Xpeng Motors announced its third quarter financial report on November 15th. The total revenue in the third quarter was RMB 8.53 billion, which was expected by the market to be RMB 9.137 billion, compared with RMB 6.82 billion in the same period last year, a year-on-year increase of 25%. A month-on-month increase of 68.5%; quarterly gross profit margin was -2.7%, a month-on-month increase of 1.2 percentage points.
Xpeng Motors’ third-quarter comprehensive loss attributable to ordinary shareholders was 4.01 billion RMB, a year-on-year increase of 481.1% and a month-on-month increase of 107.9%. Attached is performance table:
After the release of the financial report, Xpeng Motors’ U.S. stocks fell 0.71% before the market opened, after rising by more than 3%.
Xpeng Motors’ total vehicle deliveries in the third quarter of 2023 were 40,008 vehicles, an increase of 72.4% from 23,205 vehicles in the second quarter of 2023.
He Xiaopeng, chairman and CEO of Xpeng Motors, said: “Xpeng Motors took the lead in realizing the inflection point in technology and user demand for intelligent assisted driving in 2023. I believe that the five years from now will be the five years when intelligent assisted driving becomes widely popularized. year. Xpeng Motors will lead the nationwide coverage of intelligent assisted driving and become users’ preferred brand for intelligence. Starting from the third quarter of this year, we have entered an initial positive cycle. I believe that the effects of a series of changes starting this year will It will be more obvious in 2024 and beyond, and it will enter a high-speed development cycle by the fourth quarter of next year.”
“Our deliveries have increased month-on-month for nine consecutive months, and free cash flow has improved significantly.” said Dr. Gu Hongdi, honorary vice chairman and co-president of Xpeng Motors. “We expect free cash flow to improve even further in the fourth quarter as new products and technology cost reductions drive significant improvements in our gross margins, which is the starting point for us to move toward long-term scale profitability.”
Xpeng Motors has raised its Q4 performance guidance: it expects delivery volume to reach 59,500-63,500 units, a year-on-year increase of about 101.2% to 114.7%; it expects total revenue to reach 12.7-13.6 billion RMB, a year-on-year increase of about 86.1% to 99.3%.
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