In addition to Weibo, there is also WeChat
Please pay attention
WeChat public account
AutoBeta
2024-09-08 Update From: AutoBeta autobeta NAV: AutoBeta > News >
Share
AutoBeta(AutoBeta.net)11/16 Report--
On November 15th, Xiaopeng released its third-quarter results of this year. According to the financial report, Xiaopeng's Q3 revenue was 8.53 billion yuan, an increase of 25.0% over the same period last year. In terms of sales, Xiaopeng Q3 sold 40008 vehicles, up 35.3% from the same period last year. As of September 30, Xiaopeng's cash and cash equivalents, restricted cash, short-term investment and time deposits were 36.48 billion yuan, an increase of 8 percent from the previous quarter and an increase of 2.74 billion yuan compared with the previous quarter.
It is worth noting that although Xiaopeng has achieved growth in revenue and sales in Q3, its losses are still expanding. According to the financial report, Xiaopeng posted a net loss of 3.89 billion yuan in the third quarter, an increase of 63.6 per cent over the same period last year. As for losses, officials said that due to the rise in the company's share price, the share value of Volkswagen's equity investment increased accordingly, so the fair value change was included in the "non-cash loss" of 970 million yuan, excluding the fair value change item. the loss was basically flat compared with the previous month.
In terms of gross profit margin, Xiaopeng's gross profit margin in the third quarter was-2.7%, 1.2 percentage points lower than that of the previous quarter-3.9%, but it is still negative. Officials pointed out that the decline in gross profit margin was due to inventory impairment related to G3i, which had a negative impact on vehicle gross margin in the third quarter of 2023 by 2.9 percentage points. At the same time, the increase in sales promotion and the expiration of subsidies for new energy vehicles have an impact.
As for when the gross profit margin will become positive, Gu Hongdi, co-president of Xiaopeng Automobile, responded: "our delivery volume has increased for nine consecutive months month on month, and our free cash flow has greatly improved. It is expected that as the cost reduction of new products and technologies drives our gross margin to improve significantly, free cash flow will improve more significantly in the fourth quarter, which is the starting point for us to move towards long-term scale profits. " At Xiaopeng's second-quarter earnings meeting earlier, Xiaopeng CEO he Xiaopeng said he expected Xiaopeng's gross profit margin to become a regular employee in the fourth quarter.
In fact, Xiaopeng's sales are not ideal in the first half of 2023. Relevant data show that cumulative sales from January to June this year were 41400 vehicles, down 39.93% from the same period last year. With poor sales, total revenue has fallen. Xiaopeng's total revenue in the first half of this year was 9.1 billion yuan, down 38.9 percent from the same period last year, while the net loss widened to 5.14 billion yuan. Fortunately, on June 29, Xiaopeng launched the G6 model, which led to a big increase in Xiaopeng car sales.
Data show that the latest October sales of the Xiaopeng G6 were 8741, and the cumulative sales of the Xiaopeng G6 in 2023 were 28122. Judging from the sales performance of Xiaopeng G6 after its launch, this sales volume still accounts for a large proportion of Xiaopeng's total car sales. As a reference, Xiaopeng G6 accounted for nearly half of Xiaopeng's October sales of 20002 vehicles.
In addition to the increase in overall sales of Xiaopeng cars, Xiaopeng cars seem to have hung up in the second half of the year. On July 26, Xiaopeng announced that Volkswagen had signed strategic technical cooperation to build cars. As part of the strategic cooperation, Volkswagen will increase its capital to Xiaopeng by about US $700m, acquire a 4.99 per cent stake in Xiaopeng at US $per ADS15 and have a seat on Xiaopeng's board of directors as an observer. As for the cooperation with Volkswagen, Xiaopeng said that the cooperation with Volkswagen is not a "technology licensing fee", but a "technical service fee". At the same time, Xiaopeng official also said that Xiaopeng Automobile began to enter the era of technical service income in 2024, which is an important inflection point for the company to realize its technology.
In November, Xiaopeng announced the completion of the acquisition of Didi Automobile business. after the first delivery, Didi member companies have become wholly owned subsidiaries of Xiaopeng Automobile, and its financial results will be incorporated into Xiaopeng's consolidated financial statements. It is understood that the two sides will launch a new electric vehicle brand, the project large size is "MONA", the first product is A-class intelligent electric vehicle, priced at about 150000 yuan, will be mass production in 2024, and will be sold at both C-end and B-end.
At the same time, Xiaopeng is constantly launching new models. In September, 2024 Xiaopeng P5 and 2024 Xiaopeng G9 models were launched. According to official sources, the order for the 2024 Xiaopeng G9 exceeded 8000 vehicles within 72 hours of its launch. Xiaopeng official has said: at present, Xiaopeng G6 production capacity has been significantly increased, the next delivery process will be further accelerated. In addition, the Xiaopeng X9, a blockbuster model of Xiaopeng, will be officially launched at the end of the year. Officials say the X9 aims to become the No. 1 model in the large pure electric MPV market. With the continuous introduction of new models of Xiaopeng, it may further boost Xiaopeng's car sales.
This time, although Xiaopeng released third-quarter results are not very satisfactory, but he Xiaopeng said: "from the third quarter of this year, we have entered a preliminary positive cycle." I believe that the effect of a series of changes starting this year will be more obvious in 2024 and beyond, and will enter a positive cycle of rapid development by the fourth quarter of next year. " In the end, it remains to be seen whether Xiaopeng Motor can enter the positive cycle of rapid development in the fourth quarter, as he Xiaopeng said.
Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat
Views: 0
*The comments in the above article only represent the author's personal views and do not represent the views and positions of this website. If you have more insights, please feel free to contribute and share.
© 2024 AutoBeta.Net Tiger Media Company. All rights reserved.