,928,889 |
| Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
| Basic and diluted |
(4.49) |
|
(1.36) |
|
(1.91) |
|
(0.27) |
| |
|
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 |
|
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
|
2023 |
|
2024 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
| Loss from operations |
(3,160,828) |
|
(1,609,058) |
|
(1,847,096) |
|
(263,210) |
| Fair value (gain) loss on
derivative liability relating to the |
|
|
|
|
|
|
|
|
contingent consideration |
- |
|
(16,662) |
|
162,185 |
|
23,111 |
| Share-based compensation
expenses |
124,291 |
|
81,306 |
|
113,963 |
|
16,240 |
| Non-GAAP loss from
operations |
(3,036,537) |
|
(1,544,414) |
|
(1,570,948) |
|
(223,859) |
| Net loss |
(3,886,550) |
|
(1,284,681) |
|
(1,807,720) |
|
(257,598) |
| Fair value (gain) loss on
derivative liability relating to the |
|
|
|
|
|
|
|
|
contingent consideration |
- |
|
(16,662) |
|
162,185 |
|
23,111 |
| Fair value loss on derivative
liability |
971,832 |
|
- |
|
- |
|
- |
| Share-based compensation
expenses |
124,291 |
|
81,306 |
|
113,963 |
|
16,240 |
| Non-GAAP net
loss |
(2,790,427) |
|
(1,220,037) |
|
(1,531,572) |
|
(218,247) |
| Net loss attributable to
ordinary shareholders |
(3,886,550) |
|
(1,284,681) |
|
(1,807,720) |
|
(257,598) |
| Fair value (gain) loss on
derivative liability relating to the |
|
|
|
|
|
|
|
|
contingent consideration |
- |
|
(16,662) |
|
162,185 |
|
23,111 |
| Fair value loss on derivative
liability |
971,832 |
|
- |
|
- |
|
- |
| Share-based compensation
expenses |
124,291 |
|
81,306 |
|
113,963 |
|
16,240 |
| Non-GAAP net loss
attributable to ordinary shareholders of |
|
|
|
|
|
|
|
|
XPeng Inc. |
(2,790,427) |
|
(1,220,037) |
|
(1,531,572) |
|
(218,247) |
| Weighted average
number of ordinary shares used |
|
|
|
|
|
|
|
|
in calculating Non-GAAP net loss per share |
|
|
|
|
|
|
|
| Basic and diluted |
1,729,980,347 |
|
1,888,024,660 |
|
1,893,857,778 |
|
1,893,857,778 |
| Non-GAAP net loss per
ordinary share |
|
|
|
|
|
|
|
| Basic and diluted |
(1.61) |
|
(0.65) |
|
(0.81) |
|
(0.12) |
| Weighted average
number of ADS used in calculating |
|
|
|
|
|
|
|
|
Non-GAAP net loss per share |
|
|
|
|
|
|
|
| Basic and diluted |
864,990,174 |
|
944,012,330 |
|
946,928,889 |
|
946,928,889 |
| Non-GAAP net loss per
ADS |
|
|
|
|
|
|
|
| Basic and diluted |
(3.23) |
|
(1.29) |
|
(1.62) |
|
(0.23) |
| |
XPeng (NYSE:XPEV)
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