XPENG Reports First Quarter 2023 Unaudited Financial Results

2023-5-24
  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB34.12 billion (US$4.97 billion) as of March 31, 2023
  • Quarterly total revenues were RMB4.03 billion, a 21.5% decrease quarter-over-quarter
  • Quarterly gross margin was 1.7%, a decrease of 7.0 percentage points quarter-over-quarter

GUANGZHOU, China--(BUSINESS WIRE)--May 24, 2023-- 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 March 31, 2023.

Operational and Financial Highlights for the Three Months Ended March 31, 2023

                       
 

2023Q1

 

2022Q4

 

2022Q3

 

2022Q2

 

2022Q1

 

2021Q4

Total deliveries

18,230

 

22,204

 

29,570

 

34,422

 

34,561

 

41,751

  • Total deliveries of vehicles were 18,230 in the first quarter of 2023, representing a decrease of 17.9% from 22,204 for the fourth quarter of 2022.
  • XPENG’s physical sales network continued expansion with a total of 425 stores, covering 145 cities as of March 31, 2023.
  • XPENG self-operated charging station network reached 1,016 stations, including 816 XPENG self-operated supercharging stations and 200 destination charging stations as of March 31, 2023.
  • Total revenues were RMB4.03 billion (US$0.59 billion) for the first quarter of 2023, representing a decrease of 45.9% from the same period of 2022, and a decrease of 21.5% from the fourth quarter of 2022.
  • Revenues from vehicle sales were RMB3.51 billion (US$0.51 billion) for the first quarter of 2023, representing a decrease of 49.8% from the same period of 2022, and a decrease of 24.6% from the fourth quarter of 2022.
  • Gross margin was 1.7% for the first quarter of 2023, compared with 12.2% for the same period of 2022 and 8.7% for the fourth quarter of 2022.
  • Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was negative 2.5% for the first quarter of 2023, compared with 10.4% for the same period of 2022 and 5.7% for the fourth quarter of 2022.
  • Net loss was RMB2.34 billion (US$0.34 billion) for the first quarter of 2023, compared with RMB1.70 billion for the same period of 2022 and RMB2.36 billion for the fourth quarter of 2022. Excluding share-based compensation expenses, non-GAAP net loss was RMB2.21 billion (US$0.32 billion) in the first quarter of 2023, compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.
  • Net loss attributable to ordinary shareholders of XPENG was RMB2.34 billion (US$0.34 billion) for the first quarter of 2023, compared with RMB1.70 billion for the same period of 2022 and RMB2.36 billion in the fourth quarter of 2022. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB2.21 billion (US$0.32 billion) for the first quarter of 2023, compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.
  • Basic and diluted net loss per American depositary share (ADS) were both RMB2.71 (US$0.40) and basic and diluted net loss per ordinary share were both RMB1.36 (US$0.20) for the first quarter of 2023.
  • Non-GAAP basic and diluted net loss per ADS were both RMB2.57 (US$0.37) and non-GAAP basic and diluted net loss per ordinary share were both RMB1.28 (US$0.19) for the first quarter of 2023. Each ADS represents two Class A ordinary shares.
  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB34.12 billion (US$4.97 billion) as of March 31, 2023, compared with RMB41.71 billion as of March 31, 2022 and RMB38.25 billion as of December 31, 2022. 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

 

March 31,

 

December 31,

 

March 31,

 

 

 

2023

 

2022

 

2022

 

YoY

 

QoQ

 

 

 

 

 

 

 

 

 

 

Vehicle sales

3.51

 

 

4.66

 

 

7.00

 

 

-49.8

%

 

-24.6

%

Vehicle margin

-2.5%

   

5.7%

   

10.4%

   

-12.9pts

 

-8.2pts

Total revenues

4.03

 

 

5.14

 

 

7.45

 

 

-45.9

%

 

-21.5

%

Gross profit

0.07

 

 

0.45

 

 

0.91

 

 

-92.6

%

 

-84.9

%

Gross margin

1.7%

   

8.7%

   

12.2%

   

-10.5pts

 

-7.0pts

Net loss

2.34

 

 

2.36

 

 

1.70

 

 

37.4

%

 

-1.0

%

Non-GAAP net loss

2.21

 

 

2.21

 

 

1.53

 

 

44.8

%

 

0.0

%

Net loss attributable to
   ordinary shareholders

 

2.34

 

 

 

 

2.36

 

 

 

 

1.70

 

 

 

 

37.4

 

%

 

 

-1.0

 

%

Non-GAAP net loss
   attributable to
   ordinary shareholders

2.21

 

 

2.21

 

 

1.53

 

 

44.8

%

 

0.0

%

Comprehensive loss
   attributable to
   ordinary shareholders

 

 

2.58

 

 

 

 

 

 

2.68

 

 

 

 

 

 

1.80

 

 

 

 

 

 

43.5

 

 

%

 

 

 

-3.7

 

 

%

i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

“During the first quarter of 2023, I took actions to make changes to our strategy, organizational structure and senior management team decisively. I am fully confident in taking our Company into a virtuous cycle driving product sales growth, team morale, customer satisfaction and brand reputation over the next few quarters,” said Mr. He Xiaopeng, Chairman and CEO of XPENG. “G6, the first production model built on XPENG’s next-generation technology architecture SEPA2.0, will be officially launched in June 2023. I believe the G6 will emerge as one of the most popular, best-selling models in China’s NEV SUV market segment with price range between RMB200,000 to RMB300,000.”

“Going forward, our top priority remains to accelerate growth in sales and market share,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG. “As the upcoming G6 launch and other new product launches fuel rapid sales growth, we expect our cash flow from operations to improve significantly.”

Recent Developments

Deliveries in April 2023

  • Total deliveries were 7,079 vehicles in April 2023.
  • As of April 30, 2023, year-to-date total deliveries were 25,309 vehicles.

XPENG Introduced Next-Gen Technology Architecture — SEPA2.0

On April 16, 2023, XPENG unveiled its next-generation end-to-end integrated technology architecture SEPA2.0 (Smart Electric Platform Architecture), which sets the foundation for future production models. SEPA2.0 optimizes R&D efficiency, lowers cost and enhances product experience.

Unaudited Financial Results for the Three Months Ended March 31, 2023

Total revenues were RMB4.03 billion (US$0.59 billion) for the first quarter of 2023, representing a decrease of 45.9% from RMB7.45 billion for the same period of 2022 and a decrease of 21.5% from RMB5.14 billion for the fourth quarter of 2022.

Revenues from vehicle sales were RMB3.51 billion (US$0.51 billion) for the first quarter of 2023, representing a decrease of 49.8% from RMB7.00 billion for the same period of 2022 and a decrease of 24.6% from RMB4.66 billion for the fourth quarter of 2022. The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries and discontinuation of new energy vehicle subsidy.

Revenues from services and others were RMB0.52 billion (US$0.08 billion) for the first quarter of 2023, representing an increase of 13.9% from RMB0.46 billion for the same period of 2022 and an increase of 8.4% from RMB0.48 billion for the fourth quarter of 2022. The year-over-year and quarter-over-quarter increases were mainly attributable to the increase of parts, supercharging service and other service sales, which is in line with higher accumulated vehicle sales.

Cost of sales was RMB3.97 billion (US$0.58 billion) for the first quarter of 2023, representing a decrease of 39.4% from RMB6.54 billion for the same period of 2022 and a decrease of 15.5% from RMB4.70 billion for the fourth quarter of 2022. The year-over-year and quarter-over-quarter decreases were mainly in line with vehicle deliveries as described above.

Gross margin was 1.7% for the first quarter of 2023, compared with 12.2% and 8.7% for the first quarter of 2022 and the fourth quarter of 2022, respectively.

Vehicle margin was negative 2.5% for the first quarter of 2023, compared with 10.4% for the same period of 2022 and 5.7% for the fourth quarter of 2022. The year-over-year and quarter-over-quarter decreases were explained by increased sales promotions and the expiry of new energy vehicle subsidy mentioned above.

Research and development expenses were RMB1.30 billion (US$0.19 billion) for the first quarter of 2023, representing an increase of 6.1% from RMB1.22 billion for the same period of 2022 and an increase of 5.3% from RMB1.23 billion for the fourth quarter of 2022. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses relating to the development of new vehicles models to support future growth.

Selling, general and administrative expenses were RMB1.39 billion (US$0.20 billion) for the first quarter of 2023, representing a decrease of 15.5% from RMB1.64 billion for the same period of 2022 and a decrease of 21.0% from RMB1.76 billion for the fourth quarter of 2022. The year-over-year and quarter-over-quarter decreases were mainly due to the decrease of commission to the franchised stores and lower marketing and advertising expenses.

Loss from operations was RMB2.59 billion (US$0.38 billion) for the first quarter of 2023, compared with RMB1.92 billion for the same period of 2022 and RMB2.52 billion for the fourth quarter of 2022.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB2.46 billion (US$0.36 billion) for the first quarter of 2023, compared with RMB1.75 billion for the same period of 2022 and RMB2.37 billion for the fourth quarter of 2022.

Net loss was RMB2.34 billion (US$0.34 billion) for the first quarter of 2023, compared with RMB1.70 billion for the same period of 2022 and RMB2.36 billion for the fourth quarter of 2022.

Non-GAAP net loss, which excludes share-based compensation expenses, was RMB2.21 billion (US$0.32 billion) for the first quarter of 2023, compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.

Net loss attributable to ordinary shareholders of XPENG was RMB2.34 billion (US$0.34 billion) for the first quarter of 2023, compared with RMB1.70 billion for the same period of 2022 and RMB2.36 billion for the fourth quarter of 2022.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, was RMB2.21 billion (US$0.32 billion) for the first quarter of 2023, compared with RMB1.53 billion for the same period of 2022 and RMB2.21 billion for the fourth quarter of 2022.

Basic and diluted net loss per ADS were both RMB2.71 (US$ 0.40) for the first quarter of 2023, compared with RMB2.00 for the first quarter of 2022 and RMB2.74 for the fourth quarter of 2022.

Non-GAAP basic and diluted net loss per ADS were both RMB2.57 (US$ 0.37) for the first quarter of 2023, compared with RMB1.80 for the first quarter of 2022 and RMB2.57 for the fourth quarter of 2022.

Balance Sheets

As of March 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB34.12 billion (US$4.97 billion), compared with RMB41.71 billion as of March 31, 2022 and RMB38.25 billion as of December 31, 2022.

Business Outlook

For the second quarter of 2023, the Company expects:

  • Deliveries of vehicles to be between 21,000 and 22,000, representing a year-over-year decrease of approximately 36.1% to 39.0%.
  • Total revenues to be between RMB4.5 billion and RMB4.7 billion, representing a year-over-year decrease of approximately 36.8% to 39.5%.

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 May 24, 2023 (8:00 PM Beijing/Hong Kong Time on May 24, 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 First Quarter 2023 Earnings Conference Call

Pre-registration link:

 

https://s1.c-conf.com/diamondpass/10030387-tfg8sj.html

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until May 31, 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:

 

10030387

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, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.8676 to US$1.00, the exchange rate on March 31, 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, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

             
   

December 31,

 

March 31,

 

March 31,

   

2022

 

2023

 

2023

   

RMB

 

RMB

 

US$

             

ASSETS

           

Current assets

           

Cash and cash equivalents

 

14,607,774

 

8,826,056

 

1,285,173

Restricted cash

 

106,272

 

312,437

 

45,494

Short-term deposits

 

14,921,688

 

13,279,498

 

1,933,645

Restricted short-term deposits

 

-

 

1,010,000

 

147,067

Short-term investments

 

1,262,129

 

1,598,566

 

232,769

Long-term deposits, current portion

 

427,466

 

970,681

 

141,342

Accounts and notes receivable, net

 

3,872,846

 

3,743,425

 

545,085

Installment payment receivables, net, current portion

 

1,294,665

 

1,413,029

 

205,753

Inventory

 

4,521,373

 

4,324,646

 

629,717

Amounts due from related parties

 

47,124

 

33,806

 

4,923

Prepayments and other current assets

 

2,466,084

 

2,547,619

 

370,962

Total current assets

 

43,527,421

 

38,059,763

 

5,541,930

             

Non-current assets

           

Long-term deposits

 

6,926,450

 

7,570,857

 

1,102,402

Restricted long-term deposits

 

-

 

550,000

 

80,086

Property, plant and equipment, net

 

10,606,745

 

10,880,076

 

1,584,262

Right-of-use assets, net

 

1,954,618

 

1,916,406

 

279,050

Intangible assets, net

 

1,042,972

 

1,115,110

 

162,373

Land use rights, net

 

2,747,854

 

2,735,807

 

398,364

Installment payment receivables, net

 

2,188,643

 

2,187,485

 

318,522

Long-term investments

 

2,295,032

 

2,276,929

 

331,547

Other non-current assets

 

201,271

 

166,602

 

24,259

Total non-current assets

 

27,963,585

 

29,399,272

 

4,280,865

Total assets

 

71,491,006

 

67,459,035

 

9,822,795

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,

 

March 31,

 

March 31,

 

2022

 

2023

 

2023

 

RMB

 

RMB

 

US$

           

LIABILITIES

         

Current liabilities

         

Short-term borrowings

2,419,210

 

 

3,609,210

 

 

525,542

 

Accounts and notes payable

14,222,856

 

 

11,448,089

 

 

1,666,971

 

Amount due to related parties

91,111

 

 

29,765

 

 

4,334

 

Operating lease liabilities, current portion

490,811

 

 

480,955

 

 

70,032

 

Finance lease liabilities, current portion

128,279

 

 

99,054

 

 

14,423

 

Deferred revenue, current portion

389,243

 

 

414,483

 

 

60,353

 

Long-term borrowings, current portion

761,859

 

 

689,178

 

 

100,352

 

Accruals and other liabilities

5,583,829

 

 

5,837,433

 

 

849,996

 

Income taxes payable

27,655

 

 

24,174

 

 

3,520

 

Total current liabilities

24,114,853

 

 

22,632,341

 

 

3,295,523

 

           

Non-current liabilities

         

Long-term borrowings

4,613,057

 

 

5,112,882

 

 

744,493

 

Operating lease liabilities

1,854,576

 

 

1,825,683

 

 

265,840

 

Finance lease liabilities

797,743

 

 

792,932

 

 

115,460

 

Deferred revenue

694,006

 

 

697,122

 

 

101,509

 

Other non-current liabilities

2,506,106

 

 

1,943,683

 

 

283,022

 

Total non-current liabilities

10,465,488

 

 

10,372,302

 

 

1,510,324

 

Total liabilities

34,580,341

 

 

33,004,643

 

 

4,805,847

 

           

SHAREHOLDERS’ EQUITY

         

Class A Ordinary shares

92

 

 

92

 

 

13

 

Class B Ordinary shares

21

 

 

21

 

 

3

 

Additional paid in capital

60,691,019

 

 

60,815,657

 

 

8,855,445

 

Statutory reserves

6,425

 

 

6,425

 

 

936

 

Accumulated deficit

(25,330,916

)

 

(27,667,874

)

 

(4,028,754

)

Accumulated other comprehensive income

1,544,024

 

 

1,300,071

 

 

189,305

 

Total shareholders' equity

36,910,665

 

 

34,454,392

 

 

5,016,948

 

Total liabilities and shareholders’ equity

71,491,006

 

 

67,459,035

 

 

9,822,795

 

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

 

March 31,

 

December 31,

 

March 31,

 

March 31,

 

2022

 

2022

 

2023

 

 

2023

 

RMB

 

RMB

 

RMB

 

US$

               

Revenues

             

Vehicle sales

6,998,815

 

 

4,661,182

 

 

3,513,767

 

 

511,644

 

Services and others

456,123

 

 

479,167

 

 

519,653

 

 

75,667

 

Total revenues

7,454,938

 

 

5,140,349

 

 

4,033,420

 

 

587,311

 

               

Cost of sales

             

Vehicle sales

(6,271,499

)

 

(4,397,201

)

 

(3,600,529

)

 

(524,278

)

Services and others

(272,710

)

 

(298,084

)

 

(365,859

)

 

(53,273

)

Total cost of sales

(6,544,209

)

 

(4,695,285

)

 

(3,966,388

)

 

(577,551

)

               

Gross profit

910,729

 

 

445,064

 

 

67,032

 

 

9,760

 

               

Operating expenses

             

Research and development expenses

(1,221,278

)

 

(1,230,049

)

 

(1,295,854

)

 

(188,691

)

Selling, general and administrative
   expenses

(1,641,575

)

 

(1,755,815

)

 

(1,386,620

)

 

(201,908

)

Total operating expenses

(2,862,853

)

 

(2,985,864

)

 

(2,682,474

)

 

(390,599

)

               

Other income, net

31,659

 

 

23,357

 

 

30,065

 

 

4,378

 

               

Loss from operations

(1,920,465

)

 

(2,517,443

)

 

(2,585,377

)

 

(376,461

)

               

Interest income

227,944

 

 

273,367

 

 

299,741

 

 

43,646

 

Interest expense

(19,834

)

 

(51,079

)

 

(62,667

)

 

(9,125

)

Fair value (loss) gain on derivative assets or
   derivative liabilities

(18,249

)

 

1,398

 

 

-

 

 

-

 

Fair value (loss) gain on long-term
   investments

(17,249

)

 

(102,798

)

 

8,440

 

 

1,229

 

Exchange gain (loss) from foreign currency
   transactions

46,405

 

 

(17,454

)

 

2,083

 

 

303

 

Other non-operating income, net

3,105

 

 

37,761

 

 

6,002

 

 

874

 

Loss before income tax expenses and
   share of results of equity method
   investees

(1,698,343

)

 

(2,376,248

)

 

(2,331,778

)

 

(339,534

)

               

Income tax (expenses) benefit

(2,424

)

 

10,445

 

 

(6,157

)

 

(897

)

Share of results of equity method investees

-

 

 

4,628

 

 

977

 

 

142

 

               

Net loss

(1,700,767

)

 

(2,361,175

)

 

(2,336,958

)

 

(340,289

)

Net loss attributable to ordinary
   shareholders of XPeng Inc.

(1,700,767

)

 

(2,361,175

)

 

(2,336,958

)

 

(340,289

)

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

 

March 31,

 

December 31,

 

March 31,

 

March 31,

 

2022

 

2022

 

2023

 

2023

 

RMB

 

RMB

 

RMB

 

US$

               

Net loss

(1,700,767

)

 

(2,361,175

)

 

(2,336,958

)

 

(340,289

)

Other comprehensive loss

             

Foreign currency translation adjustment,
   net of nil tax

(98,312

)

 

(318,072

)

 

(243,953

)

 

(35,522

)

 

 

 

 

 

 

 

 

Total comprehensive loss
   attributable to XPeng Inc.

(1,799,079

)

 

(2,679,247

)

 

(2,580,911

)

 

(375,811

)

               

Comprehensive loss attributable to
   ordinary shareholders of XPeng Inc.

(1,799,079

)

 

(2,679,247

)

 

(2,580,911

)

 

(375,811

)

     

 

 

     

Weighted average number of ordinary
   shares used in computing net loss per
   ordinary share

             

Basic and diluted

1,702,708,311

 

 

1,720,448,811

 

 

1,722,080,453

 

 

1,722,080,453

 

Net loss per ordinary share attributable
   to ordinary shareholders

             

Basic and diluted

(1.00

)

 

(1.37

)

 

(1.36

)

 

(0.20

)

               

Weighted average number of ADS used
   in computing net loss per share

             

Basic and diluted

851,354,156

 

 

860,224,405

 

 

861,040,227

 

 

861,040,227

 

Net loss per ADS attributable to
   ordinary shareholders

             

Basic and diluted

(2.00

)

 

(2.74

)

 

(2.71

)

 

(0.40

)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

   
 

Three Months Ended

 

March 31,

 

December 31,

 

March 31,

 

March 31,

 

2022

 

2022

 

2023

 

2023

 

RMB

 

RMB

 

RMB

 

US$

               

Loss from operations

(1,920,465

)

 

(2,517,443

)

 

(2,585,377

)

 

(376,461

)

Share-based compensation expenses

172,539

 

 

148,783

 

 

124,638

 

 

18,149

 

Non-GAAP loss from operations

(1,747,926

)

 

(2,368,660

)

 

(2,460,739

)

 

(358,312

)

               

Net loss

(1,700,767

)

 

(2,361,175

)

 

(2,336,958

)

 

(340,289

)

Share-based compensation expenses

172,539

 

 

148,783

 

 

124,638

 

 

18,149

 

Non-GAAP net loss

(1,528,228

)

 

(2,212,392

)

 

(2,212,320

)

 

(322,140

)

               

Net loss attributable to ordinary
   shareholders

(1,700,767

)

 

(2,361,175

)

 

(2,336,958

)

 

(340,289

)

Share-based compensation expenses

172,539

 

 

148,783

 

 

124,638

 

 

18,149

 

Non-GAAP net loss attributable to
   ordinary shareholders of XPeng Inc.

(1,528,228

)

 

(2,212,392

)

 

(2,212,320

)

 

(322,140

)

               

Weighted average number of ordinary
   shares used in calculating Non-
   GAAP net loss per share

             

Basic and diluted

1,702,708,311

 

 

1,720,448,811

 

 

1,722,080,453

 

 

1,722,080,453

 

               

Non-GAAP net loss per ordinary share

             

Basic and diluted

(0.90

)

 

(1.29

)

 

(1.28

)

 

(0.19

)

               

Weighted average number of ADS used
   in calculating Non-GAAP net loss
   per share

             

Basic and diluted

851,354,156

 

 

860,224,405

 

 

861,040,227

 

 

861,040,227

 

               

Non-GAAP net loss per ADS

             

Basic and diluted

(1.80

)

 

(2.57

)

 

(2.57

)

 

(0.37

)

 

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: ir@xiaopeng.com

Jenny Cai
The Piacente Group
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com

For Media Enquiries
PR Department
XPeng Inc.
E-mail: pr@xiaopeng.com

Source: XPeng Inc.