- Quarterly total revenues reached RMB7,454.9 million, a 152.6% increase year-over-year
- Quarterly vehicle deliveries reached 34,561, a 159% increase year-over-year
- Quarterly gross margin reached 12.2%, an increase of 100 basis points year-over-year
XPeng Inc. (NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle company, today announced its unaudited financial results for the three months ended March 31, 2022.
XPeng shares fell more than 4% after reporting its quarterly results.
Operational and Financial Highlights for the Three Months Ended March 31, 2022
- Total deliveries of vehicles were 34,561 in the first quarter of 2022, representing an increase of 159% from 13,340 in the corresponding period of 2021.
- Deliveries of the P7 smart sports sedan were 19,427 in the first quarter of 2022, representing an increase of 144% from 7,974 in the corresponding period of 2021. Monthly delivery of the P7 smart sports sedan exceeded 9,000 in March 2022 for the first time.
- Deliveries of the P5 smart family sedan sustained ramp-up momentum following its mass-delivery launch in October 2021 and reached 10,486 in the first quarter of 2022, among which over 50% can support XPILOT 3.0 or XPILOT 3.5.
- XPeng’s physical sales network continued expansion with a total of 366 stores, covering 138 cities as of March 31, 2022.
- XPeng self-operated charging station network further expanded to 933 stations, including 757 XPeng self-operated supercharging stations and 176 destination charging stations as of March 31, 2022.
- Total revenues were RMB7,454.9 million (US$1,176.0 million) for the first quarter of 2022, representing an increase of 152.6% from the same period of 2021, and a decrease of 12.9% from the fourth quarter of 2021.
- Revenues from vehicle sales were RMB6,998.8 million (US$1,104.0 million) for the first quarter of 2022, representing an increase of 149.0% from the same period of 2021, and a decrease of 14.5% from the fourth quarter of 2021.
- Gross margin was 12.2% for the first quarter of 2022, compared with 11.2% for the same period of 2021 and 12.0% for the fourth quarter of 2021.
- Vehicle margin,which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.4% for the first quarter of 2022, compared with 10.1% for the same period of 2021 and 10.9% for the fourth quarter of 2021.
- Net loss was RMB1,700.8 million (US$268.3 million) for the first quarter of 2022, compared with RMB786.6 million for the same period of 2021 and RMB1,287.2 million for the fourth quarter of 2021. Excluding share-based compensation expenses,non-GAAP net losswas RMB1,528.2 million (US$241.1 million) in the first quarter of 2022, compared with RMB696.3 million for the same period of 2021 and RMB1,198.3 million for the fourth quarter of 2021.
- Net loss attributable to ordinary shareholders of XPeng was RMB1,700.8 million (US$268.3 million) for the first quarter of 2022, compared with RMB786.6 million for the same period of 2021 and RMB1,287.2 million in the fourth quarter of 2021. Excluding share-based compensation expenses,non-GAAP net loss attributable to ordinary shareholders of XPengwas RMB1,528.2 million (US$241.1 million) for the first quarter of 2022, compared with RMB696.3 million for the same period of 2021 and RMB1,198.3 million for the fourth quarter of 2021.
- Basic and diluted net loss per American depositary share (ADS) were both RMB2.00 (US$0.32) for the first quarter of 2022.Non-GAAP basic and diluted net loss per ADS were both RMB1.80 (US$0.28) for the first quarter of 2022. Each ADS represents two Class A ordinary shares.
- Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits were RMB41,714.0 million (US$6,580.2 million) as of March 31, 2022, compared with RMB43,543.9 million as of December 31, 2021.
Business Outlook
For the second quarter of 2022, the Company expects:
- Deliveries of vehiclesto be between 31,000 and 34,000, representing a year-over-year increase of approximately 78.2% to 95.4%.
- Total revenuesto be between RMB6.8 billion and RMB7.5 billion, representing a year-over-year increase of approximately 80.8% to 99.4%.
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.
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