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, 2024.
Operational and Financial Highlights for
the Three Months Ended December 31, 2024
|
2024Q4 |
2024Q3 |
2024Q2 |
2024Q1 |
2023Q4 |
2023Q3 |
|
|
|
|
|
|
|
Total deliveries |
91,507 |
46,533 |
30,207 |
21,821 |
60,158 |
40,008 |
|
|
|
|
|
|
|
- Total deliveries of
vehicles were 91,507 for the fourth quarter of 2024,
representing an increase of 52.1% from 60,158 in the corresponding
period of 2023.
- XPENG’s physical sales
network had a total of 690 stores, covering 226 cities as
of December 31, 2024.
- XPENG self-operated
charging station network reached 1,920 stations, including
928 XPENG S4 and S5 ultra-fast charging stations as of December 31,
2024.
- Total revenues
were RMB16.11 billion (US$2.21 billion) for the fourth quarter of
2024, representing an increase of 23.4% from the same period of
2023, and an increase of 59.4% from the third quarter of 2024.
- Revenues from vehicle
sales were RMB14.67 billion (US$2.01 billion) for the
fourth quarter of 2024, representing an increase of 20.0% from the
same period of 2023, and an increase of 66.8% from the third
quarter of 2024.
- Gross margin was
14.4% for the fourth quarter of 2024, compared with 6.2% for the
same period of 2023 and 15.3% for the third quarter of 2024.
- Vehicle margin,
which is gross profit of vehicle sales as a percentage of vehicle
sales revenue, was 10.0% for the fourth quarter of 2024, compared
with 4.1% for the same period of 2023 and 8.6% for the third
quarter of 2024.
- Net loss was
RMB1.33 billion (US$0.18 billion) for the fourth quarter of 2024,
compared with RMB1.35 billion for the same period of 2023 and
RMB1.81 billion for the third quarter of 2024. Excluding
share-based compensation expenses, fair value gain on derivative
liability and fair value gain (loss) on derivative liability
relating to the contingent consideration, non-GAAP net
loss was RMB1.39 billion (US$0.19 billion) for the fourth
quarter of 2024, compared with RMB1.77 billion for the same period
of 2023 and RMB1.53 billion for the third quarter of 2024.
- Net loss attributable to
ordinary shareholders of XPENG was RMB1.33 billion
(US$0.18 billion) for the fourth quarter of 2024, compared with
RMB1.35 billion for the same period of 2023 and RMB1.81 billion for
the third quarter of 2024. Excluding share-based compensation
expenses, fair value gain 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 RMB1.39 billion (US$0.19
billion) for the fourth quarter of 2024, compared with RMB1.77
billion for the same period of 2023 and RMB1.53 billion for the
third quarter of 2024.
- Basic and diluted net loss
per American depositary share (ADS) were both RMB1.40
(US$0.19) and basic and diluted net loss per ordinary
share were both RMB0.70 (US$0.10) for the fourth quarter
of 2024. Each ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted
net loss per ADS were both RMB1.47 (US$0.20) and
non-GAAP basic and diluted net loss per ordinary
share were both RMB0.73 (US$0.10) for the fourth quarter
of 2024.
- Cash and cash equivalents,
restricted cash, short-term investments and time deposits
were RMB41.96 billion (US$5.75 billion) as of December 31, 2024,
compared with RMB45.70 billion as of December 31, 2023 and RMB35.75
billion as of September 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 |
|
December 31, |
September 30, |
December 31, |
|
|
2024 |
2024 |
2023 |
YoY |
QoQ |
|
|
|
|
|
|
Vehicle sales |
14.67 |
8.80 |
12.23 |
20.0% |
66.8% |
Vehicle margin |
10.0% |
8.6% |
4.1% |
5.9pts |
1.4pts |
Total revenues |
16.11 |
10.10 |
13.05 |
23.4% |
59.4% |
Gross profit |
2.32 |
1.54 |
0.81 |
187.2% |
50.8% |
Gross margin |
14.4% |
15.3% |
6.2% |
8.2pts |
-0.9pts |
Net loss |
1.33 |
1.81 |
1.35 |
-1.3% |
-26.4% |
Non-GAAP net loss |
1.39 |
1.53 |
1.77 |
-21.5% |
-9.2% |
Net loss attributable to
ordinary shareholders |
1.33 |
1.81 |
1.35 |
-1.3% |
-26.4% |
Non-GAAP net loss attributable
to ordinary shareholders |
1.39 |
1.53 |
1.77 |
-21.5% |
-9.2% |
Comprehensive loss
attributable to ordinary shareholders |
0.90 |
2.09 |
1.57 |
-42.9% |
-57.2% |
_____________________________
i Except for vehicle margin and gross
margin, where absolute changes instead of percentage changes are
presented
Management Commentary
“In the fourth quarter of 2024, we achieved a
series of notable results that reflect holistic upgrade in our
capabilities to grow scale. We are well-positioned to significantly
expand our market share in the Smart EV industry both in China and
globally,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “I
believe that AI will accelerate the development of L3 and L4
autonomous driving in the automotive sector. We are committed to
building XPENG into an AI-empowered global automotive company and a
smart technology brand beloved by users worldwide.”
“With deliveries hitting new highs and ongoing
progress in technology-driven cost reductions, our vehicle gross
margin further improved to 10%, marking six consecutive quarters of
improvement. The company’s overall gross margin remains stable at
the mid-teens level,” added Dr. Hongdi Brian Gu, Vice Chairman and
Co-President of XPENG. “In 2025, with the launch of more attractive
new products, we are confident in maintaining our investment in
R&D while continuing to enhance profitability and free cash
flow.”
Recent Developments
Deliveries in
January and February 2025
- Total deliveries
were 30,350 vehicles in January 2025.
- Total deliveries
were 30,453 vehicles in February 2025.
- As of February
28, 2025, year-to-date total deliveries were 60,803 vehicles.
XPENG and Volkswagen Group China to
Jointly Build One of the Largest Super-Fast Charging Networks in
China
On January 6, 2025, XPENG and the Volkswagen
Group China announced the entry of a memorandum of understanding
(“MOU”) for strategic collaboration on super-fast
charging networks in China. Under the MOU, XPENG and the Volkswagen
Group China will jointly build one of the largest super-fast
charging networks in China.
Unaudited Financial Results for the
Three Months Ended December 31, 2024
Total revenues were RMB16.11
billion (US$2.21 billion) for the fourth quarter of 2024,
representing an increase of 23.4% from RMB13.05 billion for the
same period of 2023 and an increase of 59.4% from RMB10.10 billion
for the third quarter of 2024.
Revenues from vehicle sales
were RMB14.67 billion (US$2.01 billion) for the fourth quarter of
2024, representing an increase of 20.0% from RMB12.23 billion for
the same period of 2023, and an increase of 66.8% from RMB8.80
billion for the third quarter of 2024. The year-over-year and
quarter-over-quarter increases were mainly attributable to higher
deliveries.
Revenues from services and
others were RMB1.43 billion (US$0.20 billion) for the
fourth quarter of 2024, representing an increase of 74.4% from
RMB0.82 billion for the same period of 2023 and an increase of 9.7%
from RMB1.31 billion for the third quarter of 2024. The
year-over-year increase was mainly attributable to the increased
revenue from technical research and development services
(“technical 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
increased revenue of maintenance services and auto financing
services.
Cost of sales was RMB13.78
billion (US$1.89 billion) for the fourth quarter of 2024,
representing an increase of 12.6% from RMB12.24 billion for the
same period of 2023 and an increase of 61.0% from RMB8.56 billion
for the third quarter of 2024. The year-over-year and
quarter-over-quarter increases were mainly in line with vehicle
deliveries as described above.
Gross margin was 14.4% for the
fourth quarter of 2024, compared with 6.2% for the same period of
2023 and 15.3% for the third quarter of 2024.
Vehicle margin was 10.0% for
the fourth quarter of 2024, compared with 4.1% for the same period
of 2023 and 8.6% for the third quarter of 2024. The year-over-year
and quarter-over-quarter increases were primarily attributable to
the cost reduction.
Services and others margin was
59.6% for the fourth quarter of 2024, compared with 38.2% for the
same period of 2023 and 60.1% for the third quarter of 2024. The
year-over-year increase was primarily attributable to the higher
gross margin from the aforementioned revenue from technical R&D
services.
Research and development
expenses were RMB2.01 billion (US$0.27 billion) for the
fourth quarter of 2024, representing an increase of 53.4% from
RMB1.31 billion for the same period of 2023 and an increase of
22.9% from RMB1.63 billion for the third 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 RMB2.28 billion (US$0.31 billion) for the
fourth quarter of 2024, representing an increase of 17.5% from
RMB1.94 billion for the same period of 2023 and an increase of
39.3% from RMB1.63 billion for the third quarter of 2024. The
year-over-year and quarter-over-quarter increases were primarily
attributable to the higher commission to the franchised stores
driven by higher sales volume.
Other income, net was RMB0.20
billion (US$0.03 billion) for the fourth quarter of 2024,
representing a decrease of 44.3% from RMB0.35 billion for the same
period of 2023 and an increase of 392.2% from RMB0.04 billion for
the third quarter of 2024. The year-over-year decrease and
quarter-over-quarter increase were primarily due to the fluctuation
in government subsidies.
Fair value gain (loss) on derivative
liability relating to the contingent consideration was
gain of RMB0.20 billion (US$0.03 billion) for the fourth quarter of
2024, compared with gain of RMB0.03 billion for the same period of
2023 and loss of RMB0.16 billion for the third quarter of 2024.
This non-cash gain (loss) resulted from the fair value change of
the contingent consideration related to the acquisition of DiDi
Global Inc. (“DiDi”)’s smart auto business.
Loss from operations was
RMB1.56 billion (US$0.21 billion) for the fourth quarter of 2024,
compared with RMB2.05 billion for the same period of 2023 and
RMB1.85 billion for the third quarter of 2024.
Non-GAAP loss from operations,
which excludes share-based compensation expenses and fair value
gain (loss) on derivative liability relating to the contingent
consideration, was RMB1.62 billion (US$0.22 billion) for the fourth
quarter of 2024, compared with RMB1.92 billion for the same period
of 2023 and RMB1.57 billion for the third quarter of 2024.
Net loss was RMB1.33 billion
(US$0.18 billion) for the fourth quarter of 2024, compared with
RMB1.35 billion for the same period of 2023 and RMB1.81 billion for
the third quarter of 2024.
Non-GAAP net loss, which
excludes share-based compensation expenses, fair value gain on
derivative liability and fair value gain (loss) on derivative
liability relating to the contingent consideration, was RMB1.39
billion (US$0.19 billion) for the fourth quarter of 2024, compared
with RMB1.77 billion for the same period of 2023 and RMB1.53
billion for the third quarter of 2024.
Net loss attributable to ordinary
shareholders of XPENG was RMB1.33 billion (US$0.18
billion) for the fourth quarter of 2024, compared with RMB1.35
billion for the same period of 2023 and RMB1.81 billion for the
third quarter of 2024.
Non-GAAP net loss attributable to
ordinary shareholders of XPENG, which excludes share-based
compensation expenses, fair value gain on derivative liability and
fair value gain (loss) on derivative liability relating to the
contingent consideration, was RMB1.39 billion (US$0.19 billion) for
the fourth quarter of 2024, compared with RMB1.77 billion for the
same period of 2023 and RMB1.53 billion for the third quarter of
2024.
Basic and diluted net loss per
ADS were both RMB1.40 (US$0.19) for the fourth quarter of
2024, compared with RMB1.51 for the fourth quarter of 2023 and
RMB1.91 for the third quarter of 2024.
Non-GAAP basic and diluted net loss per
ADS were both RMB1.47 (US$0.20) for the fourth quarter of
2024, compared with RMB1.98 for the fourth quarter of 2023 and
RMB1.62 for the third quarter of 2024.
Balance Sheets
As of December 31, 2024, the Company had cash
and cash equivalents, restricted cash, short-term investments and
time deposits of RMB41.96 billion (US$5.75 billion), compared with
RMB45.70 billion as of December 31, 2023 and RMB35.75 billion as of
September 30, 2024.
Unaudited Financial Results for the
Fiscal Year Ended December 31, 2024
Total revenues were RMB40.87
billion (US$5.60 billion) for fiscal year of 2024, representing an
increase of 33.2% from RMB30.68 billion for the prior year.
Revenues from vehicle sales
were RMB35.83 billion (US$4.91 billion) for fiscal year of 2024,
representing an increase of 27.9% from RMB28.01 billion for the
prior year. The year-over-year increase was mainly attributable to
higher deliveries.
Revenues from services and
others were RMB5.04 billion (US$0.69 billion) for fiscal
year of 2024, representing an increase of 89.0% from RMB2.67
billion for the prior year. The year-over-year increase was mainly
attributable to the increased revenue from technical R&D
services related to the platform and software strategic technical
collaboration, as well as EEA technical collaboration with the
Volkswagen Group.
Cost of sales was RMB35.02
billion (US$4.80 billion) for fiscal year of 2024, representing an
increase of 15.9% from RMB30.22 billion for the prior year. The
year-over-year increase was mainly in line with vehicle deliveries
as described above.
Gross margin was 14.3% for
fiscal year of 2024, compared with 1.5% for the prior year.
Vehicle margin was 8.3% for
fiscal year of 2024, compared with negative 1.6% for the prior
year. The year-over-year increase was primarily attributable to the
cost reduction.
Services and others margin was
57.2% for fiscal year of 2024, compared with 33.7% for the prior
year. The year-over-year increase was primarily attributable to the
higher gross margin from the aforementioned revenue from technical
R&D services.
Research and development
expenses were RMB6.46 billion (US$0.88 billion) for fiscal
year of 2024, representing an increase of 22.4% from RMB5.28
billion for the prior year. The year-over-year increase was 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 RMB6.87 billion (US$0.94 billion) for fiscal
year of 2024, representing an increase of 4.8% from RMB6.56 billion
for the prior year. The year-over-year increase was primarily
attributable to the higher commission to the franchised stores
driven by higher sales volume and higher marketing, promotional and
advertising expenses to support vehicle sales.
Other income, net was RMB0.59
billion (US$0.08 billion) for fiscal year of 2024, representing an
increase of 26.6% from RMB0.47 billion for the prior year. The
year-over-year increase was primarily due to the increase in
government subsidies.
Fair value gain on derivative liability
relating to the contingent consideration was gain of
RMB0.23 billion (US$0.03 billion) for fiscal year of 2024, compared
with gain of RMB0.03 billion for the prior year. This non-cash gain
resulted from the fair value change of the contingent consideration
related to the acquisition of DiDi’s smart auto business.
Loss from operations was
RMB6.66 billion (US$0.91 billion) for fiscal year of 2024, compared
with RMB10.89 billion for the prior year.
Non-GAAP loss from operations,
which excludes share-based compensation expenses and fair value
gain on derivative liability relating to the contingent
consideration, was RMB6.42 billion (US$0.88 billion) for fiscal
year of 2024, compared with RMB10.37 billion for the prior
year.
Net loss was RMB5.79 billion
(US$0.79 billion) for fiscal year of 2024, compared with RMB10.38
billion for the prior year.
Non-GAAP net loss, which
excludes share-based compensation expenses, fair value loss on
derivative liability and fair value gain on derivative liability
relating to the contingent consideration, was RMB5.55 billion
(US$0.76 billion) for fiscal year of 2024, compared with RMB9.44
billion for the prior year.
Net loss attributable to ordinary
shareholders of XPENG was RMB5.79 billion (US$0.79
billion) for fiscal year of 2024, compared with RMB10.38 billion
for the prior year.
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 on derivative liability relating to the contingent
consideration, was RMB5.55 billion (US$0.76 billion) for fiscal
year of 2024, compared with RMB9.44 billion for the prior year.
Basic and diluted net loss per
ADS were both RMB6.12 (US$0.84) for fiscal year of 2024,
compared with RMB11.92 for the prior year.
Non-GAAP basic and diluted net loss per
ADS were both RMB5.87 (US$0.80) for fiscal year of 2024,
compared with RMB10.85 for the prior year.
Business Outlook
For the first quarter of 2025, the Company
expects:
- Deliveries
of vehicles to be between 91,000
and 93,000, representing a year-over-year increase of approximately
317.0% to 326.2%.
- Total
revenues to be between RMB15.0 billion and RMB15.7
billion, representing a year-over-year increase of approximately
129.1% to 139.8%.
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 18, 2025
(8:00 PM Beijing/Hong Kong Time on March 18, 2025).
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 Fourth
Quarter and Fiscal Year 2024 Earnings Conference Call |
Pre-registration link: |
https://s1.c-conf.com/diamondpass/10044942-kinyg.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 March 25, 2025, 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: |
10044942 |
|
|
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 (loss) 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 RMB7.2993 to US$1.00, the exchange rate on
December 31, 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) |
|
|
|
|
|
As of December 31 |
|
|
2023 |
|
2024 |
|
2024 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
21,127,163 |
|
18,586,274 |
|
2,546,309 |
Restricted cash |
|
3,174,886 |
|
3,153,390 |
|
432,013 |
Short-term deposits |
|
9,756,979 |
|
12,931,757 |
|
1,771,643 |
Restricted short-term
deposits |
|
- |
|
110,699 |
|
15,166 |
Short-term investments |
|
781,216 |
|
751,290 |
|
102,926 |
Long-term deposits, current
portion |
|
7,054,915 |
|
452,326 |
|
61,968 |
Accounts and notes receivable,
net |
|
2,716,216 |
|
2,449,629 |
|
335,598 |
Installment payment
receivables, net, current portion |
|
1,881,755 |
|
2,558,756 |
|
350,548 |
Inventory |
|
5,526,212 |
|
5,562,922 |
|
762,117 |
Amounts due from related
parties |
|
12,948 |
|
43,714 |
|
5,989 |
Prepayments and other current
assets |
|
2,489,339 |
|
3,135,312 |
|
429,535 |
Total current
assets |
|
54,521,629 |
|
49,736,069 |
|
6,813,812 |
Non-current
assets: |
|
|
|
|
|
|
Long-term deposits |
|
3,035,426 |
|
4,489,036 |
|
614,995 |
Restricted long-term
deposits |
|
767,899 |
|
1,487,688 |
|
203,812 |
Property, plant and equipment,
net |
|
10,954,485 |
|
11,521,863 |
|
1,578,489 |
Right-of-use assets, net |
|
1,455,865 |
|
1,261,663 |
|
172,847 |
Intangible assets, net |
|
4,948,992 |
|
4,610,469 |
|
631,632 |
Land use rights, net |
|
2,789,367 |
|
2,744,424 |
|
375,985 |
Installment payment
receivables, net |
|
3,027,795 |
|
4,448,416 |
|
609,430 |
Long-term investments |
|
2,084,933 |
|
1,963,194 |
|
268,956 |
Other non-current assets |
|
576,150 |
|
443,283 |
|
60,730 |
Total non-current
assets |
|
29,640,912 |
|
32,970,036 |
|
4,516,876 |
Total
assets |
|
84,162,541 |
|
82,706,105 |
|
11,330,688 |
|
|
|
|
|
|
|
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 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Short-term borrowings |
|
3,889,100 |
|
|
4,609,123 |
|
|
631,447 |
|
Accounts and notes
payable |
|
22,210,431 |
|
|
23,080,481 |
|
|
3,162,013 |
|
Amounts due to related
parties |
|
30,880 |
|
|
9,364 |
|
|
1,283 |
|
Operating lease liabilities,
current portion |
|
365,999 |
|
|
324,496 |
|
|
44,456 |
|
Finance lease liabilities,
current portion |
|
34,382 |
|
|
41,940 |
|
|
5,746 |
|
Deferred revenue, current
portion |
|
630,997 |
|
|
1,275,716 |
|
|
174,772 |
|
Long-term borrowings, current
portion |
|
1,363,835 |
|
|
1,858,613 |
|
|
254,629 |
|
Accruals and other
liabilities |
|
7,580,195 |
|
|
8,650,636 |
|
|
1,185,132 |
|
Income taxes payable |
|
5,743 |
|
|
14,514 |
|
|
1,988 |
|
Total current
liabilities |
|
36,111,562 |
|
|
39,864,883 |
|
|
5,461,466 |
|
Non-current
liabilities |
|
|
|
|
|
|
Long-term borrowings |
|
5,650,782 |
|
|
5,664,518 |
|
|
776,036 |
|
Operating lease
liabilities |
|
1,490,882 |
|
|
1,345,852 |
|
|
184,381 |
|
Finance lease liabilities |
|
777,697 |
|
|
777,697 |
|
|
106,544 |
|
Deferred revenue |
|
668,946 |
|
|
822,719 |
|
|
112,712 |
|
Derivative liability |
|
393,473 |
|
|
167,940 |
|
|
23,008 |
|
Deferred tax liabilities |
|
404,018 |
|
|
341,932 |
|
|
46,844 |
|
Other non-current
liabilities |
|
2,336,654 |
|
|
2,445,776 |
|
|
335,070 |
|
Total non-current
liabilities |
|
11,722,452 |
|
|
11,566,434 |
|
|
1,584,595 |
|
Total
liabilities |
|
47,834,014 |
|
|
51,431,317 |
|
|
7,046,061 |
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
Class A Ordinary shares |
|
103 |
|
|
104 |
|
|
14 |
|
Class B Ordinary shares |
|
21 |
|
|
21 |
|
|
3 |
|
Additional paid-in
capital |
|
70,198,031 |
|
|
70,671,685 |
|
|
9,681,981 |
|
Statutory and other
reserves |
|
60,035 |
|
|
95,019 |
|
|
13,017 |
|
Accumulated deficit |
|
(35,760,301 |
) |
|
(41,585,549 |
) |
|
(5,697,197 |
) |
Accumulated other
comprehensive income |
|
1,830,638 |
|
|
2,093,508 |
|
|
286,809 |
|
Total shareholders'
equity |
|
36,328,527 |
|
|
31,274,788 |
|
|
4,284,627 |
|
Total liabilities and
shareholders’ equity |
|
84,162,541 |
|
|
82,706,105 |
|
|
11,330,688 |
|
|
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, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Vehicle sales |
12,228,314 |
|
|
8,795,011 |
|
|
14,671,128 |
|
|
2,009,936 |
|
Services and others |
822,116 |
|
|
1,306,699 |
|
|
1,433,968 |
|
|
196,453 |
|
Total
revenues |
13,050,430 |
|
|
10,101,710 |
|
|
16,105,096 |
|
|
2,206,389 |
|
Cost of
sales |
|
|
|
|
|
|
|
Vehicle sales |
(11,732,955 |
) |
|
(8,039,240 |
) |
|
(13,200,594 |
) |
|
(1,808,474 |
) |
Services and others |
(508,003 |
) |
|
(521,022 |
) |
|
(579,725 |
) |
|
(79,422 |
) |
Total cost of
sales |
(12,240,958 |
) |
|
(8,560,262 |
) |
|
(13,780,319 |
) |
|
(1,887,896 |
) |
Gross
profit |
809,472 |
|
|
1,541,448 |
|
|
2,324,777 |
|
|
318,493 |
|
Operating
expenses |
|
|
|
|
|
|
|
Research and development expenses |
(1,307,745 |
) |
|
(1,633,071 |
) |
|
(2,006,463 |
) |
|
(274,884 |
) |
Selling, general and administrative expenses |
(1,936,503 |
) |
|
(1,633,196 |
) |
|
(2,275,400 |
) |
|
(311,729 |
) |
Total operating
expenses |
(3,244,248 |
) |
|
(3,266,267 |
) |
|
(4,281,863 |
) |
|
(586,613 |
) |
Other income, net |
352,391 |
|
|
39,908 |
|
|
196,436 |
|
|
26,912 |
|
Fair value gain (loss) on
derivative liability relating to the contingent
consideration |
29,339 |
|
|
(162,185 |
) |
|
204,637 |
|
|
28,035 |
|
Loss from
operations |
(2,053,046 |
) |
|
(1,847,096 |
) |
|
(1,556,013 |
) |
|
(213,173 |
) |
Interest income |
342,780 |
|
|
318,021 |
|
|
301,177 |
|
|
41,261 |
|
Interest expense |
(73,225 |
) |
|
(83,461 |
) |
|
(94,001 |
) |
|
(12,878 |
) |
Fair value gain on
derivative liability |
561,415 |
|
|
- |
|
|
- |
|
|
- |
|
Investment (loss) gain on
long-term investments |
(185,318 |
) |
|
(216,768 |
) |
|
10,069 |
|
|
1,379 |
|
Exchange gain (loss) from
foreign currency transactions |
46,362 |
|
|
47,565 |
|
|
(104,994 |
) |
|
(14,384 |
) |
Other non-operating income,
net |
27,364 |
|
|
6,444 |
|
|
94,093 |
|
|
12,891 |
|
Loss before income tax
(expenses) benefit and share of results of equity method
investees |
(1,333,668 |
) |
|
(1,775,295 |
) |
|
(1,349,669 |
) |
|
(184,904 |
) |
Income tax (expenses)
benefit |
(21,754 |
) |
|
(7,025 |
) |
|
44,092 |
|
|
6,041 |
|
Share of results of equity
method investees |
7,807 |
|
|
(25,400 |
) |
|
(24,396 |
) |
|
(3,342 |
) |
Net loss |
(1,347,615 |
) |
|
(1,807,720 |
) |
|
(1,329,973 |
) |
|
(182,205 |
) |
Net loss attributable
to ordinary shareholders of XPeng Inc. |
(1,347,615 |
) |
|
(1,807,720 |
) |
|
(1,329,973 |
) |
|
(182,205 |
) |
|
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, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
Net loss |
(1,347,615 |
) |
|
(1,807,720 |
) |
|
(1,329,973 |
) |
|
(182,205 |
) |
Other comprehensive
loss |
|
|
|
|
|
|
|
Foreign currency translation
adjustment, net of tax |
(222,618 |
) |
|
(284,343 |
) |
|
433,820 |
|
|
59,433 |
|
Total comprehensive
loss attributable to XPeng Inc. |
(1,570,233 |
) |
|
(2,092,063 |
) |
|
(896,153 |
) |
|
(122,772 |
) |
Comprehensive loss
attributable to ordinary shareholders
of XPeng Inc. |
(1,570,233 |
) |
|
(2,092,063 |
) |
|
(896,153 |
) |
|
(122,772 |
) |
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing net loss per
ordinary share |
|
|
|
|
|
|
|
Basic and diluted |
1,787,655,242 |
|
|
1,893,857,778 |
|
|
1,898,086,802 |
|
|
1,898,086,802 |
|
Net loss per ordinary
share attributable to ordinary shareholders |
|
|
|
|
|
|
|
Basic and diluted |
(0.75 |
) |
|
(0.95 |
) |
|
(0.70 |
) |
|
(0.10 |
) |
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in computing
net loss per share |
|
|
|
|
|
|
|
Basic and diluted |
893,827,621 |
|
|
946,928,889 |
|
|
949,043,401 |
|
|
949,043,401 |
|
Net loss per ADS
attributable to ordinary shareholders |
|
|
|
|
|
|
|
Basic and diluted |
(1.51 |
) |
|
(1.91 |
) |
|
(1.40 |
) |
|
(0.19 |
) |
|
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, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
Loss from operations |
(2,053,046 |
) |
|
(1,847,096 |
) |
|
(1,556,013 |
) |
|
(213,173 |
) |
Fair value (gain) loss on
derivative liability relating to the contingent
consideration |
(29,339 |
) |
|
162,185 |
|
|
(204,637 |
) |
|
(28,035 |
) |
Share-based compensation
expenses |
167,036 |
|
|
113,963 |
|
|
143,675 |
|
|
19,683 |
|
Non-GAAP loss from
operations |
(1,915,349 |
) |
|
(1,570,948 |
) |
|
(1,616,975 |
) |
|
(221,525 |
) |
Net loss |
(1,347,615 |
) |
|
(1,807,720 |
) |
|
(1,329,973 |
) |
|
(182,205 |
) |
Fair value (gain) loss on
derivative liability relating to the contingent
consideration |
(29,339 |
) |
|
162,185 |
|
|
(204,637 |
) |
|
(28,035 |
) |
Fair value gain on derivative
liability |
(561,415 |
) |
|
- |
|
|
- |
|
|
- |
|
Share-based compensation
expenses |
167,036 |
|
|
113,963 |
|
|
143,675 |
|
|
19,683 |
|
Non-GAAP net
loss |
(1,771,333 |
) |
|
(1,531,572 |
) |
|
(1,390,935 |
) |
|
(190,557 |
) |
Net loss attributable to
ordinary shareholders |
(1,347,615 |
) |
|
(1,807,720 |
) |
|
(1,329,973 |
) |
|
(182,205 |
) |
Fair value (gain) loss on
derivative liability relating to the contingent
consideration |
(29,339 |
) |
|
162,185 |
|
|
(204,637 |
) |
|
(28,035 |
) |
Fair value gain on derivative
liability |
(561,415 |
) |
|
- |
|
|
- |
|
|
- |
|
Share-based compensation
expenses |
167,036 |
|
|
113,963 |
|
|
143,675 |
|
|
19,683 |
|
Non-GAAP net loss
attributable to ordinary shareholders
of XPeng Inc. |
(1,771,333 |
) |
|
(1,531,572 |
) |
|
(1,390,935 |
) |
|
(190,557 |
) |
|
|
|
|
|
|
|
|
XPENG INC.UNAUDITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(CONTINUED)(All amounts in thousands, except for
ADS/ordinary share and per ADS/ordinary share data) |
|
|
|
Three Months Ended |
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in calculating Non-GAAP net
loss per share |
|
|
|
|
|
|
|
Basic and diluted |
1,787,655,242 |
|
|
1,893,857,778 |
|
|
1,898,086,802 |
|
|
1,898,086,802 |
|
Non-GAAP net loss per
ordinary share |
|
|
|
|
|
|
|
Basic and diluted |
(0.99 |
) |
|
(0.81 |
) |
|
(0.73 |
) |
|
(0.10 |
) |
Weighted average
number of ADS used in calculating Non-GAAP net loss per
share |
|
|
|
|
|
|
|
Basic and diluted |
893,827,621 |
|
|
946,928,889 |
|
|
949,043,401 |
|
|
949,043,401 |
|
Non-GAAP net loss per
ADS |
|
|
|
|
|
|
|
Basic and diluted |
(1.98 |
) |
|
(1.62 |
) |
|
(1.47 |
) |
|
(0.20 |
) |
|
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 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
Vehicle sales |
|
28,010,857 |
|
|
35,829,402 |
|
|
4,908,608 |
|
Services and others |
|
2,665,210 |
|
|
5,036,907 |
|
|
690,053 |
|
Total
revenues |
|
30,676,067 |
|
|
40,866,309 |
|
|
5,598,661 |
|
Cost of
sales |
|
|
|
|
|
|
Vehicle sales |
|
(28,457,909 |
) |
|
(32,866,163 |
) |
|
(4,502,646 |
) |
Services and others |
|
(1,767,003 |
) |
|
(2,154,378 |
) |
|
(295,149 |
) |
Total cost of
sales |
|
(30,224,912 |
) |
|
(35,020,541 |
) |
|
(4,797,795 |
) |
Gross
profit |
|
451,155 |
|
|
5,845,768 |
|
|
800,866 |
|
Operating
expenses |
|
|
|
|
|
|
Research and development expenses |
|
(5,276,574 |
) |
|
(6,456,734 |
) |
|
(884,569 |
) |
Selling, general and administrative expenses |
|
(6,558,942 |
) |
|
(6,870,644 |
) |
|
(941,274 |
) |
Total operating
expenses |
|
(11,835,516 |
) |
|
(13,327,378 |
) |
|
(1,825,843 |
) |
Other income, net |
|
465,588 |
|
|
589,227 |
|
|
80,724 |
|
Fair value gain on derivative
liability relating to the contingent consideration |
|
29,339 |
|
|
234,245 |
|
|
32,091 |
|
Loss from
operations |
|
(10,889,434 |
) |
|
(6,658,138 |
) |
|
(912,162 |
) |
Interest income |
|
1,260,162 |
|
|
1,374,525 |
|
|
188,309 |
|
Interest expense |
|
(268,666 |
) |
|
(343,982 |
) |
|
(47,125 |
) |
Fair value loss on derivative
liability |
|
(410,417 |
) |
|
- |
|
|
- |
|
Investment loss on long-term
investments |
|
(224,364 |
) |
|
(261,991 |
) |
|
(35,893 |
) |
Exchange gain (loss) from
foreign currency transactions |
|
97,080 |
|
|
(49,543 |
) |
|
(6,787 |
) |
Other non-operating income,
net |
|
41,934 |
|
|
108,154 |
|
|
14,817 |
|
Loss before income tax
(expenses) benefit and share of results of equity method
investees |
|
(10,393,705 |
) |
|
(5,830,975 |
) |
|
(798,841 |
) |
Income tax (expenses)
benefit |
|
(36,810 |
) |
|
69,780 |
|
|
9,560 |
|
Share of results of equity
method investees |
|
54,740 |
|
|
(29,069 |
) |
|
(3,982 |
) |
Net loss |
|
(10,375,775 |
) |
|
(5,790,264 |
) |
|
(793,263 |
) |
Net loss attributable
to ordinary shareholders of XPeng Inc. |
|
(10,375,775 |
) |
|
(5,790,264 |
) |
|
(793,263 |
) |
|
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 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
Net loss |
|
(10,375,775 |
) |
|
(5,790,264 |
) |
|
(793,263 |
) |
Other comprehensive income |
|
|
|
|
|
|
Foreign currency translation adjustment, net of tax |
|
286,614 |
|
|
262,870 |
|
|
36,013 |
|
Total comprehensive loss attributable to XPeng
Inc. |
|
(10,089,161 |
) |
|
(5,527,394 |
) |
|
(757,250 |
) |
Comprehensive loss attributable to ordinary shareholders of
XPeng Inc. |
|
(10,089,161 |
) |
|
(5,527,394 |
) |
|
(757,250 |
) |
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing net loss per ordinary
share |
|
|
|
|
|
|
Basic and diluted |
|
1,740,921,519 |
|
|
1,891,357,212 |
|
|
1,891,357,212 |
|
Net loss per ordinary share attributable to ordinary
shareholders |
|
|
|
|
|
|
Basic and diluted |
|
(5.96 |
) |
|
(3.06 |
) |
|
(0.42 |
) |
|
|
|
|
|
|
|
Weighted average number of ADS used in computing net loss
per share |
|
|
|
|
|
|
Basic and diluted |
|
870,460,760 |
|
|
945,678,606 |
|
|
945,678,606 |
|
Net loss per ADS attributable to ordinary
shareholders |
|
|
|
|
|
|
Basic and diluted |
|
(11.92 |
) |
|
(6.12 |
) |
|
(0.84 |
) |
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 |
|
|
2023 |
|
|
2024 |
|
|
2024 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
Loss from operations |
|
(10,889,434 |
) |
|
(6,658,138 |
) |
|
(912,162 |
) |
Fair value gain on derivative
liability relating to the contingent consideration |
|
(29,339 |
) |
|
(234,245 |
) |
|
(32,091 |
) |
Share-based compensation
expenses |
|
550,535 |
|
|
473,655 |
|
|
64,890 |
|
Non-GAAP loss from
operations |
|
(10,368,238 |
) |
|
(6,418,728 |
) |
|
(879,363 |
) |
Net loss |
|
(10,375,775 |
) |
|
(5,790,264 |
) |
|
(793,263 |
) |
Fair value gain on derivative
liability relating to the contingent consideration |
|
(29,339 |
) |
|
(234,245 |
) |
|
(32,091 |
) |
Fair value loss on derivative
liability |
|
410,417 |
|
|
- |
|
|
- |
|
Share-based compensation
expenses |
|
550,535 |
|
|
473,655 |
|
|
64,890 |
|
Non-GAAP net
loss |
|
(9,444,162 |
) |
|
(5,550,854 |
) |
|
(760,464 |
) |
Net loss attributable to
ordinary shareholders |
|
(10,375,775 |
) |
|
(5,790,264 |
) |
|
(793,263 |
) |
Fair value gain on derivative
liability relating to the contingent consideration |
|
(29,339 |
) |
|
(234,245 |
) |
|
(32,091 |
) |
Fair value loss on derivative
liability |
|
410,417 |
|
|
- |
|
|
- |
|
Share-based compensation
expenses |
|
550,535 |
|
|
473,655 |
|
|
64,890 |
|
Non-GAAP net loss
attributable to ordinary shareholders of XPeng
Inc. |
|
(9,444,162 |
) |
|
(5,550,854 |
) |
|
(760,464 |
) |
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in calculating Non-GAAP net
loss per share |
|
|
|
|
|
|
Basic and diluted |
|
1,740,921,519 |
|
|
1,891,357,212 |
|
|
1,891,357,212 |
|
Non-GAAP net loss per
ordinary share |
|
|
|
|
|
|
Basic and diluted |
|
(5.42 |
) |
|
(2.93 |
) |
|
(0.40 |
) |
Weighted average
number of ADS used in calculating Non-GAAP net loss per
share |
|
|
|
|
|
|
Basic and diluted |
|
870,460,760 |
|
|
945,678,606 |
|
|
945,678,606 |
|
Non-GAAP net loss per
ADS |
|
|
|
|
|
|
Basic and diluted |
|
(10.85 |
) |
|
(5.87 |
) |
|
(0.80 |
) |
|
|
|
|
|
|
|
XPeng (NYSE:XPEV)
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XPeng (NYSE:XPEV)
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