小鹏汽车2023年Q4业绩公告-12页_98kb

XPENG Financial Summary: Q4 2023 and FY2023

Core Financial Highlights

• Total Cash and Cash Equivalents: As of December 31, 2023, XPENG had RMB45.70 billion (US$6.44 billion) in cash and cash equivalents, restricted cash, short-term investments, and time deposits, up from RMB36.48 billion (US$5.14 billion) as of September 30, 2023.

• Fourth Quarter Revenue:

  • Total Revenues: RMB13.05 billion (US$1.84 billion), up 53.0% from the previous quarter and 153.9% from the same quarter in 2022.
  • Vehicle Sales Revenue: RMB12.23 billion (US$1.72 billion), up 55.9% from Q3 2023 and 162.3% from Q4 2022.
  • Services and Others Revenue: RMB0.82 billion (US$0.12 billion), up 20.0% from Q3 2023 and 71.6% from Q4 2022.

• Gross Margin:

  • Q4 2023: 6.2%, up 8.9 percentage points from Q3 2023 and down 2.5 percentage points from Q4 2022.
  • FY2023: 1.5%, down 10.0 percentage points from FY2022.

• Vehicle Margin:

  • Q4 2023: 4.1%, up 10.2 percentage points from Q3 2023 and down 2.5 percentage points from Q4 2022.
  • FY2023: Negative 1.6%, down 11.0 percentage points from FY2022.

• Net Loss:

  • Q4 2023: RMB1.35 billion (US$0.19 billion), down 42.9% from Q4 2022 and 65.3% from Q3 2023.
  • FY2023: RMB10.38 billion (US$1.46 billion), up 13.5% from FY2022.

• Non-GAAP Net Loss:

  • Q4 2023: RMB1.77 billion (US$0.25 billion), down 19.9% from Q4 2022 and 36.5% from Q3 2023.
  • FY2023: RMB9.44 billion (US$1.33 billion), up 12.0% from FY2022.

• Net Loss per Share:

  • Q4 2023: Basic and diluted net loss per ADS was RMB1.51 (US$0.21), down from RMB2.74 in Q4 2022 and RMB4.49 in Q3 2023.
  • FY2023: Basic and diluted net loss per ADS was RMB11.92 (US$1.68), up from RMB10.67 in FY2022.

Operational Performance

• Vehicle Deliveries:

  • Q4 2023: 60,158 units, up 170.9% from Q4 2022 and 53.0% from Q3 2023.
  • FY2023: 141,601 units, up 17.3% from FY2022.

• Sales Network:

  • As of December 31, 2023, XPENG had 500 stores in 181 cities.
  • Self-operated Charging Stations: Reached 1,108 stations, including 902 supercharging stations and 206 destination charging stations.

Key Financial Drivers

• Revenue Growth: Driven by strong sales of G6 and G9 models, which contributed significantly to the growth in vehicle sales.
• Cost Reduction: Cost of sales increased by 160.7% year-over-year and 39.8% quarter-over-quarter, but the company highlighted progress in reducing costs and improving product mix.
• Non-GAAP Adjustments: Non-GAAP measures exclude share-based compensation, derivative liabilities, and contingent consideration gains/losses, providing a clearer view of underlying performance.
• Government Subsidies: Played a key role in boosting other income, net, which rose 1408.7% in Q4 2023 and 326.5% in FY2023.

Strategic Developments

• Product Launches: XPENG launched the X9 ultra smart large seven-seater MPV in January 2024, which started deliveries in the same month.
• Strategic Partnership with Volkswagen: Entered into a Master Agreement for strategic technical collaboration and a Joint Sourcing Program, aiming to reduce platform costs.
• Future Growth Plans:
  • Plans to launch more than 10 new models over the next three years.
  • Continued focus on autonomous driving technology and international market expansion.
  • Commitment to innovation and cost optimization to enhance profitability.

Business Outlook for Q1 2024

• Vehicle Deliveries: Expected to be between 21,000 and 22,500 units, representing a 15.2% to 23.4% year-over-year increase.
• Total Revenues: Expected to be between RMB5.8 billion and RMB6.2 billion, representing a 43.8% to 53.7% year-over-year increase.

Conference Call Details

• Date and Time: March 19, 2024, at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time).
• Replay Access: Available from one hour after the call until March 26, 2024.
• Phone Numbers:
  • United States: +1-855-883-1031
  • International: +61-7-3107-6325
  • Hong Kong: 800-930-639
  • Mainland China: 400-120-9216
• Access Code: 10036740

About XPENG

• XPENG is a leading Chinese Smart EV company based in Guangzhou, with offices in Beijing, Shanghai, Silicon Valley, San Diego, and Amsterdam.
• Focuses on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers.
• Develops full-stack advanced driver-assistance systems and in-car intelligent operating systems.

Non-GAAP Financial Measures

• Used to evaluate performance and support financial and operational decisions.
• Excludes share-based compensation, derivative liabilities, and contingent consideration.
• Limitations: Non-GAAP measures are not in accordance with U.S. GAAP and should be used in conjunction with GAAP financials for a complete understanding of performance.

Exchange Rate Information

• Translations from RMB to USD are based on the RMB7.0999 to USD1.00 rate on December 29, 2023.

Safe Harbor Statement

• The document contains forward-looking statements.
• These statements involve risks and uncertainties, including market conditions, competition, and regulatory changes.
• Investors are encouraged to review the company's SEC filings for more detailed risk factors.

Contact Information

• Investor Inquiries:
  • Email: jr@xiaopeng.com
  • Jenny Cai, Piacente Financial Communications: Tel: +1-212-481-2050 or +86-10-6508-0677
• Media Inquiries:
  • Email: pr@xiaopeng.com

Balance Sheet Summary

• Total Assets (December 31, 2023): RMB84.16 billion (US$11.85 billion), up from RMB71.49 billion (US$10.14 billion) as of December 31, 2022.

• Key Asset Components:

  • Cash and Cash Equivalents: RMB21.13 billion (US$2.97 billion)
  • Restricted Cash: RMB3.17 billion (US$0.45 billion)
  • Short-term Investments: RMB0.78 billion (US$0.11 billion)
  • Inventory: RMB5.53 billion (US$0.78 billion)

• Liabilities (December 31, 2023):

  • Total Liabilities: Not fully provided in the text, but includes short-term and long-term borrowings, accounts payable, deferred revenue, and other liabilities.
  • Current Liabilities: Increased from RMB43.53 billion (US$6.14 billion) in Q3 2023 to RMB54.52 billion (US$7.68 billion) in Q4 2023.