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He Xiaopeng, chairman and chief executive of Xiaopeng Motor, has lost 75 per cent of his wealth to $1.4 billion from a peak in 2021, according to the Forbes real-time rich list, but Forbes does not disclose how wealth is calculated.

According to relevant data, he Xiaopeng ranked 1730th on the 2020 Forbes Global Billionaires list with a fortune of $1.2 billion in 2020, 502nd on the 2021 Forbes Global Rich list with a fortune of $5.5 billion in 2021, and No. 728 on the 2022 Forbes Global Rich list with a fortune of $4 billion in 2022, but now his value has fallen to $1.4 billion.

The sharp drop in the value of he Xiaopeng has something to do with the development of Xiaopeng car. A few days ago, Xiaopeng released its first-quarter results, showing that the total business during the reporting period was 4.03 billion yuan, down 45.9% from the same period last year, of which automobile sales revenue was 3.51 billion yuan, down 49.8% from the same period last year. The net loss reached 2.34 billion yuan, while the net loss in the same period was 1.7 billion yuan. The loss increased by 37.4% compared with the same period last year. More dangerously, Xiaopeng's overall gross profit margin plummeted to 1.7% in the quarter, and its car gross profit margin fell to-2.5%, the first negative gross profit margin in Xiaopeng in the past three years. At the same time, Xiaopeng Motor is extremely pessimistic about the second-quarter results, and its revenue is expected to be 4.5 billion yuan to 4.7 billion yuan in the second quarter, down about 36.8-39.5% from the same period last year.

The sharp decline in performance is related to its persistently sluggish market performance. Xiaopeng car sales began to decline in the second half of 2022, falling from 15295 in June to 5101 in October, falling for four consecutive months before returning to the 10, 000 delivery threshold in December. It is understood that the delivery target of Xiaopeng car in 2022 is 250000, while the actual delivery volume is only 120800, and the target completion rate is less than 50%. As a result, Xiaopeng has lost its annual sales title, and the year-on-year growth rate of delivery volume and delivery volume is not as good as that of Ulai.

After entering 2023, Xiaopeng's situation is much worse than expected. In the first quarter of 2023, Xiaopeng accumulated 18230 new cars, down 47.25% from the same period last year. If calculated according to the delivery target of 200000 vehicles, the target completion rate is only 9.1%. It is understood that this is Xiaopeng's fifth consecutive quarter-on-quarter decline.

With the continued sluggish market performance, Xiaopeng's share price has already halved. In the past year, for example, Xiaopeng's share price peaked at HK $138.00 on June 27, 2022, while as of today's latest close, Xiaopeng's share price has fallen to HK $31.35, down 78 per cent from its peak.

Although it is currently facing a relatively large market impact, Xiaopeng Motor believes that there are still opportunities and space for development. In he Xiaopeng's overall plan, the two inflection points of Xiaopeng's future are the G6 and intelligent technology, especially the Xiaopeng G6. In his view, the G6 will become a popular style in China's 20-300000 yuan new energy SUV market, driving Xiaopeng's total delivery volume to achieve a rapid growth far higher than that of the industry in the third quarter compared with the same period last year and month-on-month, forming the first sales inflection point after its strategy and organization adjustment.

The G6 is Xiaopeng's fifth production car and the first model under the SEPA2.0 "swing" architecture, positioning the medium-sized pure electric SUV, which is expected to sell in the range of 20-300000 yuan, against the Standard Tesla Model Y. In terms of power, the Xiaopeng G6 will provide two-wheel drive and four-wheel drive power, of which the two-wheel drive version of the maximum power 218kW, peak torque 440N ·m; four-wheel drive version of the comprehensive power 358kW, comprehensive torque 660N ·m. However, whether the G6 can become a new popular style of Xiaopeng depends on whether consumers are willing to buy it.

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