XPENG Reports Third Quarter 2023 Unaudited Financial Results

2023-11-15
  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB36.48 billion (US$5.00 billion) as of September 30, 2023
  • Quarterly total revenues were RMB8.53 billion, a 68.5% increase quarter-over-quarter
  • Quarterly gross margin was negative 2.7%, an increase of 1.2 percentage points quarter-over-quarter

GUANGZHOU, China, Nov. 15, 2023 (GLOBE NEWSWIRE) -- 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 ended September 30, 2023.

Operational and Financial Highlights for the Three Months Ended September 30, 2023

  2023Q3 2023Q2 2023Q1 2022Q4 2022Q3 2022Q2
Total deliveries 40,008 23,205 18,230 22,204 29,570 34,422
             

 

  • Total deliveries of vehicles were 40,008 for the third quarter of 2023, representing an increase of 72.4% from 23,205 for the second quarter of 2023.
  • XPENG’s physical sales network had a total of 395 stores as of September 30, 2023.
  • XPENG self-operated charging station network reached 1,057 stations, including 854 XPENG self-operated supercharging stations and 203 destination charging stations as of September 30, 2023.
  • Total revenues were RMB8.53 billion (US$1.17 billion) for the third quarter of 2023, representing an increase of 25.0% from the same period of 2022, and an increase of 68.5% from the second quarter of 2023.
  • Revenues from vehicle sales were RMB7.84 billion (US$1.08 billion) for the third quarter of 2023, representing an increase of 25.7% from the same period of 2022, and an increase of 77.3% from the second quarter of 2023.
  • Gross margin was negative 2.7% for the third quarter of 2023, compared with 13.5% for the same period of 2022 and negative 3.9% for the second quarter of 2023.
  • Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was negative 6.1% for the third quarter of 2023, compared with 11.6% for the same period of 2022 and negative 8.6% for the second quarter of 2023.
  • Fair value loss on derivative liability was RMB0.97 billion (US$0.13 billion) for the third quarter of 2023. This non-cash 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 the Volkswagen Group (“Volkswagen”).
  • Net loss was RMB3.89 billion (US$0.53 billion) for the third quarter of 2023, compared with RMB2.38 billion for the same period of 2022 and RMB2.80 billion for the second quarter of 2023. Excluding share-based compensation expenses and fair value loss on derivative liability, non-GAAP net loss was RMB2.79 billion (US$0.38 billion) for the third quarter of 2023, compared with RMB2.22 billion for the same period of 2022 and RMB2.67 billion for the second quarter of 2023.
  • Net loss attributable to ordinary shareholders of XPENG was RMB3.89 billion (US$0.53 billion) for the third quarter of 2023, compared with RMB2.38 billion for the same period of 2022 and RMB2.80 billion for the second quarter of 2023. Excluding share-based compensation expenses and fair value loss on derivative liability, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB2.79 billion (US$0.38 billion) for the third quarter of 2023, compared with RMB2.22 billion for the same period of 2022 and RMB2.67 billion for the second quarter of 2023.
  • Basic and diluted net loss per American depositary share (ADS) were both RMB4.49 (US$0.62) and basic and diluted net loss per ordinary share were both RMB2.25 (US$0.31) for the third quarter of 2023. Each ADS represents two Class A ordinary shares.
  • Non-GAAP basic and diluted net loss per ADS were both RMB3.23 (US$0.44) and non-GAAP basic and diluted net loss per ordinary share were both RMB1.61 (US$0.22) for the third quarter of 2023.
  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB36.48 billion (US$5.00 billion) as of September 30, 2023, compared with RMB33.74 billion as of June 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
  September 30,   June 30,   September 30,    
  2023   2023   2022   YoY   QoQ  
                     
Vehicle sales 7.84   4.42   6.24   25.7%   77.3%  
Vehicle margin -6.1%   -8.6%   11.6%   -17.7pts   2.5pts  
Total revenues 8.53   5.06   6.82   25.0%   68.5%  
Gross (loss) profit (0.23)   (0.20)   0.92   -124.7%   15.5%  
Gross margin -2.7%   -3.9%   13.5%   -16.2pts   1.2pts  
Net loss 3.89   2.80   2.38   63.6%   38.6%  
Non-GAAP net loss 2.79   2.67   2.22   25.5%   4.5%  
Net loss attributable to ordinary shareholders 3.89   2.80   2.38   63.6%   38.6%  
Non-GAAP net loss attributable to ordinary shareholders 2.79   2.67   2.22   25.5%   4.5%  
Comprehensive loss attributable to ordinary shareholders 4.01   1.93   0.69   481.1%   107.9%  
                     
i. Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
 

Management Commentary

“In 2023, XPENG was the first mover in reaching the inflection point for both the development and mass adoption of ADAS technologies. I believe that over the next five years, ADAS technologies will experience increasing and massive acceptance by consumers. As we lead the nationwide rollout of XNGP, XPENG will become the go-to smart EV brand for customers,” said Mr. He Xiaopeng, Chairman and CEO of XPENG. “In the third quarter of 2023, our business stepped into the initial phase of a virtuous cycle. I am confident that the transformational adjustments we began to implement early this year will yield more positive results in 2024 and beyond, accelerating our virtuous cycle and rapid growth by the fourth quarter of 2024.”

“XPENG vehicle deliveries have grown for nine consecutive months and our free cash flow has substantially improved,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG. “Our new products and technology-driven cost controls are expected to result in notable improvements to our gross margin. Leveraging these strengths, we expect even stronger free cash flow in the fourth quarter, marking the starting point of our journey towards long-term scalable profitability.”

Recent Developments

Deliveries in October 2023

  • Total deliveries were 20,002 vehicles in October 2023.
  • As of October 31, 2023, year-to-date total deliveries were 101,445 vehicles.

XPENG 2023 Tech Day

On October 24, 2023, XPENG hosted its fifth annual 1024 Tech Day in Guangzhou. The Company unveiled its cutting-edge technology roadmap for autonomous driving and mobility ecosystem, including its Smart EVs and robotics.

ESG Performance

On October 11, 2023, XPENG announced that Morgan Stanley Capital International (“MSCI”) has upgraded its MSCI ESG Rating for the Company from “AA” to “AAA”, which is MSCI’s highest rating and is given to companies that are leading their industries in managing ESG risks and opportunities.

Launch of XPENG G9 2024 Edition

On September 19, 2023, XPENG introduced XPENG G9 2024 Edition and commenced deliveries during the same month.

Unaudited Financial Results for the Three Months Ended September 30, 2023

Total revenues were RMB8.53 billion (US$1.17 billion) for the third quarter of 2023, representing an increase of 25.0% from RMB6.82 billion for the same period of 2022 and an increase of 68.5% from RMB5.06 billion for the second quarter of 2023.

Revenues from vehicle sales were RMB7.84 billion (US$1.08 billion) for the third quarter of 2023, representing an increase of 25.7% from the same period of 2022, and an increase of 77.3% from the second quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly attributable to the accelerating sales growth of the G6 in the third quarter of 2023.

Revenues from services and others were RMB0.69 billion (US$0.09 billion) for the third quarter of 2023, representing an increase of 17.7% from RMB0.58 billion for the same period of 2022 and an increase of 7.4% from RMB0.64 billion for the second quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly attributable to the increases of maintenance, supercharging and auto financing services sales, which were in line with higher accumulated vehicle sales.

Cost of sales was RMB8.76 billion (US$1.20 billion) for the third quarter of 2023, representing an increase of 48.4% from RMB5.90 billion for the same period of 2022 and an increase of 66.5% from RMB5.26 billion for the second quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above. In addition, the year-over-year increase was attributable to inventory write-downs amounting to RMB0.23 billion related to the model G3i as management lowered its forecasted sales due to stronger-than-expected market demands for newly launched vehicle models.

Gross margin was negative 2.7% for the third quarter of 2023, compared with 13.5% for the same period of 2022 and negative 3.9% for the second quarter of 2023.

Vehicle margin was negative 6.1% for the third quarter of 2023, compared with 11.6% for the same period of 2022 and negative 8.6% for the second quarter of 2023. The year-over-year decrease was explained by (i) the inventory write-downs related to the G3i, with a negative impact of 2.9 percentage points on vehicle margin for the third quarter of 2023, and (ii) increased sales promotions, and the expiry of new energy vehicle subsidies. The quarter-over-quarter increase was primarily attributable to the improvement in product mix of models and the cost reduction.

Research and development expenses were RMB1.31 billion (US$0.18 billion) for the third quarter of 2023, representing a decrease of 12.9% from RMB1.50 billion for the same period of 2022 and a decrease of 4.5% from RMB1.37 billion for the second quarter of 2023. 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 RMB1.69 billion (US$0.23 billion) for the third quarter of 2023, representing an increase of 4.0% from RMB1.63 billion for the same period of 2022 and an increase of 9.6% from RMB1.54 billion for the second quarter of 2023. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher commission paid to the franchised stores.

Loss from operations was RMB3.16 billion (US$0.43 billion) for the third quarter of 2023, compared with RMB2.18 billion for the same period of 2022 and RMB3.09 billion for the second quarter of 2023.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB3.04 billion (US$0.42 billion) for the third quarter of 2023, compared with RMB2.02 billion for the same period of 2022 and RMB2.96 billion for the second quarter of 2023.

Net loss was RMB3.89 billion (US$0.53 billion) for the third quarter of 2023, compared with RMB2.38 billion for the same period of 2022 and RMB2.80 billion for the second quarter of 2023.

Fair value loss on derivative liability was RMB0.97 billion (US$0.13 billion) for the third quarter of 2023. This non-cash 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 the Volkswagen Group.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value loss on derivative liability, was RMB2.79 billion (US$0.38 billion) for the third quarter of 2023, compared with RMB2.22 billion for the same period of 2022 and RMB2.67 billion for the second quarter of 2023.

Net loss attributable to ordinary shareholders of XPENG was RMB3.89 billion (US$0.53 billion) for the third quarter of 2023, compared with RMB2.38 billion for the same period of 2022 and RMB2.80 billion for the second quarter of 2023.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value loss on derivative liability, was RMB2.79 billion (US$0.38 billion) for the third quarter of 2023, compared with RMB2.22 billion for the same period of 2022 and RMB2.67 billion for the second quarter of 2023.

Basic and diluted net loss per ADS were both RMB4.49 (US$0.62) for the third quarter of 2023, compared with RMB2.77 for the third quarter of 2022 and RMB3.25 for the second quarter of 2023.

Non-GAAP basic and diluted net loss per ADS were both RMB3.23 (US$0.44) for the third quarter of 2023, compared with RMB2.59 for the third quarter of 2022 and RMB3.10 for the second quarter of 2023.

Balance Sheets

As of September 30, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB36.48 billion (US$5.00 billion), compared with RMB38.25 billion as of December 31, 2022 and RMB33.74 billion as of June 30, 2023.

Business Outlook

For the fourth quarter of 2023, the Company expects:

  • Deliveries of vehicles to be between 59,500 and 63,500, representing a year-over-year increase of approximately 168.0% to 186.0%.
  • Total revenues to be between RMB12.7 billion and RMB13.6 billion, representing a year-over-year increase of approximately 147.1% to 164.6%.

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 November 15, 2023 (9:00 PM Beijing/Hong Kong Time on November 15, 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 Third Quarter 2023 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10034271-dqxo0v.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 November 22, 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: 10034271
   


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://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 and fair value loss on derivative liability, 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 RMB7.2960 to US$1.00, the exchange rate on September 29, 2023, 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 Enquiries
IR Department
XPeng Inc.
E-mail: ir@xiaopeng.com

Jenny Cai
Piacente Financial Communications
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

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)
 
  December 31,     September 30,     September 30,  
  2022     2023     2023  
  RMB     RMB     US$  
                 
ASSETS                
Current assets                
Cash and cash equivalents 14,607,774     12,197,669     1,671,830  
Restricted cash 106,272     1,139,599     156,195  
Short-term deposits 14,921,688     12,152,077     1,665,581  
Restricted short-term deposits -     1,010,000     138,432  
Short-term investments 1,262,129     181,007     24,809  
Long-term deposits, current portion 427,466     4,487,216     615,024  
Accounts and notes receivable, net 3,872,846     3,244,400     444,682  
Installment payment receivables, net, current portion 1,294,665     1,697,592     232,674  
Inventory 4,521,373     5,287,550     724,719  
Amounts due from related parties 47,124     27,867     3,819  
Prepayments and other current assets 2,466,084     2,232,540     305,996  
Total current assets 43,527,421     43,657,517     5,983,761  
Non-current assets                
Long-term deposits 6,926,450     4,563,512     625,481  
Restricted long-term deposits -     750,000     102,796  
Property, plant and equipment, net 10,606,745     10,911,466     1,495,541  
Right-of-use assets, net 1,954,618     1,560,903     213,940  
Intangible assets, net 1,042,972     1,040,171     142,567  
Land use rights, net 2,747,854     2,802,005     384,047  
Installment payment receivables, net 2,188,643     2,616,312     358,595  
Long-term investments 2,295,032     2,492,948     341,687  
Other non-current assets 201,271     147,690     20,243  
Total non-current assets 27,963,585     26,885,007     3,684,897  
Total assets 71,491,006     70,542,524     9,668,658  
                 

 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
       
  December 31,     September 30,     September 30,  
  2022     2023     2023  
  RMB     RMB     US$  
       
LIABILITIES      
Current liabilities      
Short-term borrowings 2,419,210     4,226,815     579,333  
Accounts and notes payable 14,222,856     16,566,450     2,270,621  
Amount due to related parties 91,111     52,094     7,140  
Operating lease liabilities, current portion 490,811     400,032     54,829  
Finance lease liabilities, current portion 128,279     74,890     10,265  
Deferred revenue, current portion 389,243     536,649     73,554  
Long-term borrowings, current portion 761,859     776,793     106,468  
Accruals and other liabilities 5,583,829     6,671,159     914,358  
Income taxes payable 27,655     13,339     1,828  
Derivative liability -     972,753     133,327  
Total current liabilities 24,114,853     30,290,974     4,151,723  
Non-current liabilities                
Long-term borrowings 4,613,057     6,421,177     880,096  
Operating lease liabilities 1,854,576     1,554,029     212,997  
Finance lease liabilities 797,743     780,584     106,988  
Deferred revenue 694,006     678,972     93,061  
Other non-current liabilities 2,506,106     2,022,850     277,255  
Total non-current liabilities 10,465,488     11,457,612     1,570,397  
Total liabilities 34,580,341     41,748,586     5,722,120  
                 
SHAREHOLDERS’ EQUITY      
Class A Ordinary shares 92     92     13  
Class B Ordinary shares 21     21     3  
Additional paid-in capital 60,691,019     61,074,518     8,370,959  
Statutory and other reserves 6,425     25,127     3,444  
Accumulated deficit (25,330,916)     (34,359,076)     (4,709,303)  
Accumulated other comprehensive income 1,544,024     2,053,256     281,422  
Total shareholders' equity 36,910,665     28,793,938     3,946,538  
Total liabilities and shareholders’ equity 71,491,006     70,542,524     9,668,658  
                 

 

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
  September 30,     June 30,     September 30,     September 30,  
  2022      2023      2023      2023   
  RMB     RMB     RMB     US$  
                     
Revenues                    
Vehicle sales 6,241,143     4,424,537     7,844,239     1,075,142  
Services and others 582,344     638,159     685,282     93,926  
Total revenues 6,823,487     5,062,696     8,529,521     1,169,068  
Cost of sales                    
Vehicle sales (5,514,695)     (4,804,535)     (8,319,890)     (1,140,336)  
Services and others (385,554)     (455,552)     (437,589)     (59,977)  
Total cost of sales (5,900,249)     (5,260,087)     (8,757,479)     (1,200,313)  
Gross profit (loss) 923,238     (197,391)     (227,958)     (31,245)  
Operating expenses                    
Research and development expenses (1,498,550)     (1,367,107)     (1,305,868)     (178,984)  
Selling, general and administrative expenses (1,626,343)     (1,543,625)     (1,692,194)     (231,934)  
Total operating expenses (3,124,893)     (2,910,732)     (2,998,062)     (410,918)  
Other income, net 24,824     17,940     65,192     8,935  
Loss from operations (2,176,831)     (3,090,183)     (3,160,828)     (433,228)  
Interest income 289,954     303,637     314,004     43,038  
Interest expense (38,968)     (67,007)     (65,767)     (9,014)  
Fair value loss on derivative assets or derivative liabilities (8,003)     -     (971,832)     (133,201)  
Fair value gain (loss) on long-term investments 129,240     (38,704)     (8,782)     (1,204)  
Exchange (loss) gain from foreign currency transactions (550,775)     42,663     5,972     819  
Other non-operating (loss) income, net (2,600)     4,286     4,282     587  
Loss before income tax expenses and
    share of results of equity method investees
(2,357,983)     (2,845,308)     (3,882,951)     (532,203)  
Income tax expenses (21,017)     (8,217)     (682)     (93)  
Share of results of equity method investees 2,852     48,873     (2,917)     (400)  
Net loss (2,376,148)     (2,804,652)     (3,886,550)     (532,696)  
Net loss attributable to ordinary
    shareholders of XPeng Inc.
(2,376,148)     (2,804,652)     (3,886,550)     (532,696)  
                       

 

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
  September 30,     June 30,     September 30,     September 30,  
  2022     2023     2023     2023  
  RMB     RMB     RMB     US$  
               
Net loss (2,376,148)     (2,804,652)     (3,886,550)     (532,696)  
Other comprehensive income (loss)              
Foreign currency translation adjustment, net of tax 1,686,156     876,266     (123,081)     (16,870)  
Total comprehensive loss
    attributable to XPeng Inc.
(689,992)     (1,928,386)     (4,009,631)     (549,566)  
Comprehensive loss attributable to
    ordinary shareholders of XPeng Inc.
(689,992)     (1,928,386)     (4,009,631)     (549,566)  
               
Weighted average number of ordinary
    shares used in computing net loss per
    ordinary share
             
Basic and diluted 1,718,162,864     1,723,369,664     1,729,980,347     1,729,980,347  
Net loss per ordinary share attributable
    to ordinary shareholders
             
Basic and diluted (1.38)     (1.63)     (2.25)     (0.31)  
               
Weighted average number of ADS used
    in computing net loss per share
             
Basic and diluted 859,081,432     861,684,832     864,990,174     864,990,174  
Net loss per ADS attributable to
    ordinary shareholders
             
Basic and diluted (2.77)     (3.25)     (4.49)     (0.62)  
                       

 

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
  September 30,     June 30,     September 30,     September 30,  
  2022     2023     2023     2023  
  RMB     RMB     RMB     US$  
               
Loss from operations (2,176,831)     (3,090,183)     (3,160,828)     (433,228)  
Share-based compensation expenses 152,695     134,570     124,291     17,035  
Non-GAAP loss from operations (2,024,136)     (2,955,613)     (3,036,537)     (416,193)  
Net loss (2,376,148)     (2,804,652)     (3,886,550)     (532,696)  
Fair value loss on derivative liability -     -     971,832     133,201  
Share-based compensation expenses 152,695     134,570     124,291     17,035  
Non-GAAP net loss (2,223,453)     (2,670,082)     (2,790,427)     (382,460)  
Net loss attributable to ordinary shareholders (2,376,148)     (2,804,652)     (3,886,550)     (532,696)  
Fair value loss on derivative liability -     -     971,832     133,201  
Share-based compensation expenses 152,695     134,570     124,291     17,035  
Non-GAAP net loss attributable to
    ordinary shareholders of XPeng Inc.
(2,223,453)     (2,670,082)     (2,790,427)     (382,460)  
Weighted average number of ordinary
    shares used in calculating Non-GAAP net loss per share
             
Basic and diluted 1,718,162,864     1,723,369,664     1,729,980,347     1,729,980,347  
Non-GAAP net loss per ordinary share              
Basic and diluted (1.29)     (1.55)     (1.61)     (0.22)  
Weighted average number of ADS used
    in calculating Non-GAAP net loss per share
             
Basic and diluted 859,081,432     861,684,832     864,990,174     864,990,174  
Non-GAAP net loss per ADS              
Basic and diluted (2.59)     (3.10)     (3.23)     (0.44)  
                       

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Source: XPeng Inc.