AutoBeta(AutoBeta.net)11/20 Report--

On the evening of November 19, Xiaopeng released its third-quarter results for 2024. According to the financial report, Xiaopeng's revenue in the third quarter was 10.1 billion yuan, an increase of 18.4 percent over the same period last year, and a month-on-month increase of 24.5 percent, a record high for a single quarter. The net loss was 1.81 billion yuan, compared with a loss of 3.89 billion yuan in the same period, and a loss of 1.28 billion yuan in the second quarter.

In terms of gross profit margin, Xiaopeng's gross profit margin in the third quarter was 15.3%, an increase of 18.0% over the same period, which also reached an all-time high, of which the automobile gross profit margin was 8.6%. For reference, the gross profit margin for the same period in 2023 was-2.7%, compared with 14.0% in the second quarter of this year, including-6.1% for cars in the same period in 2023 and 6.4% in the second quarter of this year. In this regard, Dr. Gu Hongdi, vice chairman and co-president of Xiaopeng Automobile, said: "the large product cycle will not only drive sales growth, but also bring healthier gross profit and cash flow."

Xiaopeng's revenue growth is closely related to its new car delivery performance. Xiaopeng delivered a total of 46533 cars in the third quarter, up 16.3% from 40008 last year. According to the financial report, Xiaopeng automobile sales revenue in the third quarter was 8.8 billion yuan, an increase of 12.1% over the same period last year and 29.0% month-on-month growth.

After the disclosure of the financial results, Xiaopeng Motor Chairman CEO said on his personal Weibo: "looking back on the last two years, it is not easy to walk all the way from the headwind period, but it is far from reaching the blue ocean. In the next few quarters, we will continue to maintain the past efforts, changes, humility and stability. I believe the next big step will come sometime in 2025!"

As a new car-building force that has been established for a decade, Xiaopeng has had a hard time in the past two years. Although it has laid out a number of models, such as G6, X9, G9, P7, P5, etc., there are no popular models that can be "independent". As a result, sales are in a weak situation. Sales didn't pick up until the launch of M03, the first model of the MONA series, a new brand of Xiaopeng. Retail data show that Xiaopeng's cumulative sales in the first 10 months of this year were 122478, up 20.7% from a year earlier, including 23917 in October, up 19.57% from a year earlier, a record high. The reason behind this is that the MONA M03 became a hit immediately after its launch.

The MONA M03 is the first model of Xiaopeng's new series MONA, and it is also the cheapest model sold by Xiaopeng. It went on sale on August 27th with a price of 11.98-155800 yuan. Under the price advantage, Xiaopeng MONA M03 delivered more than 10,000 cars in its first month on the market, with sales of 10023 in September and 10203 in October. At present, the MONA M03 is still subject to capacity restrictions. at the Guangzhou auto show, Xiaopeng announced that it would increase MONA M03 production capacity by at least 40% in November and set a target of 20, 000 vehicles a month before the Spring Festival.

On November 7, Xiaopeng P7 + launched a total of three models with a price of 18.68-218800 yuan. Although the new car is named "Xiaopeng P7 +", it is completely different from Xiaopeng P7. Its length, width and height are 5056/1937/1512mm, its wheelbase is 3000mm, and it is located as a medium and large sedan. It is the largest car of Xiaopeng at present. In addition, he Xiaopeng said that the Xiaopeng P7 + is the largest coupe with less than 300000 yuan, and it is also the first AI sedan. He Xiaopeng said today: "Xiaopeng P7 + delivery has reached an all-time high in the first week, and it is expected that more than 10,000 P7 + will be delivered in December. In order to keep up with everyone's expectations more quickly, the factory has begun to work double shifts."

So far, Xiaopeng has laid out a total of 7 models, including G6, X9, G9, P7, P5, MONA M03 and P7 +, among which MONA M03 and P7 + will take on the important task of boosting Xiaopeng's car sales.

According to the revenue and sales forecast for the fourth quarter, Xiaopeng expects its total revenue in the fourth quarter to be 15.3 billion yuan to 16.2 billion yuan, up 17.2% to 24.1% over the same period last year; and to deliver 87000 to 91000 vehicles, up 44.6% to 51.3% over the same period last year. November delivery will exceed 30,000, Xiaopeng P7 + December delivery will exceed 10,000.

In August, when MONA M03 went public, he Xiaopeng announced the official renaming of ‌ Xiaopeng to Xiaopeng AI Automobile Company, and said: "in the next 10 years, Xiaopeng will focus on the combination of AI technology and large manufacturing, and strive to become the leader of AI Automobile Company." At the earnings call, he Xiaopeng reiterated: "the next ten years will be the era of AI. Xiaopeng is confident that it will become a global AI automobile company."

As for longer-term product planning, he Xiaopeng said that Xiaopeng will enter a strong product cycle next year, with plans to launch at least four new cars, including the first super-electric version. In addition, Xiaopeng management also said in the earnings call that the current annual production capacity of Xiaopeng Guangzhou and Zhaoqing plants is about 200000-300000 vehicles, and has planned the production plan before 2026. Follow-up, Xiaopeng car can usher in the outbreak, it is worth looking forward to.

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