On the evening of November 19, Xiaopeng shared its financial performance and future outlook for the third quarter of 2024 in its latest earnings call.
In the quarter, Xiaopeng’s total revenue reached 10.
1 billion yuan, an increase of 18.
4% year-on-year and 24.
5% month-on-month.
The net loss was 1.
81 billion yuan, down from 3.
89 billion yuan in the same period last year and 1.
28 billion yuan in the previous quarter.
Under non-GAAP, the adjusted net loss was 1.
53 billion yuan, up from 2.
79 billion yuan in the same period last year and 1.
22 billion yuan in the previous quarter.
, in terms of income and expenditure, Xiaopeng’s operating profit (based on non-general accounting standards) has narrowed to 15.
5% from about 19% in the second quarter, indicating that operating leverage is working and operating losses are narrowing.
Revenue and loss: total revenue reached 10.
1 billion yuan, an increase of 18.
4% over the same period last year and 24.
5% month-on-month growth.
The net loss was 1.
81 billion yuan, a sharp decrease of 52.
6% compared with the same period last year, and an increase of about 41.
4% from the previous month.
Under non-GAAP, the adjusted net loss was 1.
53 billion yuan, down 45.
2% from the same period last year.
Improved profitability: gross profit margin increased by 22% month-on-month, benefiting from portfolio optimization and lower battery costs The launch of Xiaopeng P7 + and other new models has helped the vehicle profit margin to move towards double digits.
The control of R & D expenses has been very effective, and the annual expenditure is expected to be less than 6.
5 billion yuan.
Cash flow and balance of payments: gu Hongdi, vice chairman and president of the company, said that the company expects its cash flow to exceed 40 billion yuan by the end of the year, providing the company with a sound capital base to break even as soon as possible.
Management reiterated that the goal of breaking even by the end of 2025 would remain unchanged.
In terms of delivery capability, he Xiaopeng, co-founder, chairman and CEO of Xiaopeng Automobile, emphasized the company’s investment in smart driving technology and future plans.
He mentioned that Xiaopeng will continue to carry out global self-research in four areas of smart driving (cloud, car, chip and electric) in order to keep the technology ahead.
He Xiaopeng also mentioned that the gap in smart driving capability may be magnified in the next three to five years, and Xiaopeng will further increase its impact on the customer experience through technological innovation and operational efficiency improvement.
Delivery reached an all-time high: delivery increased significantly in the third quarter compared with the same period last year.
With the delivery of high-margin models such as the Xiaopeng P7 +, the company expects to achieve a new quarterly delivery record in the fourth quarter.
Xiaopeng MONA M03 and P7 + orders backlog to the first quarter of 2025, indicating strong market demand.
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, , Gu Hongdi also mentioned that Xiaopeng’s sales in overseas markets have increased to about 15%, and it is expected that overseas markets will contribute to the company’s sales next year will be similar to this year.
He stressed that overseas markets will be a strong growth point for Xiaopeng, especially in markets where the electrification process is still in its early stages.
Overseas market expansion: overseas sales accounted for about 15% in the third quarter and is expected to maintain a similar level next year.
Xiaopeng plans to meet the challenge of insufficient overseas charging facilities by introducing enhanced electric vehicles and optimizing overseas distribution systems.
New car planning: four new models are planned for 2025, including add-on electric cars.
Existing models will also continue to be upgraded to cover more market segments.
With regard to production capacity, Xiaopeng has launched a “two-shift model” in factories in Guangzhou and Zhaoqing, with an annual production capacity of about 200000 to 300000 units per plant.
The company’s long-term production capacity planning has been worked out until 2026, and the manufacturing capacity expected to be needed in the future has been planned in advance.
In addition, the company is actively working with suppliers to improve their production capacity and strive to achieve cross-platform vehicle component sharing to improve supplier efficiency.
Capacity expansion: the Guangzhou and Zhaoqing factories have adopted the dual-shift model, and the annual production capacity of the single plant has been increased to 20-300000 vehicles.
Long-term capacity planning will cover until 2026 to ensure the sustained growth of supply chain and production capacity.
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