AutoBeta(AutoBeta.net)05/25 Report--

On May 24, Xiaopeng Automobile announced its first quarter earnings report. According to the financial report shows, Xiaopeng automobile first quarter total revenue for 4.03 billion yuan, Year-on-year decline 45.9%, Lower than the market expected 4.22 billion yuan. The total delivery volume in the first quarter was 18230 vehicles, down 17.9% month-on-month. Automobile sales revenue in the first quarter was 3.51 billion yuan, down 49.8% year-on-year. Gross profit margin in the first quarter was 1.7%, down from 12.2% in the same period last year; for the decrease in gross profit margin in the first quarter, officials said: mainly due to increased sales promotion and expiration of subsidies for new energy vehicles.

In terms of R & D, R & D expenditure in the first quarter was RMB1.30 billion, an increase of 6.1% compared with the same period in 2022, and R & D expenditure in the same period in 2022 was RMB1.22 billion, an increase of 5.3% compared with R & D expenditure of RMB1.23 billion in the fourth quarter of 2022. The year-on-year and month-on-month increases were mainly due to increased expenses related to the development of new model projects, officials said. The net loss in the first quarter of 2023 was CNY 2.34 billion, a decrease of 1.0% compared with that in the fourth quarter of 2022, and the net loss in the fourth quarter of 2022 was CNY 2.36 billion. As of March 31, 2023, Xiaopeng Automobile's cash and cash equivalents, restricted cash, short-term investments and time deposits amounted to RMB34.12 billion.

For the outlook for the second quarter, officials expect 21,000 - 22,000 vehicles to be delivered in the second quarter, down from 27,800 earlier market expectations; revenue for the second quarter is expected to be 4.5 billion-4.7 billion yuan. The official said: The current outlook is mainly based on current market conditions. With reference to the sales volume of 7079 Xiaopeng cars in April, it is not difficult to calculate that Xiaopeng cars can easily reach the official expected delivery volume as long as they maintain the sales level in April. However, it is worth noting that this expectation may also mean that Xiaopeng p7i, which went on sale in March, will not lead Xiaopeng cars back to peak sales.

In fact, since the second half of last year, Xiaopeng car sales have been in a state of falling behind, from June 2022 sales of 15295 vehicles month-on-month decline for four consecutive months to October last year sales of 5101 vehicles, until December last year to return to the delivery threshold of 10,000 vehicles. According to the official planned delivery target of 250,000 vehicles in 2022, the actual delivery volume is 120,800 vehicles, less than 50% of the delivery target has been achieved.

In order to reverse the sales downturn, Xiaopeng Automobile has carried out a series of internal organizational structure adjustments since October last year, and announced on January 30 this year that Wang Fengying, former general manager of Great Wall Motor, joined Xiaopeng Automobile as president. Hoping to reverse the decline in sales, however, from the data point of view, this series of measures has not made rapid progress.

Relevant data show that from January to April this year, Xiaopeng Automobile delivered 25309 vehicles accumulatively, down 41.90% year-on-year. If calculated according to the official annual delivery target of 200,000 vehicles earlier, the annual target completion rate is only 12.65%. According to the official website of Xiaopeng Automobile, at present, Xiaopeng automobile models on sale include Xiaopeng P7, Xiaopeng P7i, P5, G3i and G9 models. According to the plan, Xiaopeng Automobile will launch 5 new models within this year. In addition to the already listed Xiaopeng P7i, Xiaopeng G6 models will also be launched at the end of the second quarter and large-scale delivery will begin in July.

Xiaopeng G6 is the fifth production car owned by Xiaopeng Automobile, and also the first model under SEPA2.0 "Fuyao" architecture. It is positioned as a medium-sized pure electric SUV. It is estimated that the price will be between 200,000 yuan and 300,000 yuan, which is the benchmark Tesla Model Y. In terms of power, Xiaopeng G6 will provide two kinds of power: two-wheel drive and four-wheel drive, among which the maximum power of two-wheel drive version is 218kW and the peak torque is 440N·m; the comprehensive power of four-wheel drive version is 358kW and the comprehensive torque is 660N·m. In addition, Xiaopeng has 800V fast-charging technology and self-operated fast-charging piles, but has not announced the specific range.

Xiaopeng Automobile has high hopes for Xiaopeng G6, which can be regarded as Xiaopeng Automobile's masterpiece of "breaking the boat". If Xiaopeng G6 cannot start, it will be a big blow to Xiaopeng Automobile. He Xiaopeng said that the monthly sales volume of G6 reached twice that of P7, which is qualified level." In his view, G6 will become a hot sale in China's 200,000 - 300,000 yuan new energy SUV market, driving the total delivery volume of Xiaopeng Automobile to achieve much higher growth than the industry year-on-year and month-on-month growth in the third quarter, forming the first sales inflection point after its strategy and organization adjustment.

Xiaopeng Automobile also said in its official micro blog after the release of its earnings report that the results in the first quarter were far from good enough compared with everyone's expectations, believing that the G6 model launched in June will become a new starting point for the rise of Xiaopeng Automobile. Of course, finally Xiaopeng G6 can let Xiaopeng car return to ten thousand delivery threshold, this still needs time to verify. However, in addition to the G6, Xiaopeng will release its first seven-seat all-electric MPV model, code-named X9, in the fourth quarter, which could push sales of Xiaopeng cars to a higher level.

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