AutoBeta(AutoBeta.net)11/30 Report--

On November 30th, Xiaopeng released its third-quarter results, showing that Xiaopeng's revenue in the third quarter was 6.823 billion yuan, an increase of 19.29 percent over the same period last year. The net loss was 2.376 billion yuan, an increase of 48.99% over the same period last year. The gross profit margin was 13.5%, down 0.9% from the same period last year and an increase of 2.6% from the previous month. In terms of sales, Xiaopeng delivered 29570 cars in the third quarter, an increase of 15.21% over the same period last year.

According to the performance data, Xiaopeng's net profit lost 6.778 billion yuan in the first three quarters of 2022, an increase of 89.54 percent over the same period last year. From the perspective of profitability, the new power car companies Lai, ideal, Xiaopeng and Zero are all in a state of loss, among which Xiaopeng Motor has the largest loss. According to the estimation of sales volume in the same period, it is equivalent to a loss of more than 68000 yuan per car sold.

Performance is under pressure, sales are weak, Xiaopeng is pinning its hopes on the G9. On September 21, Xiaopeng G9 officially went on the market, with a price range of 30.99-469900 yuan. At the launch of the new car, Xiaopeng founder he Xiaopeng said: "Xiaopeng G9 will take over Porsche as the benchmark, and sales will surpass Audi Q5 next year."

However, the launch of the G9 did not go well, delivering only 623 units in October. It is understood that the new car was announced to adjust the SKU only two days after it was launched, because the configuration of different versions of the model is complex, it is difficult to distinguish the relationship between the versions, and the selling point advertised by the Xiaopeng G9 is not standard, and even the old version of the model is not even given the opportunity to be installed. As a last resort, Xiaopeng announced to adjust the SKU of the G9. According to the official website, the adjusted SKU Xiaopeng G9 is divided into 570,650,702 categories according to mileage. At the same time, drawing lessons from the naming method of IPhone, the model version is divided into Plus, Pro and Max versions, as a distinction between the high and low end of the version. The official adjustment of Xiaopeng for three models is to simplify and further optimize the difficulty of consumer choice, and perhaps more importantly to increase production capacity and overall sales. However, even if we respond to market feedback, the sales outlook of the G9 is still not very optimistic.

At present, Xiaopeng Motor is in a situation of "internal and external troubles". In addition to facing the new forces of car manufacturing and competition from traditional domestic car companies, Xiaopeng Motor has to bear the pressure brought about by Tesla's price reduction and promotion. In August this year, Xiaopeng Motor took the lead in launching a number of preferential promotion policies, with the highest preferential amount reaching 20,000 yuan. However, Xiaopeng, who cut prices in disguise, did not get what he wanted, with September sales of only 8468 vehicles, falling out of the top three. To investigate the reason, the shortage of parts may affect its market performance, but the lack of competitiveness of its G3, P5 and P7 products is the crux of the problem.

Xiaopeng's sales figures are poor, making it difficult to meet the full-year target. According to the data, Xiaopeng delivered a total of 103654 cars from January to October in 2022, leading enterprises such as Xilai and ideal, but it is still 146000 vehicles short of its annual sales target of 250000, and only 41.46% of the annual target. He Xiaopeng said in a recent interview that after joining Xiaopeng Motor, he experienced two desperate moments, one was that Xiaopeng Motor could not raise money in 2019, and the remaining funds were only enough for the company to last for six months; the other was when sales fell short of expectations and market capitalization and share prices fell sharply.

It is understood that when Xiaopeng went public in the United States on August 27, 2020, it coincided with the new energy boom. IPO was priced at $15, rising as high as $74, but now its share price has fallen to $7.34 per share, with a total market capitalization of only $6.326 billion. A year later, Xiaopeng became the first new power car company to list in Hong Kong, with IPO priced at HK $165. now its share price has fallen to HK $33.65. Of course, new power enterprises such as NIO and ideal, as well as other Chinese stocks are also on a downward trend, but Xiaopeng's adjustment appears to be very fierce by comparison.

In addition, more and more new power car companies have begun to expand their product lines, such as low-end brands Naxi and Zero have launched high-end models, while ideal cars that rely on a single model have successively launched ideal L8, ideal L9, ideal L7 and other models, while Ulai plans to launch mid-and high-end brands, eroding 20-300000 yuan of the market. Therefore, if Xiaopeng wants to stabilize its market share, it needs to adjust the pace of its own development, launch market-approved models in a planned way, and realize the company's vision of "exploring technology and leading future travel changes."

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