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On the evening of May 21, Xiaopeng released its results for the first quarter of 2024. According to the financial report, Xiaopeng's total revenue in the first quarter of 2024 was 6.55 billion yuan, up 62.3 percent from the same period last year, down 49.8 percent from the previous year, and the net loss was 1.37 billion yuan, down 41.5 percent from the same period last year, basically the same as in the fourth quarter of 2023. For this. Xiaopeng said the year-on-year growth was mainly due to an increase in deliveries in the first quarter of 2024, especially driven by X9 models, while the quarterly decrease was due to reduced current deliveries of G6 and 2024 G9 models.

In the first quarter, Xiaopeng's gross profit margin was 12.9%, compared with 1.7% in the same period, which is the first time that Xiaopeng's gross profit margin has returned to double digits in more than a year. Prior to Xiaopeng Motor Chairman and CEO he Xiaopeng has revealed that Xiaopeng car cost has dropped significantly after the internal adjustment, which may be the reason for Xiaopeng car gross margin to improve. In terms of R & D expenses, Xiaopeng Automobile's R & D expenditure in the first quarter was 1.35 billion yuan, an increase of 4.2% over the same period last year. The reason for the increase was related to the time and schedule of the new model R & D project; sales, general and management expenses were 1.39 billion yuan, an increase of 0.1% over the same period last year. As of March 31, 2024, Xiaopeng Motor cash and cash equivalents, restricted cash, short-term investment and time deposits are RMB 41.4 billion.

In terms of new car delivery, Xiaopeng delivered a total of 21821 vehicles in the first quarter, an increase of 19.7% over the same period last year and a drop of 63.7% from the previous month. So far, Xiaopeng's models on sale include G3, P7, P5, G6, G9 and X9. Among them, the first mass production model G3 and its modified product G3i have stopped production in 2023, while the X9 is Xiaopeng's sixth mass production car and its first MPV, which went on sale on January 1. as the flagship model under Xiaopeng's "supporting and shaking" structure, the car is positioned in a medium-and large-scale MPV with pure electric power system. A total of four models have been launched with a price range of 359800 yuan to 419800 yuan. According to the breakdown of models, the cumulative sales of the X9 was 7872, accounting for 36.08% of the total sales. Ting G6 was 4437, P7 was 4224, and G9 was 3991. From the sales data, the sales of P7, G6 and G9 still did not improve.

According to the plan, Xiaopeng will launch two new models this year, of which Xiaopeng will launch a brand-new A-class product of 100000 to 150000 yuan worldwide, and put the AI model into the car in the second quarter. He Xiaopeng said earlier: "the new brand in this market price belt will subvert technological innovation, create a new species of AI smart driving, and provide young people with a real AI smart car." At the earnings call, he Xiaopeng said that a brand new B-class pure electric car under the Xiaopeng brand will be delivered in the fourth quarter of this year as the first model to achieve the 25% technology reduction target. He Xiaopeng predicts that the new B-class car, coupled with the incremental contribution of the MONA model, will enable Xiaopeng to achieve a substantial increase in monthly delivery volume in the fourth quarter of this year compared with the same period last year.

In response to short-term second-quarter expectations, Xiaopeng said it expected delivery of 29000 to 32000 vehicles in the second quarter, up 25.0 per cent to 37.9 per cent year-on-year, and total revenue of 7.5 billion to 8.3 billion yuan, up 48.1 per cent to 63.9 per cent. As for the longer-term annual sales target, he Xiaopeng said before: "the performance should be more than doubled, the organization should complete all the shortcomings, and the management should begin to take the first step towards high quality." It is expected that the annual sales target will exceed 280000, meaning that about 23000 new cars will need to be delivered each month.

The main thing is that, as he Xiaopeng said before, 2024 is the first year for Chinese car brands to enter the "sea of blood" competition, as well as the first year of the knockout stage. Comprehensive performance in the first quarter, Xiaopeng car is still under pressure, the follow-up will still face a lot of pressure.

Or affected by the results, Xiaopeng's US stock rose to 10% before trading.

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