- Cash and cash equivalents, restricted cash, short-term
investments and time deposits were RMB38.25 billion (US$5.55
billion) as of December 31, 2022
- Quarterly total revenues were RMB5.14 billion, a 39.9% decrease
year-over-year
- Quarterly vehicle deliveries were 22,204, a 46.8% decrease
year-over-year
- Quarterly gross margin was 8.7%, a decrease of 3.3 percentage
points year-over-year
- Full year vehicle deliveries reached 120,757, a 23.0% increase
year-over-year
- Full year revenues reached RMB26.86 billion
- Full year gross margin was 11.5%, a decrease of 1 percentage
point year-over-year
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 and fiscal year ended
December 31, 2022.
Operational and Financial Highlights for the Three Months
Ended December 31, 2022
2022Q4
2022Q3
2022Q2
2022Q1
2021Q4
2021Q3
Total deliveries
22,204
29,570
34,422
34,561
41,751
25,666
- Total deliveries of vehicles were 22,204 in the fourth
quarter of 2022, representing a decrease of 46.8% from 41,751 in
the corresponding period of 2021.
- Deliveries of the Flagship G9 SUVs were 6,189 in the
fourth quarter of 2022.
- XPENG’s physical sales network continued expansion with
a total of 420 stores, covering 143 cities as of December 31,
2022.
- XPENG self-operated charging station network further
expanded to 1,014 stations, including 808 XPENG self-operated
supercharging stations and 206 destination charging stations as of
December 31, 2022.
- Total revenues were RMB5.14 billion (US$0.75 billion)
for the fourth quarter of 2022, representing a decrease of 39.9%
from the same period of 2021, and a decrease of 24.7% from the
third quarter of 2022.
- Revenues from vehicle sales were RMB4.66 billion
(US$0.68 billion) for the fourth quarter of 2022, representing a
decrease of 43.1% from the same period of 2021, and a decrease of
25.3% from the third quarter of 2022.
- Gross margin was 8.7% for the fourth quarter of 2022,
compared with 12.0% for the same period of 2021 and 13.5% for the
third quarter of 2022.
- Vehicle margin, which is gross profit of vehicle sales
as a percentage of vehicle sales revenue, was 5.7% for the fourth
quarter of 2022, compared with 10.9% for the same period of 2021
and 11.6% for the third quarter of 2022.
- Net loss was RMB2.36 billion (US$0.34 billion) for the
fourth quarter of 2022, compared with RMB1.29 billion for the same
period of 2021 and RMB2.38 billion for the third quarter of 2022.
Excluding share-based compensation expenses, non-GAAP net
loss was RMB2.21 billion (US$0.32 billion) in the fourth
quarter of 2022, compared with RMB1.20 billion for the same period
of 2021 and RMB2.22 billion for the third quarter of 2022.
- Net loss attributable to ordinary shareholders of XPENG
was RMB2.36 billion (US$0.34 billion) for the fourth quarter of
2022, compared with RMB1.29 billion for the same period of 2021 and
RMB2.38 billion in the third quarter of 2022. Excluding share-based
compensation expenses, non-GAAP net loss attributable to
ordinary shareholders of XPENG was RMB2.21 billion (US$0.32
billion) for the fourth quarter of 2022, compared with RMB1.20
billion for the same period of 2021 and RMB2.22 billion for the
third quarter of 2022.
- Basic and diluted net loss per American depositary share
(ADS) were both RMB2.74 (US$0.40) and basic and diluted net
loss per ordinary share were both RMB1.37 (US$0.20) for the
fourth quarter of 2022.
- Non-GAAP basic and diluted net loss per ADS were both
RMB2.57 (US$0.37) and non- GAAP basic and diluted net loss per
ordinary share were both RMB1.29 (US$0.19) for the fourth
quarter of 2022. Each ADS represents two Class A ordinary
shares.
- Cash and cash equivalents, restricted cash, short-term
investments and time deposits were RMB38.25 billion (US$5.55
billion) as of December 31, 2022, compared with RMB43.54 billion as
of December 31, 2021 and RMB40.12 billion as of September 30, 2022.
Time deposits include short-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
December 31,
September 30,
December 31,
2021
2022
2022
YoY
QoQ
Vehicle sales
8.19
6.24
4.66
-43.1
%
-25.3
%
Vehicle margin
10.9
%
11.6
%
5.7
%
-5.2pts
-5.9pts
Total revenues
8.56
6.82
5.14
-39.9
%
-24.7
%
Gross profit
1.02
0.92
0.45
-56.5
%
-51.8
%
Gross margin
12.0
%
13.5
%
8.7
%
-3.3pts
-4.8pts
Net loss
1.29
2.38
2.36
83.4
%
-0.6
%
Non-GAAP net loss
1.20
2.22
2.21
84.6
%
-0.5
%
Net loss attributable to
ordinary shareholders
1.29
2.38
2.36
83.4
%
-0.6
%
Non-GAAP net loss
attributable to ordinary
shareholders
1.20
2.22
2.21
84.6
%
-0.5
%
Comprehensive loss
attributable to ordinary
shareholders
1.86
0.69
2.68
44.4
%
288.3
%
i Except for vehicle margin and gross margin, where absolute
changes instead of percentage changes are presented
Operational and Financial Highlights for the Fiscal Year
Ended December 31, 2022
- Total deliveries of vehicles were 120,757 in 2022,
representing an increase of 23.0% from 98,155 in 2021.
- Total revenues were RMB26.86 billion (US$3.89 billion)
for the fiscal year of 2022, representing an increase of 28.0% from
RMB20.99 billion for the prior year.
- Revenues from vehicle sales were RMB24.84 billion
(US$3.60 billion) for the fiscal year of 2022, representing an
increase of 23.9% from RMB20.04 billion for the prior year.
- Gross margin was 11.5% for the fiscal year of 2022,
compared with 12.5% for the prior year.
- Vehicle margin, which is gross profit of vehicle sales
as a percentage of vehicle sales revenue, was 9.4% for the fiscal
year of 2022, compared with 11.5% for the prior year.
- Net loss was RMB9.14 billion (US$1.33 billion) for the
fiscal year of 2022, compared with RMB4.86 billion for the prior
year. Excluding share-based compensation expenses, non-GAAP net
loss was RMB8.43 billion (US$1.22 billion) for the fiscal year
of 2022, compared with RMB4.48 billion for the prior year.
- Net loss attributable to ordinary shareholders of XPENG
was RMB9.14 billion (US$1.33 billion) for the fiscal year of 2022,
compared with RMB4.86 billion for the prior year. Excluding
share-based compensation expenses, non-GAAP net loss
attributable to ordinary shareholders of XPENG was RMB8.43
billion (US$1.22 billion) for the fiscal year of 2022, compared
with RMB4.48 billion for the prior year.
- Basic and diluted net loss per ADS were both RMB10.67
(US$1.55) for fiscal year 2022, compared with RMB5.92 for the prior
year. Non-GAAP basic and diluted net loss per ADS were both
RMB9.84 (US$1.43) for fiscal year 2022, compared with RMB5.46 for
the prior year.
Key Financial Results
(in RMB billions, except for
percentage)
For the Fiscal Year
Ended
% Changei
December 31,
December 31,
2021
2022
YoY
Vehicle sales
20.04
24.84
23.9
%
Vehicle margin
11.5
%
9.4
%
-2.1pts
Total revenues
20.99
26.86
28.0
%
Gross profit
2.62
3.09
17.8
%
Gross margin
12.5
%
11.5
%
-1.0pts
Net loss
4.86
9.14
87.9
%
Non-GAAP net loss
4.48
8.43
88.0
%
Net loss attributable to ordinary
shareholders
4.86
9.14
87.9
%
Non-GAAP net loss attributable to
ordinary shareholders
4.48
8.43
88.0
%
Comprehensive loss attributable to
ordinary shareholders
5.78
5.95
2.9
%
i Except for vehicle margin and gross margin, where absolute
changes instead of percentage changes are presented
Management Commentary
“We have comprehensively reviewed our strategy and took decisive
actions to execute our organisational restructuring and strengthen
our capabilities where necessary,” said Mr. He Xiaopeng, Chairman
and CEO of XPENG. “From 2023 to 2027, the industry will move from a
phase of rapid EV penetration to an era of accelerated disruption
by smart technologies, and we are confident that we will further
strengthen our leadership in smart EV technologies.”
“With the optimization of our product portfolio and the
significant improvement of our marketing capabilities, we will
resume growth in our sales and market share,” said Dr. Hongdi Brian
Gu, Honorary Vice Chairman and Co-President of XPENG. “In the
meantime, we will improve operational efficiency across our
business processes and continue to reduce costs.”
Recent Developments
Deliveries in January and February 2023
- Total deliveries were 5,218 vehicles in January 2023.
- Total deliveries were 6,010 vehicles in February 2023.
- As of February 28, 2023, year-to-date total deliveries were
11,228 vehicles.
Appointment of President
Ms. Fengying Wang (“Ms. Wang”) has been appointed as the
president of the Company with effect from January 30, 2023. Prior
to joining the Company, Ms. Wang served various leadership
positions at Great Wall Motor Company Limited (HKEX stock code:
2333 and SSE stock code: 601633) from 1991 to 2022, including but
not limited to the Vice Chairman and the General Manager.
Launch of The New P7i Sports Sedan
In March 2023, the Company officially launched and kicked off
deliveries of the P7i sports sedan for the Chinese market. The P7i
is the new mid-cycle facelift version of the P7, with comprehensive
upgrades in driver assistance, intelligent cockpit, performance and
charging efficiency.
Unaudited Financial Results for the Three Months Ended
December 31, 2022
Total revenues were RMB5.14 billion (US$0.75 billion) for
the fourth quarter of 2022, representing a decrease of 39.9% from
RMB8.56 billion for the same period of 2021 and a decrease of 24.7%
from RMB6.82 billion for the third quarter of 2022.
Revenues from vehicle sales were RMB4.66 billion (US$0.68
billion) for the fourth quarter of 2022, representing a decrease of
43.1% from RMB8.19 billion for the same period of 2021 and a
decrease of 25.3% from RMB6.24 billion for the third quarter of
2022. The year-over-year decrease was mainly attributable to lower
vehicle deliveries for the G3i and P7, while the
quarter-over-quarter decrease was mainly due to lower vehicle
deliveries for the P5 and P7 with partial offset by the newly
launched G9.
Revenues from services and others were RMB0.48 billion (US$0.07
billion) for the fourth quarter of 2022, representing an increase
of 29.9% from RMB0.37 billion for the same period of 2021 and a
decrease of 17.7% from RMB0.58 billion for the third quarter of
2022. The year-over-year increase was mainly attributable to more
services, parts and accessory sales in line with higher accumulated
vehicle sales, while the quarter-over-quarter decrease was mainly
due to lower parts and services sales associated with Covid-19
pandemic impact in the fourth quarter of 2022.
Cost of sales was RMB4.70 billion (US$0.68 billion) for
the fourth quarter of 2022, representing a decrease of 37.7% from
RMB7.53 billion for the same period of 2021 and a decrease of 20.4%
from RMB5.90 billion for the third 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 8.7% for the fourth quarter of 2022,
compared with 12.0% and 13.5% for the fourth quarter of 2021 and
the third quarter of 2022, respectively.
Vehicle margin was 5.7% for the fourth quarter of 2022,
compared with 10.9% for the same period of 2021 and 11.6% for the
third quarter of 2022. The year-over-year and quarter-over-quarter
decreases were explained by increased sales promotions.
Research and development expenses were RMB1.23 billion
(US$0.18 billion) for the fourth quarter of 2022, representing a
decrease of 15.3% from RMB1.45 billion for the same period of 2021
and a decrease of 17.9% from RMB1.50 billion for the third quarter
of 2022. The year-over-year and quarter-over-quarter decreases were
mainly in line with timing and progress of new vehicle
programs.
Selling, general and administrative expenses were RMB1.76
billion (US$0.25 billion) for the fourth quarter of 2022,
representing a decrease of 12.9% from RMB2.02 billion for the same
period of 2021 and an increase of 8.0% from RMB1.63 billion for the
third quarter of 2022. The year-over-year decrease was mainly due
to the decrease of commission to the franchised stores associated
with lower vehicle deliveries. The quarter-over-quarter increase
was mainly attributable to the higher marketing, promotional and
advertising expenses to support vehicle sales.
Loss from operations was RMB2.52 billion (US$0.36
billion) for the fourth quarter of 2022, compared with RMB2.43
billion for the same period of 2021 and RMB2.18 billion for the
third quarter of 2022.
Non-GAAP loss from operations, which excludes share-based
compensation expenses, was RMB2.37 billion (US$0.34 billion) for
the fourth quarter of 2022, compared with RMB2.34 billion for the
same period of 2021 and RMB2.02 billion for the third quarter of
2022.
Net loss was RMB2.36 billion (US$0.34 billion) for the
fourth quarter of 2022, compared with RMB1.29 billion for the same
period of 2021 and RMB2.38 billion for the third quarter of
2022.
Non-GAAP net loss, which excludes share-based
compensation expenses, was RMB2.21 billion (US$0.32 billion) for
the fourth quarter of 2022, compared with RMB1.20 billion for the
same period of 2021 and RMB2.22 billion for the third quarter of
2022.
Net loss attributable to ordinary shareholders of XPENG
was RMB2.36 billion (US$0.34 billion) for the fourth quarter of
2022, compared with RMB1.29 billion for the same period of 2021 and
RMB2.38 billion for the third 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 fourth quarter of 2022,
compared with RMB1.20 billion for the same period of 2021 and
RMB2.22 billion for the third quarter of 2022.
Basic and diluted net loss per ADS were both RMB2.74
(US$0.40) for the fourth quarter of 2022, compared with RMB1.51 for
the fourth quarter of 2021 and RMB2.77 for the third quarter of
2022.
Non-GAAP basic and diluted net loss per ADS were both
RMB2.57 (US$0.37) for the fourth quarter of 2022, compared with
RMB1.41 for the fourth quarter of 2021 and RMB2.59 for the third
quarter of 2022.
Balance Sheets
As of December 31, 2022, the Company had cash and cash
equivalents, restricted cash, short-term investments and time
deposits of RMB38.25 billion (US$5.55 billion), compared with
RMB43.54 billion as of December 31, 2021 and RMB40.12 billion as of
September 30, 2022.
Unaudited Financial Results for the Fiscal Year Ended
December 31, 2022
Total revenues were RMB26.86 billion (US$3.89 billion)
for the fiscal year of 2022, representing an increase of 28.0% from
RMB20.99 billion for the prior year.
Revenues from vehicle sales were RMB24.84 billion (US$3.60
billion) for fiscal year 2022, representing an increase of 23.9%
from RMB20.04 billion for the prior year. The increase was mainly
attributable to higher vehicle deliveries.
Revenues from services and others were RMB2.02 billion (US$0.29
billion) for fiscal year 2022, representing an increase of 113.0%
from RMB0.95 billion for the prior year. The increase was mainly
attributable to more services, parts and accessory sales in line
with higher accumulated vehicle sales.
Cost of sales was RMB23.77 billion (US$3.45 billion) for
fiscal year 2022, representing an increase of 29.4% from RMB18.37
billion for the prior year. The increase was mainly in line with
vehicle deliveries as described above.
Gross margin was 11.5% for fiscal year 2022, compared
with 12.5% for the prior year.
Vehicle margin was 9.4% for fiscal year 2022, compared
with 11.5% for the prior year. The decrease was primarily due to
increased sales discount and increases in material cost.
Research and development expenses were RMB5.21 billion
(US$0.76 billion) for fiscal year 2022, representing an increase of
26.8% from RMB4.11 billion for the prior year. The increase was
primarily due to higher employee compensation as a result of more
research and development staff and higher expenses relating to the
development of new vehicle models to support future growth.
Selling, general and administrative expenses were RMB6.69
billion (US$0.97 billion) for fiscal year 2022, representing an
increase of 26.1% from RMB5.31 billion for the prior year. The
increase was mainly due to the expansion of the Company’s sales
network and associated personnel cost.
Loss from operations was RMB8.71 billion (US$1.26
billion) for fiscal year 2022, compared with RMB6.58 billion for
the prior year.
Non-GAAP loss from operations, which excludes share-based
compensation expenses, was RMB8.00 billion (US$1.16 billion) for
fiscal year 2022, compared with RMB6.20 billion for the prior
year.
Impact of foreign currency revaluation reflected the
following results:
(i) Exchange loss from foreign currency transactions was
RMB1.46 billion (US$0.21 billion) for fiscal year of 2022,
primarily reflecting the revaluation impact of Renminbi-denominated
assets held in U.S. dollar functional currency subsidiaries as a
result of Renminbi depreciation against U.S. dollars in 2022.
(ii) Foreign currency translation adjustment was RMB3.19
billion (US$0.46 billion) gain for fiscal year 2022, primarily
resulting from the appreciation of U.S. dollar-denominated assets.
Such revaluation was included in other comprehensive (loss) income,
but not net loss.
Net loss was RMB9.14 billion (US$1.33 billion) for fiscal
year 2022, compared with RMB4.86 billion for the prior year.
Non-GAAP net loss, which excludes share-based
compensation expenses, was RMB8.43 billion (US$1.22 billion) for
fiscal year 2022, compared with RMB4.48 billion for the prior
year.
Net loss attributable to ordinary shareholders of XPENG
was RMB9.14 billion (US$1.33 billion) for fiscal year 2022,
compared with RMB4.86 billion for the prior year.
Non-GAAP net loss attributable to ordinary shareholders of
XPENG, which excludes share- based compensation expenses, was
RMB8.43 billion (US$1.22 billion) for fiscal year 2022, compared
with RMB4.48 billion for the prior year.
Comprehensive loss attributable to ordinary shareholders of
XPENG was RMB5.95 billion (US$0.86 billion) for fiscal year
2022, compared with RMB5.78 billion for the prior year.
Basic and diluted net loss per ADS were both RMB10.67
(US$1.55) for fiscal year 2022, compared with RMB5.92 for the prior
year.
Non-GAAP basic and diluted net loss per ADS were both
RMB9.84 (US$1.43) for fiscal year 2022, compared with RMB5.46 for
the prior year.
Business Outlook
For the first quarter of 2023, the Company expects:
- Deliveries of vehicles to be between 18,000 and 19,000,
representing a year over-year decrease of approximately 45.0% to
47.9%.
- Total revenues to be between RMB4.0 billion and RMB4.2
billion, representing a year-over-year decrease of approximately
43.7% to 46.3%.
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 March 17, 2023 (8:00 PM
Beijing/Hong Kong time on March 17, 2023).
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 Inc. Fourth Quarter 2022 Earnings
Conference Call
Pre-registration link:
https://s1.c-conf.com/diamondpass/10028722-ty785x.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
two hours after the conclusion of the call until March 24, 2023, 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:
10028722
About XPeng Inc.
XPeng Inc. (“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 and data, 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://heyXPENG.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, 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
RMB6.8972 to US$1.00, the exchange rate on December 30, 2022, 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, contract manufacturer, 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.
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except
for ADS/ordinary share and per ADS/ordinary share data)
As of December 31,
2021 RMB
2022 RMB
2022 US$
ASSETS
Current assets
Cash and cash equivalents
11,024,906
14,607,774
2,117,928
Restricted cash
609,975
106,272
15,408
Short-term deposits
25,858,007
14,921,688
2,163,441
Short-term investments
2,833,763
1,262,129
182,992
Long-term deposits, current portion
-
427,466
61,977
Accounts and notes receivable, net
2,673,494
3,872,846
561,510
Installment payment receivables, net,
current portion
887,202
1,294,665
187,709
Inventory
2,661,921
4,521,373
655,537
Amounts due from related parties
32,785
47,124
6,832
Prepayments and other current assets
2,248,683
2,466,084
357,547
Total current assets
48,830,736
43,527,421
6,310,881
Non-current assets
Long-term deposits
3,217,266
6,926,450
1,004,241
Property, plant and equipment, net
5,424,776
10,606,745
1,537,833
Right-of-use assets, net
1,561,175
1,954,618
283,393
Intangible assets, net
878,724
1,042,972
151,217
Land use rights, net
595,471
2,747,854
398,401
Installment payment receivables, net
1,863,492
2,188,643
317,323
Long-term investments
1,549,176
2,295,032
332,748
Other non-current assets
1,730,486
201,271
29,182
Total non-current assets
16,820,566
27,963,585
4,054,338
Total assets
65,651,302
71,491,006
10,365,219
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except
for ADS/ordinary share and per ADS/ordinary share data)
As of December 31,
2021 RMB
2022 RMB
2022 US$
LIABILITIES
Current liabilities
Short-term borrowings
-
2,419,210
350,752
Accounts and notes payable
12,362,186
14,222,856
2,062,120
Amounts due to related parties
24,919
91,111
13,210
Operating lease liabilities, current
portion
373,488
490,811
71,161
Finance lease liabilities, current
portion
-
128,279
18,599
Deferred revenue, current portion
418,227
389,243
56,435
Long-term borrowings, current portion
-
761,859
110,459
Accruals and other liabilities
4,811,107
5,583,829
809,579
Income taxes payable
22,737
27,655
4,010
Total current liabilities
18,012,664
24,114,853
3,496,325
Non-current liabilities
Long-term borrowings
1,675,106
4,613,057
668,830
Operating lease liabilities
1,189,754
1,854,576
268,888
Finance lease liabilities
-
797,743
115,662
Deferred revenue
479,061
694,006
100,621
Other non-current liabilities
2,148,139
2,506,106
363,351
Total non-current liabilities
5,492,060
10,465,488
1,517,352
Total liabilities
23,504,724
34,580,341
5,013,677
SHAREHOLDERS’ EQUITY
Class A Ordinary shares
87
92
13
Class B Ordinary shares
25
21
3
Additional paid-in capital
59,980,534
60,691,019
8,799,371
Statutory reserves
6,047
6,425
932
Accumulated deficit
(16,191,566
)
(25,330,916
)
(3,672,639
)
Accumulated other comprehensive
(loss) income
(1,648,549
)
1,544,024
223,862
Total shareholders’ equity
42,146,578
36,910,665
5,351,542
Total liabilities and shareholders’
equity
65,651,302
71,491,006
10,365,219
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
December 31, 2021
September 30, 2022
December 31, 2022
December 31, 2022
RMB
RMB
RMB
US$
Revenues
Vehicle sales
8,187,181
6,241,143
4,661,182
675,808
Services and others
368,827
582,344
479,167
69,473
Total revenues
8,556,008
6,823,487
5,140,349
745,281
Cost of sales
Vehicle sales
(7,296,930
)
(5,514,695
)
(4,397,201
)
(637,534
)
Services and others
(235,768
)
(385,554
)
(298,084
)
(43,218
)
Total cost of sales
(7,532,698
)
(5,900,249
)
(4,695,285
)
(680,752
)
Gross profit
1,023,310
923,238
445,064
64,529
Operating expenses
Research and development
expenses
(1,451,389
)
(1,498,550
)
(1,230,049
)
(178,340
)
Selling, general and
administrative expenses
(2,015,425
)
(1,626,343
)
(1,755,815
)
(254,569
)
Total operating expenses
(3,466,814
)
(3,124,893
)
(2,985,864
)
(432,909
)
Other income, net
13,837
24,824
23,357
3,386
Loss from operations
(2,429,667
)
(2,176,831
)
(2,517,443
)
(364,994
)
Interest income
264,015
289,954
273,367
39,634
Interest expense
(13,841
)
(38,968
)
(51,079
)
(7,406
)
Fair value (loss) gain on derivative
assets or derivative liabilities
(26,910
)
(8,003
)
1,398
203
Fair value gain (loss) on long-term
investments
591,506
129,240
(102,798
)
(14,904
)
Exchange gain (loss) from foreign
currency transactions
269,630
(550,775
)
(17,454
)
(2,531
)
Other non-operating income
(loss), net
83,789
(2,600
)
37,761
5,475
Loss before income tax (expenses)
benefit and share of results of
equity method investees
(1,261,478
)
(2,357,983
)
(2,376,248
)
(344,523
)
Income tax (expenses) benefit
(25,687
)
(21,017
)
10,445
1,514
Share of results of equity method
investees
-
2,852
4,628
671
Net loss
(1,287,165
)
(2,376,148
)
(2,361,175
)
(342,338
)
Net loss attributable to ordinary
shareholders of XPeng Inc.
(1,287,165
)
(2,376,148
)
(2,361,175
)
(342,338
)
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
December 31, 2021
September 30, 2022
December 31, 2022
December 31, 2022
RMB
RMB
RMB
US$
Net loss
(1,287,165
)
(2,376,148
)
(2,361,175
)
(342,338
)
Other comprehensive (loss)
income
Foreign currency translation
adjustment, net of nil tax
(568,659
)
1,686,156
(318,072
)
(46,116
)
Total comprehensive loss
attributable to XPeng Inc.
(1,855,824
)
(689,992
)
(2,679,247
)
(388,454
)
Comprehensive loss
attributable to ordinary
shareholders of XPeng Inc.
(1,855,824
)
(689,992
)
(2,679,247
)
(388,454
)
Weighted average number of
ordinary shares used in
computing net loss per ordinary
share
Basic and diluted
1,700,956,007
1,718,162,864
1,720,448,811
1,720,448,811
Net loss per ordinary share
attributable to ordinary
shareholders
Basic and diluted
(0.76
)
(1.38
)
(1.37
)
(0.20
)
Weighted average number of
ADS used in computing net loss
per share
Basic and diluted
850,478,004
859,081,432
860,224,405
860,224,405
Net loss per ADS attributable
to ordinary shareholders
Basic and diluted
(1.51
)
(2.77
)
(2.74
)
(0.40
)
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
December 31, 2021
September 30, 2022
December 31, 2022
December 31, 2022
RMB
RMB
RMB
US$
Loss from operations
(2,429,667
)
(2,176,831
)
(2,517,443
)
(364,994
)
Share-based compensation
expenses
88,846
152,695
148,783
21,572
Non-GAAP loss from operations
(2,340,821
)
(2,024,136
)
(2,368,660
)
(343,422
)
Net loss
(1,287,165
)
(2,376,148
)
(2,361,175
)
(342,338
)
Share-based compensation
expenses
88,846
152,695
148,783
21,572
Non-GAAP net loss
(1,198,319
)
(2,223,453
)
(2,212,392
)
(320,766
)
Net loss attributable to ordinary
shareholders
(1,287,165
)
(2,376,148
)
(2,361,175
)
(342,338
)
Share-based compensation
expenses
88,846
152,695
148,783
21,572
Non-GAAP net loss attributable
to ordinary shareholders of
XPeng Inc.
(1,198,319
)
(2,223,453
)
(2,212,392
)
(320,766
)
Weighted average number of
ordinary shares used in
calculating Non-GAAP net loss
per share
Basic and diluted
1,700,956,007
1,718,162,864
1,720,448,811
1,720,448,811
Non-GAAP net loss per ordinary
share
Basic and diluted
(0.70
)
(1.29
)
(1.29
)
(0.19
)
Weighted average number of
ADS used in calculating Non-
GAAP net loss per share
Basic and diluted
850,478,004
859,081,432
860,224,405
860,224,405
Non-GAAP net loss per ADS
Basic and diluted
(1.41
)
(2.59
)
(2.57
)
(0.37
)
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except
for ADS/ordinary share and per ADS/ordinary share data)
For the Year Ended December
31
2021
2022
2022
RMB
RMB
US$
Revenues
Vehicle sales
20,041,955
24,839,637
3,601,409
Services and others
946,176
2,015,482
292,217
Total revenues
20,988,131
26,855,119
3,893,626
Cost of sales
Vehicle sales
(17,733,036
)
(22,493,122
)
(3,261,196
)
Services and others
(632,540
)
(1,273,606
)
(184,656
)
Total cost of sales
(18,365,576
)
(23,766,728
)
(3,445,852
)
Gross profit
2,622,555
3,088,391
447,774
Operating expenses
Research and development expenses
(4,114,267
)
(5,214,836
)
(756,080
)
Selling, general and administrative
expenses
(5,305,433
)
(6,688,246
)
(969,705
)
Total operating expenses
(9,419,700
)
(11,903,082
)
(1,725,785
)
Other income, net
217,740
109,168
15,828
Loss from operations
(6,579,405
)
(8,705,523
)
(1,262,183
)
Interest income
743,034
1,058,771
153,507
Interest expense
(55,336
)
(132,192
)
(19,166
)
Fair value gain on derivative assets or
derivative liabilities
79,262
59,357
8,606
Fair value gain on long-term
investments
591,506
25,062
3,634
Exchange gain (loss) from foreign
currency transactions
313,580
(1,460,151
)
(211,702
)
Other non-operating income, net
70,253
36,318
5,266
Loss before income tax expenses and
share of results of equity method
investees
(4,837,106
)
(9,118,358
)
(1,322,038
)
Income tax expenses
(25,990
)
(24,731
)
(3,586
)
Share of results of equity method
investees
-
4,117
597
Net loss
(4,863,096
)
(9,138,972
)
(1,325,027
)
Net loss attributable to ordinary
shareholders of XPeng Inc.
(4,863,096
)
(9,138,972
)
(1,325,027
)
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)
For the Year Ended December
31
2021
2022
2022
RMB
RMB
US$
Net loss
(4,863,096
)
(9,138,972
)
(1,325,027
)
Other comprehensive (loss)
income
Foreign currency translation
adjustment, net of nil tax
(918,168
)
3,192,573
462,880
Total comprehensive loss
attributable to XPeng Inc.
(5,781,264
)
(5,946,399
)
(862,147
)
Comprehensive loss attributable to
ordinary shareholders of XPeng
Inc.
(5,781,264
)
(5,946,399
)
(862,147
)
Weighted average number of
ordinary shares used in
computing net loss per ordinary
share
Basic and diluted
1,642,906,400
1,712,533,564
1,712,533,564
Net loss per ordinary share
attributable to ordinary
shareholders
Basic and diluted
(2.96
)
(5.34
)
(0.77
)
Weighted average number of ADS
used in computing net loss per
share
Basic and diluted
821,453,200
856,266,782
856,266,782
Net loss per ADS attributable to
ordinary shareholders
Basic and diluted
(5.92
)
(10.67
)
(1.55
)
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)
For the Year Ended December
31
2021
2022
2022
RMB
RMB
US$
Loss from operations
(6,579,405)
(8,705,523)
(1,262,183)
Share-based compensation expenses
379,948
710,486
103,011
Non-GAAP loss from operations
(6,199,457)
(7,995,037)
(1,159,172)
Net loss
(4,863,096)
(9,138,972)
(1,325,027)
Share-based compensation expenses
379,948
710,486
103,011
Non-GAAP net loss
(4,483,148)
(8,428,486)
(1,222,016)
Net loss attributable to ordinary
shareholders
(4,863,096)
(9,138,972)
(1,325,027)
Share-based compensation expenses
379,948
710,486
103,011
Non-GAAP net loss attributable to
ordinary shareholders of XPeng
Inc.
(4,483,148)
(8,428,486)
(1,222,016)
Weighted average number of
ordinary shares used in
calculating Non-GAAP net loss
per share
Basic and diluted
1,642,906,400
1,712,533,564
1,712,533,564
Non-GAAP net loss per ordinary
share
Basic and diluted
(2.73)
(4.92)
(0.71)
Weighted average number of ADS
used in calculating Non-GAAP net
loss per share
Basic and diluted
821,453,200
856,266,782
856,266,782
Non-GAAP net loss per ADS
Basic and diluted
(5.46)
(9.84)
(1.43)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230317005078/en/
For Investor Enquiries IR Department XPeng Inc. E-mail:
ir@xiaopeng.com
Jenny Cai The Piacente Group Tel: +1-212-481-2050 or
+86-10-6508-0677 E-mail: xpeng@tpg-ir.com
For Media Enquiries PR Department XPeng Inc. E-mail:
pr@xiaopeng.com
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