Xiaopeng Motors Announces Financial Results for Q2 2023: Revenue Decreases but Deliveries Increase
August 18, 2023
Chinese electric vehicle manufacturer, Xiaopeng Motors, released its unaudited financial results for the second quarter of 2023. According to DoNews, the company reported a revenue of 5.06 billion yuan for the quarter, indicating a year-on-year decrease of 31.9%. However, there was a month-on-month increase of 25.5%.
In terms of vehicle deliveries, Xiaopeng Motors saw a positive trend. The company delivered a total of 23,205 vehicles in the second quarter of 2023, marking a significant increase of 27.3% compared to the 18,230 vehicles delivered in the first quarter of the same year.
As of June 30, 2023, Xiaopeng Motors boasted a physical sales network consisting of 411 stores. Additionally, the company’s self-operated charging station network reached an impressive total of 1,024 charging stations. This includes 824 Xiaopeng Motors’ self-operated super charging stations and 200 destination charging stations.
The vehicle sales revenue for Xiaopeng Motors in the second quarter of 2023 amounted to RMB 4.42 billion (US$610 million). This indicates a decrease of 36.2% compared to the same period in 2022. However, there was an increase of 25.9% from the first quarter of 2023.
Despite the increase in deliveries, Xiaopeng Motors experienced a negative gross margin of 3.9% in the second quarter of 2023. This is in contrast to the 10.9% gross margin recorded in the same period in 2022. Additionally, the auto gross margin, which measures the gross profit or loss on auto sales as a percentage of auto sales revenue, was negative 8.6% in Q2 2023, a decline from 9.1% in Q2 2022 and negative 2.5% in Q1 2023.
The net loss for Xiaopeng Motors in the second quarter of 2023 was RMB 2.80 billion (US$390 million), compared to RMB 2.70 billion in the same period last year and RMB 2.34 billion in the first quarter of 2023. However, when excluding share-based compensation expenses, the non-GAAP net loss for the second quarter of 2023 was RMB 2.67 billion (US$370 million), an increase from RMB 2.46 billion in the same period in 2022 and RMB 2.21 billion in the first quarter of 2023.
Xiaopeng Motors delivered a total of 11,008 vehicles in July 2023. As of July 31, 2023, the cumulative total deliveries for the year reached 52,443 vehicles.
Looking towards the future, Xiaopeng Motors anticipates car deliveries to range from 39,000 to 41,000 units in the third quarter of 2023. This represents an approximate increase of 31.9% to 38.7% year-on-year. Furthermore, the company expects the total revenue for the third quarter to range from RMB 8.5 billion to RMB 9 billion, indicating approximately 24.6% to 31.9% year-on-year growth.
Despite the challenges faced in the second quarter of 2023, Xiaopeng Motors remains committed to increasing its presence in the electric vehicle market and aims to achieve sustainable growth in the coming months.