XPENG Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were
RMB45.70 billion (US$6.44 billion ) as ofDecember 31, 2023 - Quarterly total revenues were
RMB13.05 billion , a 53.0% increase quarter-over-quarter - Quarterly gross margin was 6.2%, an increase of 8.9 percentage points quarter-over-quarter
- Full year vehicle deliveries reached 141,601, a 17.3% increase year-over-year
- Full year revenues reached
RMB30.68 billion - Full year gross margin was 1.5%, a decrease of 10.0 percentage points year-over-year
Operational and Financial Highlights for the Three Months Ended
| 2023Q4 | 2023Q3 | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | |
| Total deliveries | 60,158 | 40,008 | 23,205 | 18,230 | 22,204 | 29,570 |
- Total deliveries of vehicles were 60,158 for the fourth quarter of 2023, representing an increase of 170.9% from 22,204 in the corresponding period of 2022.
- XPENG’s physical sales network had a total of 500 stores, covering 181 cities as of
December 31, 2023 .
XPENG self-operated charging station network reached 1,108 stations, including 902XPENG self-operated supercharging stations and 206 destination charging stations as ofDecember 31, 2023 .
- Total revenues were
RMB13.05 billion (US$1.84 billion ) for the fourth quarter of 2023, representing an increase of 153.9% from the same period of 2022, and an increase of 53.0% from the third quarter of 2023.
- Revenues from vehicle sales were
RMB12.23 billion (US$1.72 billion ) for the fourth quarter of 2023, representing an increase of 162.3% from the same period of 2022, and an increase of 55.9% from the third quarter of 2023.
- Gross margin was 6.2% for the fourth quarter of 2023, compared with 8.7% for the same period of 2022 and negative 2.7% for the third quarter of 2023.
- Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was 4.1% for the fourth quarter of 2023, compared with 5.7% for the same period of 2022 and negative 6.1% for the third quarter of 2023.
- Fair value gain (loss) on derivative liability was gain of
RMB0.56 billion (US$0.08 billion ) for the fourth quarter of 2023, compared with loss ofRMB0.97 billion for the third quarter of 2023. This non-cash gain (loss) resulted from the fluctuation in the fair value of the forward share purchase agreement, measured through profit or loss, related to the issuance of shares by the Company for strategic minority investment by theVolkswagen Group (“Volkswagen ”).
- Net loss was
RMB1.35 billion (US$0.19 billion ) for the fourth quarter of 2023, compared withRMB2.36 billion for the same period of 2022 andRMB3.89 billion for the third quarter of 2023. Excluding share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss wasRMB1.77 billion (US$0.25 billion ) for the fourth quarter of 2023, compared withRMB2.21 billion for the same period of 2022 andRMB2.79 billion for the third quarter of 2023.
- Net loss attributable to ordinary shareholders of
XPENG wasRMB1.35 billion (US$0.19 billion ) for the fourth quarter of 2023, compared withRMB2.36 billion for the same period of 2022 andRMB3.89 billion for the third quarter of 2023. Excluding share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders ofXPENG wasRMB1.77 billion (US$0.25 billion ) for the fourth quarter of 2023, compared withRMB2.21 billion for the same period of 2022 andRMB2.79 billion for the third quarter of 2023.
- Basic and diluted net loss per American depositary share (ADS) were both
RMB1.51 (US$0.21 ) and basic and diluted net loss per ordinary share were bothRMB0.75 (US$0.11 ) for the fourth quarter of 2023. Each ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted net loss per ADS were both
RMB1.98 (US$0.28 ) and non-GAAP basic and diluted net loss per ordinary share were bothRMB0.99 (US$0.14 ) for the fourth quarter of 2023.
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were
RMB45.70 billion (US$6.44 billion ) as ofDecember 31, 2023 , compared withRMB36.48 billion as ofSeptember 30, 2023 . 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 | |||||||||
| 2023 | 2023 | 2022 | YoY | QoQ | ||||||
| Vehicle sales | 12.23 | 7.84 | 4.66 | 162.3 | % | 55.9 | % | |||
| Vehicle margin | 4.1% | -6.1% | 5.7% | -1.6pts | 10.2pts | |||||
| Total revenues | 13.05 | 8.53 | 5.14 | 153.9 | % | 53.0 | % | |||
| Gross profit (loss) | 0.81 | (0.23 | ) | 0.45 | 81.9 | % | -455.1 | % | ||
| Gross margin | 6.2% | -2.7% | 8.7% | -2.5pts | 8.9pts | |||||
| Net loss | 1.35 | 3.89 | 2.36 | -42.9 | % | -65.3 | % | |||
| Non-GAAP net loss | 1.77 | 2.79 | 2.21 | -19.9 | % | -36.5 | % | |||
| Net loss attributable to ordinary shareholders | 1.35 | 3.89 | 2.36 | -42.9 | % | -65.3 | % | |||
| Non-GAAP net loss attributable to ordinary shareholders | 1.77 | 2.79 | 2.21 | -19.9 | % | -36.5 | % | |||
| Comprehensive loss attributable to ordinary shareholders | 1.57 | 4.01 | 2.68 | -41.4 | % | -60.8 | % | |||
___________________
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
“In 2023, vehicle deliveries of
“Our plans on cost reduction through technology and engineering as well as operational improvement have begun to bear fruit. Our vehicle margin increased by approximately 10 percentage points quarter-over-quarter in the fourth quarter,” said Dr.
Recent Developments
Deliveries in January and February 2024
- Total deliveries were 8,250 vehicles in
January 2024 .
- Total deliveries were 4,545 vehicles in
February 2024 .
- As of
February 29, 2024 , year-to-date total deliveries were 12,795 vehicles.
Launch of
On
Entry into Master Agreement on Strategic Technical Collaboration and Joint Sourcing Program with the
Unaudited Financial Results for the Three Months Ended
Total revenues were
Revenues from vehicle sales were
Revenues from services and others were
Cost of sales was
Gross margin was 6.2% for the fourth quarter of 2023, compared with 8.7% for the same period of 2022 and negative 2.7% for the third quarter of 2023.
Vehicle margin was 4.1% for the fourth quarter of 2023, compared with 5.7% for the same period of 2022 and negative 6.1% for the third quarter of 2023. The year-over-year decrease was explained by (i) the inventory provision and losses on purchase commitment as a result of upgrades of existing models, with a negative impact of 1.9 percentage points on vehicle margin for the fourth quarter of 2023, and (ii) increased sales promotions, and the expiry of new energy vehicle subsidies, offset partially by cost reduction and improvement in product mix of models. The quarter-over-quarter increase was primarily attributable to the cost reduction and the improvement in product mix of models.
Research and development expenses were
Selling, general and administrative expenses were
Other income, net was
Loss from operations was
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was
Net loss was
Fair value gain (loss) on derivative liability was gain of
Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was
Net loss attributable to ordinary shareholders of
Non-GAAP net loss attributable to ordinary shareholders of
Basic and diluted net loss per ADS were both
Non-GAAP basic and diluted net loss per ADS were both
Balance Sheets
As of
Unaudited Financial Results for the Fiscal Year Ended
Total revenues were
Revenues from vehicle sales were
Revenues from services and others were
Cost of sales was
Gross margin was 1.5% for fiscal year of 2023, compared with 11.5% for the prior year.
Vehicle margin was negative 1.6% for fiscal year of 2023, compared with 9.4% for the prior year. The year-over-year decrease was explained by (i) increased sales promotions, and the expiry of new energy vehicle subsidies, and (ii) the inventory provisions and losses on purchase commitment related to the G3i and upgrades of existing models, with a negative impact of 2.4 percentage points on vehicle margin for the fiscal year. Excluding aforementioned (ii), the vehicle margin was positive 0.8%.
Research and development expenses were
Selling, general and administrative expenses were
Other income, net was
Loss from operations was
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was
Net loss was
Fair value loss on derivative liability was
Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was
Net loss attributable to ordinary shareholders of
Non-GAAP net loss attributable to ordinary shareholders of
Basic and diluted net loss per ADS were both
Non-GAAP basic and diluted net loss per ADS were both
Business Outlook
For the first quarter of 2024, the Company expects:
- Deliveries of vehicles to be between 21,000 and 22,500, representing a year-over-year increase of approximately 15.2% to 23.4%.
- Total revenues to be between
RMB5.8 billion andRMB6.2 billion , representing a year-over-year increase of approximately 43.8% to 53.7%.
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
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 2023 Earnings Conference Call |
| Pre-registration link: | https://s1.c-conf.com/diamondpass/10036740-6pn4dk.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
| +1-855-883-1031 | |
| International: | +61-7-3107-6325 |
| 800-930-639 | |
| Mainland |
400-120-9216 |
| Replay Access Code: | 10036740 |
About
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 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
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
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
For Investor Enquiries
IR Department
E-mail: ir@xiaopeng.com
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com
For Media Enquiries
E-mail: pr@xiaopeng.com
Source:
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) |
||||||
| As of |
||||||
| 2022 | 2023 | 2023 | ||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 14,607,774 | 21,127,163 | 2,975,699 | |||
| Restricted cash | 106,272 | 3,174,886 | 447,173 | |||
| Short-term deposits | 14,921,688 | 9,756,979 | 1,374,242 | |||
| Short-term investments | 1,262,129 | 781,216 | 110,032 | |||
| Long-term deposits, current portion | 427,466 | 7,054,915 | 993,664 | |||
| Accounts and notes receivable, net | 3,872,846 | 2,716,216 | 382,571 | |||
| Installment payment receivables, net, current portion | 1,294,665 | 1,881,755 | 265,040 | |||
| Inventory | 4,521,373 | 5,526,212 | 778,351 | |||
| Amounts due from related parties | 47,124 | 12,948 | 1,824 | |||
| Prepayments and other current assets | 2,466,084 | 2,489,339 | 350,616 | |||
| Total current assets | 43,527,421 | 54,521,629 | 7,679,212 | |||
| Non-current assets | ||||||
| Long-term deposits | 6,926,450 | 3,035,426 | 427,531 | |||
| Restricted long-term deposits | - | 767,899 | 108,156 | |||
| Property, plant and equipment, net | 10,606,745 | 10,954,485 | 1,542,907 | |||
| Right-of-use assets, net | 1,954,618 | 1,455,865 | 205,054 | |||
| Intangible assets, net | 1,042,972 | 4,948,992 | 697,051 | |||
| Land use rights, net | 2,747,854 | 2,789,367 | 392,874 | |||
| Installment payment receivables, net | 2,188,643 | 3,027,795 | 426,456 | |||
| Long-term investments | 2,295,032 | 2,084,933 | 293,657 | |||
| Other non-current assets | 201,271 | 576,150 | 81,149 | |||
| Total non-current assets | 27,963,585 | 29,640,912 | 4,174,835 | |||
| Total assets | 71,491,006 | 84,162,541 | 11,854,047 | |||
| 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 |
|||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| LIABILITIES | |||||||||
| Current liabilities | |||||||||
| Short-term borrowings | 2,419,210 | 3,889,100 | 547,768 | ||||||
| Accounts and notes payable | 14,222,856 | 22,210,431 | 3,128,274 | ||||||
| Amounts due to related parties | 91,111 | 30,880 | 4,349 | ||||||
| Operating lease liabilities, current portion | 490,811 | 365,999 | 51,550 | ||||||
| Finance lease liabilities, current portion | 128,279 | 34,382 | 4,843 | ||||||
| Deferred revenue, current portion | 389,243 | 630,997 | 88,874 | ||||||
| Long-term borrowings, current portion | 761,859 | 1,363,835 | 192,092 | ||||||
| Accruals and other liabilities | 5,583,829 | 7,580,195 | 1,067,648 | ||||||
| Income taxes payable | 27,655 | 5,743 | 809 | ||||||
| Total current liabilities | 24,114,853 | 36,111,562 | 5,086,207 | ||||||
| Non-current liabilities | |||||||||
| Long-term borrowings | 4,613,057 | 5,650,782 | 795,896 | ||||||
| Operating lease liabilities | 1,854,576 | 1,490,882 | 209,986 | ||||||
| Finance lease liabilities | 797,743 | 777,697 | 109,536 | ||||||
| Deferred revenue | 694,006 | 668,946 | 94,219 | ||||||
| Derivative liability | - | 393,473 | 55,420 | ||||||
| Deferred tax liabilities | - | 404,018 | 56,905 | ||||||
| Other non-current liabilities | 2,506,106 | 2,336,654 | 329,111 | ||||||
| Total non-current liabilities | 10,465,488 | 11,722,452 | 1,651,073 | ||||||
| Total liabilities | 34,580,341 | 47,834,014 | 6,737,280 | ||||||
| SHAREHOLDERS’ EQUITY | |||||||||
| Class A Ordinary shares | 92 | 103 | 15 | ||||||
| Class |
21 | 21 | 3 | ||||||
| Additional paid-in capital | 60,691,019 | 70,198,031 | 9,887,186 | ||||||
| Statutory and other reserves | 6,425 | 60,035 | 8,456 | ||||||
| Accumulated deficit | (25,330,916 | ) | (35,760,301 | ) | (5,036,733 | ) | |||
| Accumulated other comprehensive income | 1,544,024 | 1,830,638 | 257,840 | ||||||
| Total shareholders' equity | 36,910,665 | 36,328,527 | 5,116,767 | ||||||
| Total liabilities and shareholders’ equity | 71,491,006 | 84,162,541 | 11,854,047 | ||||||
| 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 | |||||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Revenues | |||||||||||
| Vehicle sales | 4,661,182 | 7,844,239 | 12,228,314 | 1,722,322 | |||||||
| Services and others | 479,167 | 685,282 | 822,116 | 115,793 | |||||||
| Total revenues | 5,140,349 | 8,529,521 | 13,050,430 | 1,838,115 | |||||||
| Cost of sales | |||||||||||
| Vehicle sales | (4,397,201 | ) | (8,319,890 | ) | (11,732,955 | ) | (1,652,552 | ) | |||
| Services and others | (298,084 | ) | (437,589 | ) | (508,003 | ) | (71,551 | ) | |||
| Total cost of sales | (4,695,285 | ) | (8,757,479 | ) | (12,240,958 | ) | (1,724,103 | ) | |||
| Gross profit (loss) | 445,064 | (227,958 | ) | 809,472 | 114,012 | ||||||
| Operating expenses | |||||||||||
| Research and development expenses | (1,230,049 | ) | (1,305,868 | ) | (1,307,745 | ) | (184,192 | ) | |||
| Selling, general and administrative expenses | (1,755,815 | ) | (1,692,194 | ) | (1,936,503 | ) | (272,751 | ) | |||
| Total operating expenses | (2,985,864 | ) | (2,998,062 | ) | (3,244,248 | ) | (456,943 | ) | |||
| Other income, net | 23,357 | 65,192 | 352,391 | 49,633 | |||||||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | 29,339 | 4,132 | |||||||
| Loss from operations | (2,517,443 | ) | (3,160,828 | ) | (2,053,046 | ) | (289,166 | ) | |||
| Interest income | 273,367 | 314,004 | 342,780 | 48,280 | |||||||
| Interest expense | (51,079 | ) | (65,767 | ) | (73,225 | ) | (10,314 | ) | |||
| Fair value gain (loss) on derivative assets or derivative liabilities | 1,398 | (971,832 | ) | 561,415 | 79,074 | ||||||
| Investment loss on long-term investments | (102,798 | ) | (8,782 | ) | (185,318 | ) | (26,101 | ) | |||
| Exchange (loss) gain from foreign currency transactions | (17,454 | ) | 5,972 | 46,362 | 6,530 | ||||||
| Other non-operating income, net | 37,761 | 4,282 | 27,364 | 3,854 | |||||||
| Loss before income tax benefit (expenses) and share of results of equity method investees |
(2,376,248 | ) | (3,882,951 | ) | (1,333,668 | ) | (187,843 | ) | |||
| Income tax benefit (expenses) | 10,445 | (682 | ) | (21,754 | ) | (3,064 | ) | ||||
| Share of results of equity method investees | 4,628 | (2,917 | ) | 7,807 | 1,100 | ||||||
| Net loss | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Net loss attributable to ordinary shareholders of |
(2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| 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 | |||||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Net loss | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Other comprehensive loss | |||||||||||
| Foreign currency translation adjustment, net of tax | (318,072 | ) | (123,081 | ) | (222,618 | ) | (31,355 | ) | |||
| Total comprehensive loss | |||||||||||
| attributable to |
(2,679,247 | ) | (4,009,631 | ) | (1,570,233 | ) | (221,162 | ) | |||
| Comprehensive loss attributable to | |||||||||||
| ordinary shareholders of |
(2,679,247 | ) | (4,009,631 | ) | (1,570,233 | ) | (221,162 | ) | |||
| Weighted average number of | |||||||||||
| ordinary shares used in computing net loss per ordinary share | |||||||||||
| Basic and diluted | 1,720,448,811 | 1,729,980,347 | 1,787,655,242 | 1,787,655,242 | |||||||
| Net loss per ordinary share attributable to ordinary shareholders | |||||||||||
| Basic and diluted | (1.37 | ) | (2.25 | ) | (0.75 | ) | (0.11 | ) | |||
| Weighted average number of ADS | |||||||||||
| used in computing net loss per share | |||||||||||
| Basic and diluted | 860,224,405 | 864,990,174 | 893,827,621 | 893,827,621 | |||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||||
| Basic and diluted | (2.74 | ) | (4.49 | ) | (1.51 | ) | (0.21 | ) | |||
| 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 | |||||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Loss from operations | (2,517,443 | ) | (3,160,828 | ) | (2,053,046 | ) | (289,166 | ) | |||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | (29,339 | ) | (4,132 | ) | |||||
| Share-based compensation expenses | 148,783 | 124,291 | 167,036 | 23,527 | |||||||
| Non-GAAP loss from operations | (2,368,660 | ) | (3,036,537 | ) | (1,915,349 | ) | (269,771 | ) | |||
| Net loss | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | (29,339 | ) | (4,132 | ) | |||||
| Fair value loss (gain) on derivative liability | - | 971,832 | (561,415 | ) | (79,074 | ) | |||||
| Share-based compensation expenses | 148,783 | 124,291 | 167,036 | 23,527 | |||||||
| Non-GAAP net loss | (2,212,392 | ) | (2,790,427 | ) | (1,771,333 | ) | (249,486 | ) | |||
| Net loss attributable to ordinary shareholders | (2,361,175 | ) | (3,886,550 | ) | (1,347,615 | ) | (189,807 | ) | |||
| Fair value gain on derivative liability | |||||||||||
| relating to the contingent consideration | - | - | (29,339 | ) | (4,132 | ) | |||||
| Fair value loss (gain) on derivative liability | - | 971,832 | (561,415 | ) | (79,074 | ) | |||||
| Share-based compensation expenses | 148,783 | 124,291 | 167,036 | 23,527 | |||||||
| Non-GAAP net loss attributable to ordinary shareholders of |
(2,212,392 | ) | (2,790,427 | ) | (1,771,333 | ) | (249,486 | ) | |||
| 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 | |||||||||||
| 2022 | 2023 | 2023 | 2023 | ||||||||
| RMB | RMB | RMB | US$ | ||||||||
| Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share |
|||||||||||
| Basic and diluted | 1,720,448,811 | 1,729,980,347 | 1,787,655,242 | 1,787,655,242 | |||||||
| Non-GAAP net loss per ordinary share | |||||||||||
| Basic and diluted | (1.29 | ) | (1.61 | ) | (0.99 | ) | (0.14 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share |
|||||||||||
| Basic and diluted | 860,224,405 | 864,990,174 | 893,827,621 | 893,827,621 | |||||||
| Non-GAAP net loss per ADS | |||||||||||
| Basic and diluted | (2.57 | ) | (3.23 | ) | (1.98 | ) | (0.28 | ) | |||
| 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 |
|||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| Revenues | |||||||||
| Vehicle sales | 24,839,637 | 28,010,857 | 3,945,247 | ||||||
| Services and others | 2,015,482 | 2,665,210 | 375,387 | ||||||
| Total revenues | 26,855,119 | 30,676,067 | 4,320,634 | ||||||
| Cost of sales | |||||||||
| Vehicle sales | (22,493,122 | ) | (28,457,909 | ) | (4,008,213 | ) | |||
| Services and others | (1,273,606 | ) | (1,767,003 | ) | (248,877 | ) | |||
| Total cost of sales | (23,766,728 | ) | (30,224,912 | ) | (4,257,090 | ) | |||
| Gross profit | 3,088,391 | 451,155 | 63,544 | ||||||
| Operating expenses | |||||||||
| Research and development expenses | (5,214,836 | ) | (5,276,574 | ) | (743,190 | ) | |||
| Selling, general and administrative expenses | (6,688,246 | ) | (6,558,942 | ) | (923,808 | ) | |||
| Total operating expenses | (11,903,082 | ) | (11,835,516 | ) | (1,666,998 | ) | |||
| Other income, net | 109,168 | 465,588 | 65,577 | ||||||
| Fair value gain on derivative liability | |||||||||
| relating to the contingent consideration | - | 29,339 | 4,132 | ||||||
| Loss from operations | (8,705,523 | ) | (10,889,434 | ) | (1,533,745 | ) | |||
| Interest income | 1,058,771 | 1,260,162 | 177,490 | ||||||
| Interest expense | (132,192 | ) | (268,666 | ) | (37,841 | ) | |||
| Fair value gain (loss) on derivative assets or derivative liabilities | 59,357 | (410,417 | ) | (57,806 | ) | ||||
| Investment gain (loss) on long-term investments | 25,062 | (224,364 | ) | (31,601 | ) | ||||
| Exchange (loss) gain from foreign currency transactions | (1,460,151 | ) | 97,080 | 13,673 | |||||
| Other non-operating income, net | 36,318 | 41,934 | 5,906 | ||||||
| Loss before income tax expenses and share of results of equity method investees | (9,118,358 | ) | (10,393,705 | ) | (1,463,924 | ) | |||
| Income tax expenses | (24,731 | ) | (36,810 | ) | (5,185 | ) | |||
| Share of results of equity method investees | 4,117 | 54,740 | 7,710 | ||||||
| Net loss | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Net loss attributable to ordinary shareholders of |
(9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| 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 |
|||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| Net loss | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Other comprehensive income | |||||||||
| Foreign currency translation adjustment, net of tax | 3,192,573 | 286,614 | 40,369 | ||||||
| Total comprehensive loss attributable to |
(5,946,399 | ) | (10,089,161 | ) | (1,421,030 | ) | |||
| Comprehensive loss attributable to ordinary shareholders of |
(5,946,399 | ) | (10,089,161 | ) | (1,421,030 | ) | |||
| Weighted average number of ordinary shares used in computing net loss per ordinary share |
|||||||||
| Basic and diluted | 1,712,533,564 | 1,740,921,519 | 1,740,921,519 | ||||||
| Net loss per ordinary share attributable to ordinary shareholders | |||||||||
| Basic and diluted | (5.34 | ) | (5.96 | ) | (0.84 | ) | |||
| Weighted average number of ADS used in computing net loss per share |
|||||||||
| Basic and diluted | 856,266,782 | 870,460,760 | 870,460,760 | ||||||
| Net loss per ADS attributable to ordinary shareholders | |||||||||
| Basic and diluted | (10.67 | ) | (11.92 | ) | (1.68 | ) | |||
| 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 |
|||||||||
| 2022 | 2023 | 2023 | |||||||
| RMB | RMB | US$ | |||||||
| Loss from operations | (8,705,523 | ) | (10,889,434 | ) | (1,533,745 | ) | |||
| Share-based compensation expenses | 710,486 | 550,535 | 77,541 | ||||||
| Fair value gain on derivative liability relating to the contingent consideration | - | (29,339 | ) | (4,132 | ) | ||||
| Non-GAAP loss from operations | (7,995,037 | ) | (10,368,238 | ) | (1,460,336 | ) | |||
| Net loss | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | (29,339 | ) | (4,132 | ) | ||||
| Fair value loss on derivative liability | - | 410,417 | 57,806 | ||||||
| Share-based compensation expenses | 710,486 | 550,535 | 77,541 | ||||||
| Non-GAAP net loss | (8,428,486 | ) | (9,444,162 | ) | (1,330,184 | ) | |||
| Net loss attributable to ordinary shareholders | (9,138,972 | ) | (10,375,775 | ) | (1,461,399 | ) | |||
| Fair value gain on derivative liability relating to the contingent consideration | - | (29,339 | ) | (4,132 | ) | ||||
| Fair value loss on derivative liability | - | 410,417 | 57,806 | ||||||
| Share-based compensation expenses | 710,486 | 550,535 | 77,541 | ||||||
| Non-GAAP net loss attributable to ordinary shareholders of |
(8,428,486 | ) | (9,444,162 | ) | (1,330,184 | ) | |||
| Weighted average number of ordinary shares used in | |||||||||
| calculating Non-GAAP net loss per share | |||||||||
| Basic and diluted | 1,712,533,564 | 1,740,921,519 | 1,740,921,519 | ||||||
| Non-GAAP net loss per ordinary share | |||||||||
| Basic and diluted | (4.92 | ) | (5.42 | ) | (0.76 | ) | |||
| Weighted average number of ADS used in calculating Non-GAAP net loss per share | |||||||||
| Basic and diluted | 856,266,782 | 870,460,760 | 870,460,760 | ||||||
| Non-GAAP net loss per ADS | |||||||||
| Basic and diluted | (9.84 | ) | (10.85 | ) | (1.53 | ) | |||
Source: XPeng Inc.