XPeng's first quarter revenue was RMB 4.03 billion, below Wall Street analysts' estimates of RMB 4.22 billion.
XPeng reported a net loss of RMB 2.34 billion for the first quarter, compared to market expectations of a net loss of RMB 1.898 billion and a net loss of RMB 1.7 billion for the same period last year.
It reported an adjusted loss of RMB1.28 per share for the first quarter.
Previously announced data showed that XPeng delivered 18,230 vehicles in the first quarter, slightly above the lower end of the guidance range of 18,000 to 19,000 vehicles.
The company previously guided for first-quarter revenue of RMB 4 billion to RMB 4.2 billion, down about 43.7 percent to 46.3 percent year-on-year.
XPeng deliveries have been weak since the second half of last year, with the G9 launch in September failing to generate consumer enthusiasm.
The company's sales now appear to be dampened again by the G6 as potential consumers await the model, whose launch and delivery are expected to take place by the end of June.
Below is from its press release, as the CnEVPost article is being updated.
Total revenues were RMB4.03 billion (US$0.59 billion) for the first quarter of 2023, representing a decrease of 45.9% from RMB7.45 billion for the same period of 2022 and a decrease of 21.5% from RMB5.14 billion for the fourth quarter of 2022.
Revenues from vehicle sales were RMB3.51 billion (US$0.51 billion) for the first quarter of 2023, representing a decrease of 49.8% from RMB7.00 billion for the same period of 2022 and a decrease of 24.6% from RMB4.66 billion for the fourth quarter of 2022.
The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries and discontinuation of new energy vehicle subsidy.
Revenues from services and others were RMB0.52 billion (US$0.08 billion) for the first quarter of 2023, representing an increase of 13.9% from RMB0.46 billion for the same period of 2022 and an increase of 8.4% from RMB0.48 billion for the fourth quarter of 2022.
The year-over-year and quarter-over-quarter increases were mainly attributable to the increase of parts, supercharging service and other service sales, which is in line with higher accumulated vehicle sales.
Cost of sales was RMB3.97 billion (US$0.58 billion) for the first quarter of 2023, representing a decrease of 39.4% from RMB6.54 billion for the same period of 2022 and a decrease of 15.5% from RMB4.70 billion for the fourth quarter of 2022.
The year-over-year and quarter-over-quarter decreases were mainly in line with vehicle deliveries as described above.
Gross margin was 1.7% for the first quarter of 2023, compared with 12.2% and 8.7% for the first quarter of 2022 and the fourth quarter of 2022, respectively.
Vehicle margin was negative 2.5% for the first quarter of 2023, compared with 10.4% for the same period of 2022 and 5.7% for the fourth quarter of 2022. The year-over-year and quarter-over-quarter decreases were explained by increased sales promotions and the expiry of new energy vehicle subsidy mentioned above.
Research and development expenses were RMB1.30 billion (US$0.19 billion) for the first quarter of 2023, representing an increase of 6.1% from RMB1.22 billion for the same period of 2022 and an increase of 5.3% from RMB1.23 billion for the fourth quarter of 2022.
The year-over-year and quarter-over-quarter increases were mainly due to higher expenses relating to the development of new vehicles models to support future growth.
Selling, general and administrative expenses were RMB1.39 billion (US$0.20 billion) for the first quarter of 2023, representing a decrease of 15.5% from RMB1.64 billion for the same period of 2022 and a decrease of 21.0% from RMB1.76 billion for the fourth quarter of 2022.
The year-over-year and quarter-over-quarter decreases were mainly due to the decrease of commission to the franchised stores and lower marketing and advertising expenses.
Loss from operations was RMB2.59 billion (US$0.38 billion) for the first quarter of 2023, compared with RMB1.92 billion for the same period of 2022 and RMB2.52 billion for the fourth quarter of 2022.
Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB2.46 billion (US$0.36 billion) for the first quarter of 2023, compared with RMB1.75 billion for the same period of 2022 and RMB2.37 billion for the fourth quarter of 2022.
Net loss was RMB2.34 billion (US$0.34 billion) for the first quarter of 2023, compared with RMB1.70 billion for the same period of 2022 and RMB2.36 billion for the fourth quarter of 2022.
Non-GAAP net loss, which excludes share-based compensation expenses, was RMB2.21 billion (US$0.32 billion) for the first quarter of 2023, compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.
Net loss attributable to ordinary shareholders of XPENG was RMB2.34 billion (US$0.34 billion) for the first quarter of 2023, compared with RMB1.70 billion for the same period of 2022 and RMB2.36 billion for the fourth quarter of 2022.
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, was RMB2.21 billion (US$0.32 billion) for the first quarter of 2023, compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.
Basic and diluted net loss per ADS were both RMB2.71 (US$ 0.40) for the first quarter of 2023, compared with RMB2.00 for the first quarter of 2022 and RMB2.74 for the fourth quarter of 2022.
Non-GAAP basic and diluted net loss per ADS were both RMB2.57 (US$ 0.37) for the first quarter of 2023, compared with RMB1.80 for the first quarter of 2022 and RMB2.57 for the fourth quarter of 2022.
Balance Sheets
As of March 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB34.12 billion (US$4.97 billion), compared with RMB41.71 billion as of March 31, 2022 and RMB38.25 billion as of December 31, 2022.
Business Outlook
For the second quarter of 2023, the Company expects:
Deliveries of vehicles to be between 21,000 and 22,000, representing a year-over-year decrease of approximately 36.1% to 39.0%.
Total revenues to be between RMB4.5 billion and RMB4.7 billion, representing a year-over-year decrease of approximately 36.8% to 39.5%.
XPeng shares dropped 6% after reporting its quarterly results.
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