- Quarterly vehicle deliveries reached 41,751, a 222% increase
year-over-year
- Quarterly total revenues reached RMB8,556.0 million, a 200.1%
increase year-over-year
- Quarterly gross margin reached 12.0%, an increase of 4.6
percentage points year-over-year
- Full year deliveries were 98,155 vehicles, a 263% increase
year-over-year
- Full year total revenues reached RMB20,988.1 million
- Full year gross margin reached 12.5%, an increase of 7.9
percentage points year-over-year
XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV
and HKEX: 9868), a leading Chinese smart electric vehicle
(“Smart EV”) company, today announced its unaudited
financial results for the three months and fiscal year ended
December 31, 2021.
This press release features multimedia. View
the full release here:
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XPENG P7 (Photo: Business Wire)
Operational and
Financial Highlights for the Three Months Ended December 31,
2021
2021Q4
2021Q3
2021Q2
2021Q1
2020Q4
2020Q3
Total deliveries
41,751
25,666
17,398
13,340
12,964
8,578
P7 deliveries
21,342
19,731
11,522
7,974
8,527
6,210
P5 deliveries
7,621
244
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—
—
—
- Total deliveries of vehicles were 41,751 in the fourth
quarter of 2021, representing an increase of 222% from 12,964 in
the corresponding period of 2020 and an increase of 63% from 25,666
in the third quarter of 2021. Deliveries exceeded the monthly
delivery benchmark of 15,000 units for two consecutive months in
November and December 2021.
- Deliveries of the P7 smart sports sedan were 21,342 in
the fourth quarter of 2021, representing an increase of 150% from
8,527 in the corresponding period of 2020. The order for the P7 is
continuing to gain momentum.
- Deliveries of the P5 smart family sedan sustained solid
ramp-up momentum following its mass-delivery launch in October 2021
and reached 5,030 in December 2021. Among the total P5s delivered
in the fourth quarter of 2021, over 50% can support XPILOT 3.0 or
XPILOT 3.5.
- Inaugural debut of the G9 flagship smart SUV, XPeng’s
fourth production model, was featured at the Guangzhou
International Auto Exhibition on November 19, 2021. Official launch
of the G9 is expected in the third quarter of 2022.
- XPeng’s physical sales network continued rapid expansion
with a total of 357 stores in operation, covering 129 cities as of
December 31, 2021.
- XPeng-branded supercharging stations expanded to 772,
covering 308 cities across China as of December 31, 2021, offering
a more comprehensive charging network.
- Total revenues were RMB8,556.0 million (US$1,342.6
million) for the fourth quarter of 2021, representing an increase
of 200.1% from the same period of 2020, and an increase of 49.6%
from the third quarter of 2021.
- Revenues from vehicle sales were RMB8,187.2 million
(US$1,284.7 million) for the fourth quarter of 2021, representing
an increase of 199.3% from the same period of 2020, and an increase
of 49.9% from the third quarter of 2021.
- Gross margin was 12.0% for the fourth quarter of 2021,
compared with 7.4% for the same period of 2020 and 14.4% for the
third quarter of 2021.
- Vehicle margin, which is gross profit of vehicle sales
as a percentage of revenues from vehicle sales, was 10.9% for the
fourth quarter of 2021, compared with 6.8% for the same period of
2020 and 13.6% for the third quarter of 2021.
- Net loss was RMB 1,287.2 million (US$202.0 million) for
the fourth quarter of 2021, compared with RMB787.4 million for the
same period of 2020 and RMB1,594.8 million for the third quarter of
2021. Excluding share-based compensation expenses, non-GAAP net
loss was RMB1,198.3 million (US$188.0 million) in the fourth
quarter of 2021, compared with RMB712.6 million for the same period
of 2020 and RMB1,492.1 million for the third quarter of 2021.
- Net loss attributable to ordinary shareholders of XPeng
was RMB1,287.2 million (US$ 202.0 million) for the fourth quarter
of 2021, compared with RMB787.4 million for the same period of 2020
and RMB1,594.8 million in the third quarter of 2021. Excluding
share-based compensation expenses, non-GAAP net loss attributable
to ordinary shareholders of XPeng was RMB1,198.3 million (US$188.0
million) for the fourth quarter of 2021, compared with RMB712.6
million for the same period of 2020 and RMB1,492.1 million for the
third quarter of 2021.
- Basic and diluted net loss per American depositary share
(ADS) were both RMB1.51 (US$0.24) for the fourth quarter of
2021. Non-GAAP basic and diluted net loss per ADS were both RMB1.41
(US$0.22) for the fourth quarter of 2021. Each ADS represents two
Class A ordinary shares.
- Cash and cash equivalents, restricted cash, short-term
deposits, short-term investments and long-term deposits were
RMB43,543.9 million (US$6,833.0 million) as of December 31, 2021,
compared with RMB35,342.1 million as of December 31, 2020 and
RMB45,357.9 million as of September 30, 2021.
Key Financial Results
(in RMB millions, except for per ordinary share data and
percentages)
For the Three Months
Ended
% Change1
December 31,
September 30,
December 31,
2020
2021
2021
YoY
QoQ
Vehicle revenues
2,735.4
5,460.1
8,187.2
199.3%
49.9%
Vehicle margin
6.8%
13.6%
10.9%
4.1pts
-2.7pts
Total revenues
2,851.4
5,719.9
8,556.0
200.1%
49.6%
Gross profit
210.6
820.8
1,023.3
386.0%
24.7%
Gross margin
7.4%
14.4%
12.0%
4.6pts
-2.4pts
Net loss
787.4
1,594.8
1,287.2
63.5%
-19.3%
Non-GAAP net loss
712.6
1,492.1
1,198.3
68.2%
-19.7%
Net loss attributable to ordinary
shareholders
787.4
1,594.8
1,287.2
63.5%
-19.3%
Non-GAAP net loss attributable to ordinary
shareholders
712.6
1,492.1
1,198.3
68.2%
-19.7%
1. Except for vehicle margin and gross margin, where absolute
changes instead of percentage changes are presented
Operational and Financial Highlights
for the Fiscal Year Ended December 31, 2021
- Total deliveries of vehicles were 98,155 in 2021,
representing an increase of 263% from 27,041 in 2020.
- Deliveries of the P7 smart sports sedan were 60,569 in
2021, representing an increase of 302% from 15,062 in 2020.
- Deliveries of the P5 smart family sedan were 7,865 in
2021.
- Total revenues were RMB20,988.1 million (US$3,293.5
million) for the fiscal year of 2021, representing an increase of
259.1% from RMB5,844.3 million for the prior year.
- Revenues from vehicle sales were RMB20,042.0 million
(US$3,145.0 million) for the fiscal year of 2021, representing an
increase of 261.3% from RMB5,546.8 million for the prior year.
- Gross margin was 12.5% for the fiscal year of 2021,
compared with 4.6% for the prior year.
- Vehicle margin, which is gross profit of vehicle sales
as a percentage of revenues from vehicle sales, was 11.5% for the
fiscal year of 2021, compared with 3.5% for the prior year.
- Net loss was RMB4,863.1 million (US$763.1 million) for
the fiscal year of 2021, compared with RMB2,732.0 million for the
prior year. Excluding share-based compensation expenses and fair
value change on derivative liabilities related to the redemption
right of preferred shares, non-GAAP net loss was RMB4,483.1 million
(US$703.5 million) in the fiscal year of 2021, compared with
RMB2,991.8 million for the prior year.
- Net loss attributable to ordinary shareholders of XPeng
was RMB4,863.1 million (US$763.1 million) for the fiscal year of
2021. Excluding share-based compensation expenses, fair value
change on derivative liabilities related to the redemption right of
preferred shares and accretion on preferred shares to redemption
value, non-GAAP net loss attributable to ordinary shareholders of
XPeng was RMB4,483.1 million (US$703.5 million) for the fiscal year
of 2021, compared with RMB2,991.8 million for the prior year.
- Basic and diluted net loss per American depositary share
(ADS) were both RMB5.92 (US$0.93) for the fiscal year of 2021.
Non-GAAP basic and diluted net loss per ADS were both RMB5.46
(US$0.86) for the fiscal year of 2021. Each ADS represents two
Class A ordinary shares.
Key Financial Results
(in RMB millions, except for per ordinary share data and
percentages)
For the Fiscal Year Ended
% Change1
December 31,
December 31,
2020
2021
YoY
Vehicle revenues
5,546.8
20,042.0
261.3%
Vehicle margin
3.5%
11.5%
8.0pts
Total revenues
5,844.3
20,988.1
259.1%
Gross profit
266.0
2,622.6
886.0%
Gross margin
4.6%
12.5%
7.9pts
Net loss
2,732.0
4,863.1
78.0%
Non-GAAP net loss
2,991.8
4,483.1
49.8%
Net loss attributable to ordinary
shareholders
4,889.7
4,863.1
-0.5%
Non-GAAP net loss attributable to ordinary
shareholders
2,991.8
4,483.1
49.8%
1. Except for vehicle margin and gross margin, where absolute
changes instead of percentage changes are presented.
Management Commentary
Mr. He Xiaopeng, Chairman and CEO of XPeng, said, “2021 was
marked by impressive growth with record-breaking fourth quarter
deliveries led by our blockbuster P7 model and our newly launched
P5 family sedan. For both the full year and fourth quarter, our
total deliveries more than tripled year-over-year, fueled by the
fast-growing EV penetration in China and our competitive Smart EV
products. In addition, fast expansion of our sales and services,
and supercharging stations networks and the accelerated rollout of
new products are paving the way for even deeper penetration into
China’s mid- to high-end market segment where robust demand for our
products continues to outpace supply.”
“We are also excited about our City Navigation Guided Pilot
(“CNGP”), which is being developed and fast iterated. Our
objective for CNGP is to achieve superior safety and user
experience in complex urban driving scenarios. The upcoming OTA of
CNGP will further strengthen our technology leadership and it will
mark another major milestone on our journey toward achieving full
scenario autonomous driving for our customers,” Mr. He
concluded.
“With accelerated deliveries across our three models, our 2021
full-year revenue exceeded RMB20 billion. Notably, we delivered
remarkable growth in the fourth quarter, with revenues reaching
RMB8.6 billion, up 200.1% year-over-year. Fueled by our strong
vehicle models on the market, planned new launches based on new
platforms, and technology leadership, we are confident in our
continued growth trajectory and structural improvement of gross
margin.” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and
President of XPeng.
Recent Developments
Deliveries in January and February 2022
- Total deliveries reached 12,922 vehicles in January 2022,
representing a 115% increase year-over-year. The deliveries
consisted of 6,707 P7 smart sports sedans, 4,029 P5 smart family
sedans and 2,186 G3 and G3i compact smart SUVs.
- Total deliveries reached 6,225 vehicles in February 2022,
representing a 180% increase year-over-year. The deliveries
consisted of 3,537 P7 smart sports sedans, 2,059 P5 smart family
sedans and 629 G3 and G3i compact smart SUVs.
- As of February 28, 2022, cumulative P7 deliveries exceeded
85,000 units and total cumulative Smart EV deliveries exceeded
157,000 units.
Technology upgrade for Zhaoqing manufacturing factory
During the scheduled downtime over the Chinese New Year Holiday
period starting from the end of January, the Company implemented
technology upgrades for the Zhaoqing manufacturing factory and
production at the Zhaoqing factory resumed in mid-February as
planned. The upgrade enables accelerated delivery of its
significant order backlog carried over from 2021 to early 2022.
Strong coverage of XPeng-branded supercharging
network
XPeng-branded supercharging network has expanded its coverage
across 337 cities in China, making XPeng the first EV auto
manufacturer in China’s auto industry to reach this milestone. As
of January 17, 2022, the number of XPeng-branded supercharging
stations increased to 813.
Expansion in Europe
XPeng continued to expand its presence in Europe. In February
2022, the Company announced its strategic partnerships with two
renowned European automobile players for agency retail
collaborations in the Netherlands and Sweden, respectively. At the
same time, XPeng’s first branded overseas retail experience store
opened in Stockholm, Sweden.
Inclusion in the Shenzhen and Shanghai-Hong Kong Stock
Connect programs
XPeng’s Class A ordinary shares, which are traded on The Stock
Exchange of Hong Kong Limited, were included in the Shenzhen and
Shanghai-Hong Kong Stock Connect programs in February 2022.
Addition to The Hang Seng TECH Index as a constituent
stock
XPeng was included in the Hang Seng TECH Index as a constituent
stock, effective on March 7, 2022. The Hang Seng TECH Index
represents the 30 largest technology companies listed in Hong Kong
that have high business exposure to technology themes.
Unaudited Financial Results for the
Three Months Ended December 31, 2021
Total revenues were RMB8,556.0 million (US$1,342.6
million) for the fourth quarter of 2021, representing an increase
of 200.1% from RMB2,851.4 million for the same period of 2020 and
an increase of 49.6% from RMB5,719.9 million for the third quarter
of 2021.
Revenues from vehicle sales were RMB8,187.2 million (US$1,284.7
million) for the fourth quarter of 2021, representing an increase
of 199.3% from RMB2,735.4 million for the same period of 2020 and
an increase of 49.9% from RMB5,460.1 million for the third quarter
of 2021. The year-over-year and the quarter-over-quarter increases
were mainly attributable to higher vehicle deliveries, especially
for the P7 and P5.
Revenues from services and others were RMB368.8 million (US$57.9
million) for the fourth quarter of 2021, representing an increase
of 218.2% from RMB115.9 million for the same period of 2020 and an
increase of 41.9% from RMB259.9 million for the third quarter of
2021. The year-over-year and the quarter-over-quarter increases
were mainly attributed to more service, parts and accessory sales
in line with higher accumulated vehicle sales.
Cost of sales was RMB7,532.7 million (US$1,182.0 million)
for the fourth quarter of 2021, representing an increase of 185.2%
from RMB2,640.8 million for the same period of 2020 and an increase
of 53.8% from RMB4,899.1 million for the third quarter of 2021. The
year-over-year and the quarter-over-quarter increases were mainly
due to the increase of vehicle deliveries as described above.
Gross margin was 12.0% for the fourth quarter of 2021,
compared with 7.4% and 14.4% for the fourth quarter of 2020 and the
third quarter of 2021, respectively.
Vehicle margin was 10.9% for the fourth quarter of 2021,
compared with 6.8% for the same period of 2020 and 13.6% for the
third quarter of 2021. The quarter-over-quarter decrease was
primarily attributable to the product mix change.
Research and development expenses were RMB1,451.4 million
(US$227.8 million) for the fourth quarter of 2021, representing an
increase of 215.6% from RMB460.0 million for the same period of
2020 and an increase of 14.8% from RMB1,264.2 million for the third
quarter of 2021. The year-over-year and the quarter-over-quarter
increases were mainly due to (i) the increase in employee
compensation as a result of expanded research and development
staff, and (ii) higher expenses relating to the development of new
vehicles models to support future growth.
Selling, general and administrative expenses were
RMB2,015.4 million (US$316.3 million) for the fourth quarter of
2021, representing an increase of 119.6% from RMB917.9 million for
the same period of 2020 and an increase of 31.0% from RMB1,538.4
million for the third quarter of 2021. The year-over-year increase
was mainly due to (i) higher marketing, promotional and advertising
expenses to support vehicle sales, and (ii) the expansion of our
sales network and associated personnel cost, and commission for
franchised store sales. The quarter-over-quarter increase was
mainly driven by the expansion of our sales network and more sale
commissions in line with higher vehicle sales.
Loss from operations was RMB2,429.7 million (US$381.3
million) for the fourth quarter of 2021, compared with RMB1,121.2
million for the same period of 2020 and RMB1,802.6 million for the
third quarter of 2021. The higher year-over-year and
quarter-over-quarter losses were mainly attributable to higher
operating expenses to support business growth as described
above.
Non-GAAP loss from operations, which excludes share-based
compensation expenses, was RMB2,340.8 million (US$367.3 million)
for the fourth quarter of 2021, compared with RMB1,046.4 million
for the same period of 2020 and RMB1,700.0 million for the third
quarter of 2021.
Fair value gain on long-term investments was RMB591.5
million (US$92.8 million) for the fourth quarter of 2021 as a
result of fair value assessment on our investment in HT Flying Car
Inc. (“Huitian”) after its Series A capital funding. As of
December 31, 2021, the Group invested approximately RMB598.7
million and owned approximately 18.82% of the equity interest in
Huitian.
Net loss was RMB1,287.2 million (US$202.0 million) for
the fourth quarter of 2021, compared with RMB787.4 million for the
same period of 2020 and RMB1,594.8 million for the third quarter of
2021.
Non-GAAP net loss, which excludes share-based
compensation expenses, was RMB1,198.3 million (US$188.0 million)
for the fourth quarter of 2021, compared with RMB712.6 million for
the same period of 2020 and RMB1,492.1 million for the third
quarter of 2021.
Net loss attributable to ordinary shareholders of XPeng
was RMB1,287.2 million (US$202.0 million) for the fourth quarter of
2021, compared with RMB787.4 million for the same period of 2020
and RMB1,594.8 million for the third quarter of 2021.
Non-GAAP net loss attributable to ordinary shareholders of
XPeng, which excludes share-based compensation expenses, was
RMB1,198.3 million (US$188.0 million) for the fourth quarter of
2021, compared with RMB712.6 million for the same period of 2020
and RMB1,492.1 million for the third quarter of 2021.
Basic and diluted net loss per ADS were both RMB1.51
(US$0.24) for the fourth quarter of 2021, compared with RMB1.05 for
the fourth quarter of 2020 and RMB1.89 for the third quarter of
2021.
Non-GAAP basic and diluted net loss per ADS were both
RMB1.41 (US$0.22) for the fourth quarter of 2021, compared with
RMB0.95 for the fourth quarter of 2020 and RMB1.77 for the third
quarter of 2021.
Balance Sheets
As of December 31, 2021, the Company had cash and cash
equivalents, restricted cash, short-term deposits, short-term
investments and long-term deposits of RMB43,543.9 million
(US$6,833.0 million), compared with RMB35,342.1 million as of
December 31, 2020 and RMB45,357.9 million as of September 30,
2021.
Unaudited Financial Results for the
Fiscal Year Ended December 31, 2021
Total revenues were RMB20,988.1 million (US$3,293.5
million) for fiscal year 2021, representing an increase of 259.1%
from RMB5,844.3 million for the prior year.
Revenues from vehicle sales were RMB20,042.0 million (US$3,145.0
million) for fiscal year 2021, representing an increase of 261.3%
from RMB5,546.8 million for the prior year. The increase was mainly
attributable to higher vehicle deliveries in 2021.
Revenues from services and others were RMB946.2 million
(US$148.5 million) for fiscal year 2021, representing an increase
of 218.0% from RMB297.6 million for the prior year. The increase
was mainly attributed to more services and parts and accessory
sales in line with higher accumulated vehicle sales.
Cost of sales was RMB18,365.6 million (US$2,882.0
million) for fiscal year 2021, representing an increase of 229.2%
from RMB5,578.3 million for the prior year. The increase was mainly
due to higher vehicle deliveries as described above.
Gross margin was 12.5% for fiscal year 2021, compared
with 4.6% for the prior year.
Vehicle margin was 11.5% for fiscal year 2021, compared
with 3.5% for the prior year. The year-over-year margin improvement
was primarily due to material cost reduction, better product mix
and manufacturing efficiency driven by economies of scale.
Research and development expenses were RMB4,114.3 million
(US$645.6 million) for fiscal year 2021, representing an increase
of 138.4% from RMB1,725.9 million for the prior year. The increase
was mainly due to higher employee compensation as a result of
expanded research and development staff, and higher expenses
relating to new vehicle model development to support future
growth.
Selling, general and administrative expenses were
RMB5,305.4 million (US$832.5 million) for fiscal year 2021,
representing an increase of 81.7% from RMB2,920.6 million for the
prior year. The increase was mainly due to (i) higher marketing,
promotional and advertising expenses to support vehicle sales, (ii)
the expansion of our sales network and associated personnel cost,
and commission to the franchised stores.
Other income was RMB217.7 million (US$34.2million) for
fiscal year 2021, compared with RMB86.8 million for the prior year.
The increase was mainly attributed to higher government subsidies
which the Company received in 2021.
Loss from operations was RMB6,579.4 million (US$1,032.5
million) for fiscal year 2021, compared with RMB4,293.7 million for
the prior year.
Non-GAAP loss from operations, which excludes share-based
compensation expenses, was RMB6,199.5 million (US$972.8 million)
for fiscal year 2021, compared with RMB3,297.3 million for the
prior year.
Fair value gain on long-term investments was RMB591.5
million (US$92.8 million) for fiscal year 2021 as a result of fair
value assessment on the Company’s investment in Huitian after its
Series A capital funding.
Net loss was RMB4,863.1 million (US$763.1 million) for
fiscal year 2021, compared with RMB2,732.0 million for the prior
year.
Non-GAAP net loss, which excludes share-based
compensation expenses and fair value change on derivative
liabilities related to the redemption right of preferred shares,
was RMB4,483.1 million (US$703.5 million) for fiscal year 2021,
compared with RMB2,991.8 million for the prior year.
Net loss attributable to ordinary shareholders of XPeng
was RMB4,863.1 million (US$763.1 million) for fiscal year 2021,
compared with RMB4,889.7 million for the prior year.
Non-GAAP net loss attributable to ordinary shareholders of
XPeng, which excludes share-based compensation expenses, fair
value change on derivative liabilities related to the redemption
right of preferred shares and accretion on preferred shares to
redemption value, was RMB4,483.1 million (US$703.5 million) for
fiscal year 2021, compared with RMB2,991.8 million for the prior
year.
Basic and diluted net loss per ADS were both RMB5.92
(US$0.93) for fiscal year 2021, compared with RMB12.97 for the
prior year.
Non-GAAP basic and diluted net loss per ADS were both
RMB5.46 (US$0.86) for fiscal year 2021, compared with RMB7.93 for
the prior year.
Business Outlook
For the first quarter of 2022, the Company expects:
- Deliveries of vehicles to be between 33,500 and 34,000,
representing a year-over-year increase of approximately 151.1% to
154.9%.
- Total revenues to be between RMB7.2 billion and RMB7.3
billion, representing a year-over-year increase of approximately
144.0% to 147.4%.
The above outlook is based on the current market conditions and
reflects the Company’s preliminary estimates of market and
operating conditions, and customer demand, which are all subject to
change.
Conference Call
The Company’s management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on March 28, 2022 (8:00 PM
Beijing/Hong Kong time on March 28, 2022).
Dial-in details for the earnings conference call are as
follows:
United States:
+1-833-654-9168
United Kingdom:
+44-208-602-0818
International:
+1-209-313-0576
Hong Kong, China:
+852-5808-6567
China Mainland:
400-682-8629
Conference ID: 2474706
Participants please dial-in 5 minutes prior to the scheduled
start time to be connected to the call.
Additionally, a live and archived webcast of the conference call
will be available on the Company’s investor relations website at
http://ir.xiaopeng.com.
A replay of the conference call will be accessible approximately
two hours after the conclusion of the call until April 4, 2022, by
dialing the following telephone numbers:
United States:
+1-855-859-2056
International:
+1-404-537-3406
Replay Access Code: 2474706
About XPeng
XPeng is a leading Chinese Smart EV company that designs,
develops, manufactures, and markets Smart EVs that appeal to the
large and growing base of technology-savvy middle-class consumers
in China. Its mission is to drive Smart EV transformation with
technology and data, shaping the mobility experience of the future.
In order to optimize its customers’ mobility experience, XPeng
develops in-house its full-stack advanced driver-assistance system
technology and in-car intelligent operating system, as well as core
vehicle systems including powertrain and the
electrification/electronic architecture. XPeng is headquartered in
Guangzhou, China, with main offices in Beijing, Shanghai, Silicon
Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly
manufactured at its plant in Zhaoqing, Guangdong province. For more
information, please visit https://en.xiaopeng.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as non-GAAP loss from
operations, non-GAAP net loss, non-GAAP net loss attributable to
ordinary shareholders, non-GAAP basic loss per weighted average
number of ordinary shares and non-GAAP basic loss per ADS, in
evaluating its operating results and for financial and operational
decision-making purposes. By excluding the impact of share-based
compensation expenses, fair value change on derivative liabilities
related to the redemption right of preferred shares and/or
accretion on preferred shares to redemption value, the Company
believes that the non-GAAP financial measures help identify
underlying trends in its business and enhance the overall
understanding of the Company’s past performance and future
prospects. The Company also believes that the non-GAAP financial
measures allow for greater visibility with respect to key metrics
used by the Company’s management in its financial and operational
decision-making. The non-GAAP financial measures are not presented
in accordance with U.S. GAAP and may be different from non-GAAP
methods of accounting and reporting used by other companies. The
non-GAAP financial measures have limitations as analytical tools
and when assessing the Company’s operating performance, investors
should not consider them in isolation, or as a substitute for net
loss or other consolidated statements of comprehensive loss data
prepared in accordance with U.S. GAAP. The Company encourages
investors and others to review its financial information in its
entirety and not rely on a single financial measure. The Company
mitigates these limitations by reconciling the non-GAAP financial
measures to the most comparable U.S. GAAP performance measures, all
of which should be considered when evaluating the Company’s
performance.
For more information on the non-GAAP financial measures, please
see the table captioned “Unaudited Reconciliations of GAAP and
non-GAAP Results” set forth in this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars and from U.S. dollars to RMB are made at a rate of
RMB6.3726 to US$1.00, the exchange rate on December 30, 2021 set
forth in the H.10 statistical release of the Federal Reserve Board.
The Company makes no representation that the RMB or U.S. dollars
amounts referred could be converted into U.S. dollars or RMB, as
the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as “will,” “expects,” “anticipates,” “future,” “intends,”
“plans,” “believes,” “estimates” and similar statements. Statements
that are not historical facts, including statements about XPeng’s
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: XPeng’s goal
and strategies; XPeng’s expansion plans; XPeng’s future business
development, financial condition and results of operations; the
trends in, and size of, China’s EV market; XPeng’s expectations
regarding demand for, and market acceptance of, its products and
services; XPeng’s expectations regarding its relationships with
customers, contract manufacturer, suppliers, third- party service
providers, strategic partners and other stakeholders; general
economic and business conditions; and assumptions underlying or
related to any of the foregoing. Further information regarding
these and other risks is included in XPeng’s filings with the
United States Securities and Exchange Commission. All information
provided in this announcement is as of the date of this
announcement, and XPeng does not undertake any obligation to update
any forward-looking statement, except as required under applicable
law.
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except
for share and per share data)
As of December 31,
2020
RMB
2021
RMB
2021
US$
audited
unaudited
unaudited
ASSETS
Current assets
Cash and cash equivalents
29,209,388
11,024,906
1,730,048
Restricted cash
2,332,145
609,975
95,718
Short-term deposits
979,897
25,858,007
4,057,686
Short-term investments
2,820,711
2,833,763
444,679
Accounts and notes receivable, net
1,128,892
2,673,494
419,530
Current portion of installment payment
receivables, net
156,069
887,202
139,221
Inventory
1,343,025
2,661,921
417,713
Amounts due from related parties
682
32,785
5,145
Prepayments and other current assets
1,708,469
2,248,683
352,868
Total current assets
39,679,278
48,830,736
7,662,608
Non-current assets
Property, plant and equipment, net
3,081,502
5,424,776
851,266
Right-of-use assets, net
461,184
1,561,175
244,982
Intangible assets, net
607,781
878,724
137,891
Land use rights, net
249,934
595,471
93,442
Installment payment receivables, net
397,467
1,863,492
292,423
Other non-current assets
228,633
1,730,486
271,551
Long-term investments
1,000
1,549,176
243,100
Long-term deposits
—
3,217,266
504,859
Total non-current assets
5,027,501
16,820,566
2,639,514
Total assets
44,706,779
65,651,302
10,302,122
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
(CONTINUED)
(All amounts in thousands, except
for share and per share data)
As of December 31,
2020
RMB
2021
RMB
2021
US$
audited
unaudited
unaudited
LIABILITIES
Current liabilities
Short-term borrowings
127,900
—
—
Accounts and notes payable
5,111,745
12,362,186
1,939,897
Amounts due to related parties
12,062
24,919
3,910
Current portion of lease liabilities
119,565
373,488
58,608
Current portion of deferred revenue
163,617
418,227
65,629
Current portion of long-term
borrowings
45,000
—
—
Accruals and other liabilities
2,256,165
4,811,107
754,967
Income taxes payable
1,209
22,737
3,568
Total current liabilities
7,837,263
18,012,664
2,826,579
Non-current liabilities
Long-term borrowings
1,645,000
1,675,106
262,861
Lease liabilities
352,501
1,189,754
186,698
Deferred revenue
144,767
479,061
75,175
Other non-current liabilities
297,439
2,148,139
337,090
Total non-current liabilities
2,439,707
5,492,060
861,824
Total liabilities
10,276,970
23,504,724
3,688,403
SHAREHOLDERS’ EQUITY
Class A Ordinary shares
63
87
14
Class B Ordinary shares
26
25
4
Class C Ordinary shares
12
—
—
Additional paid-in capital
46,482,512
59,980,534
9,412,255
Statutory reserve
—
6,047
949
Accumulated deficit
(11,322,423)
(16,191,566)
(2,540,810)
Accumulated other comprehensive loss
(730,381)
(1,648,549)
(258,693)
Total shareholders’ equity
34,429,809
42,146,578
6,613,719
Total liabilities and shareholders’
equity
44,706,779
65,651,302
10,302,122
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE
INCOME/(LOSS)
(All amounts in thousands, except
for share and per share data)
Three Months End
December 31,
September 30,
December 31,
December 31,
2020
2021
2021
2021
RMB
RMB
RMB
US$
Revenues
Vehicle sales
2,735,444
5,460,063
8,187,181
1,284,747
Services and others
115,908
259,855
368,827
57,877
Total revenues
2,851,352
5,719,918
8,556,008
1,342,624
Cost of sales
Vehicle sales
(2,550,587)
(4,718,809)
(7,296,930)
(1,145,048)
Services and others
(90,201)
(180,285)
(235,768)
(36,997)
Total cost of sales
(2,640,788)
(4,899,094)
(7,532,698)
(1,182,045)
Gross profit
210,564
820,824
1,023,310
160,579
Operating expenses
Research and development expenses
(459,955)
(1,264,240)
(1,451,389)
(227,755)
Selling, general and administrative
expenses
(917,883)
(1,538,420)
(2,015,425)
(316,264)
Total operating expenses
(1,377,838)
(2,802,660)
(3,466,814)
(544,019)
Other income, net
46,097
179,196
13,837
2,171
Loss from operations
(1,121,177)
(1,802,640)
(2,429,667)
(381,269)
Interest income
88,867
193,888
264,015
41,430
Interest expenses
(2,571)
(16,347)
(13,841)
(2,172)
Fair value gain (loss) on derivative
liabilities
123,374
30,190
(26,910)
(4,223)
Fair value gain on long-term
investments
—
—
591,506
92,820
Other non-operating income, net
125,303
411
353,419
55,459
Loss before income tax expenses
(786,204)
(1,594,498)
(1,261,478)
(197,955)
Income tax expenses
(1,217)
(303)
(25,687)
(4,031)
Net loss
(787,421)
(1,594,801)
(1,287,165)
(201,986)
Net loss attributable to
ordinary
shareholders of XPeng Inc.
(787,421)
(1,594,801)
(1,287,165)
(201,986)
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
(CONTINUED)
(All amounts in thousands, except
for share and per share data)
Three Months End
December 31,
September 30,
December 31,
December 31,
2020
2021
2021
2021
RMB
RMB
RMB
US$
Net loss
(787,421)
(1,594,801)
(1,287,165)
(201,986)
Other comprehensive loss
Foreign currency translation adjustment,
net of nil tax
(565,814)
(26,478)
(568,659)
(89,235)
Total comprehensive loss attributable
to XPeng Inc.
(1,353,235)
(1,621,279)
(1,855,824)
(291,221)
Comprehensive loss attributable to
ordinary shareholders of XPeng Inc.
(1,353,235)
(1,621,279)
(1,855,824)
(291,221)
Weighted average number of ordinary
shares used in computing net loss per ordinary share
Basic and diluted
1,495,225,306
1,689,885,370
1,700,956,007
1,700,956,007
Net loss per ordinary share
attributable to ordinary shareholders
Basic and diluted
(0.53)
(0.94)
(0.76)
(0.12)
Weighted average number of ADS used in
computing net loss per share
Basic and diluted
747,612,653
844,942,685
850,478,004
850,478,004
Net loss per ADS attributable to
ordinary shareholders
Basic and diluted
(1.05)
(1.89)
(1.51)
(0.24)
XPENG INC.
UNAUDITED RECONCILIATIONS OF
GAAP AND
NON-GAAP RESULTS
(All amounts in thousands, except
for share and per share data)
Three Months End
December 31,
September 30,
December 31,
December 31,
2020
2021
2021
2021
RMB
RMB
RMB
US$
Loss from operations
(1,121,177)
(1,802,640)
(2,429,667)
(381,269)
Share-based compensation expenses
74,807
102,673
88,846
13,942
Non-GAAP loss from operations
(1,046,370)
(1,699,967)
(2,340,821)
(367,327)
Net loss
(787,421)
(1,594,801)
(1,287,165)
(201,986)
Share-based compensation expenses
74,807
102,673
88,846
13,942
Non-GAAP net loss
(712,614)
(1,492,128)
(1,198,319)
(188,044)
Net loss attributable to ordinary
shareholders
(787,421)
(1,594,801)
(1,287,165)
(201,986)
Share-based compensation expenses
74,807
102,673
88,846
13,942
Non-GAAP net loss attributable to
ordinary shareholders of XPeng Inc.
(712,614)
(1,492,128)
(1,198,319)
(188,044)
Weighted average number of ordinary
shares used in calculating Non-GAAP net loss per share
Basic and diluted
1,495,225,306
1,689,885,370
1,700,956,007
1,700,956,007
Non-GAAP net loss per ordinary
share
Basic and diluted
(0.48)
(0.88)
(0.70)
(0.11)
Weighted average number of ADS used in
calculating Non-GAAP net loss per share
Basic and diluted
747,612,653
844,942,685
850,478,004
850,478,004
Non-GAAP net loss per ADS
Basic and diluted
(0.95)
(1.77)
(1.41)
(0.22)
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE
INCOME/(LOSS)
(All amounts in thousands, except
for share and per share data)
For the Year Ended December
31,
2020 RMB
2021 RMB
2021 US$
audited
unaudited
unaudited
Revenues
Vehicle sales
5,546,754
20,041,955
3,145,020
Services and others
297,567
946,176
148,476
Total revenues
5,844,321
20,988,131
3,293,496
Cost of sales
Vehicle sales
(5,350,479)
(17,733,036)
(2,782,700)
Services and others
(227,853)
(632,540)
(99,259)
Total cost of sales
(5,578,332)
(18,365,576)
(2,881,959)
Gross profit
265,989
2,622,555
411,537
Operating expenses
Research and development expenses
(1,725,906)
(4,114,267)
(645,618)
Selling, general and administrative
expenses
(2,920,649)
(5,305,433)
(832,538)
Total operating expenses
(4,646,555)
(9,419,700)
(1,478,156)
Other income, net
86,830
217,740
34,168
Loss from operations
(4,293,736)
(6,579,405)
(1,032,451)
Interest income
133,036
743,034
116,598
Interest expenses
(22,451)
(55,336)
(8,683)
Fair value gain on derivative
liabilities
1,362,025
79,262
12,438
Fair value gain on long-term
investments
—
591,506
92,820
Other non-operating income, net
90,364
383,833
60,232
Loss before income tax expenses
(2,730,762)
(4,837,106)
(759,046)
Income tax expenses
(1,223)
(25,990)
(4,078)
Net loss
(2,731,985)
(4,863,096)
(763,124)
Accretion on Preferred Shares to
redemption value
(2,157,744)
—
—
Net loss attributable to ordinary
shareholders of XPeng Inc.
(4,889,729)
(4,863,096)
(763,124)
XPENG INC.
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)
(CONTINUED)
(All amounts in thousands, except
for share and per share data)
For the Year Ended December
31,
2020 RMB
2021 RMB
2021 US$
audited
unaudited
unaudited
Net loss
(2,731,985)
(4,863,096)
(763,124)
Other comprehensive loss
Foreign currency translation adjustment,
net of nil tax
(724,433)
(918,168)
(144,081)
Total comprehensive loss attributable
to XPeng Inc.
(3,456,418)
(5,781,264)
(907,205)
Accretion on Preferred Shares to
redemption value
(2,157,744)
—
—
Comprehensive loss attributable to
ordinary shareholders of XPeng Inc.
(5,614,162)
(5,781,264)
(907,205)
Weighted average number of ordinary
shares used in computing net loss per ordinary share
Basic and diluted
754,270,914
1,642,906,400
1,642,906,400
Net loss per ordinary share
attributable to ordinary shareholders
Basic and diluted
(6.48)
(2.96)
(0.46)
Weighted average number of ADS used in
computing net loss per share
Basic and diluted
377,135,457
821,453,200
821,453,200
Net loss per ADS attributable to
ordinary shareholders
Basic and diluted
(12.97)
(5.92)
(0.93)
XPENG INC.
UNAUDITED RECONCILIATIONS OF
GAAP AND
NON-GAAP RESULTS
(All amounts in thousands, except
for share and per share data)
For the Year Ended December
31,
2020
2021
2021
RMB
RMB
US$
Loss from operations
(4,293,736)
(6,579,405)
(1,032,451)
Share-based compensation expenses
996,417
379,948
59,622
Non-GAAP loss from operations
(3,297,319)
(6,199,457)
(972,829)
Net loss
(2,731,985)
(4,863,096)
(763,124)
Fair value gain of convertible redeemable
preferred shares
(1,256,221)
—
—
Share-based compensation expenses
996,417
379,948
59,622
Non-GAAP net loss
(2,991,789)
(4,483,148)
(703,502)
Net loss attributable to ordinary
shareholders
(4,889,729)
(4,863,096)
(763,124)
Fair value gain of convertible redeemable
preferred shares
(1,256,221)
—
—
Share-based compensation expenses
996,417
379,948
59,622
Accretion on Preferred Shares to
redemption value
2,157,744
—
—
Non-GAAP net loss attributable to
ordinary shareholders of XPeng Inc.
(2,991,789)
(4,483,148)
(703,502)
Weighted average number of ordinary
shares used in calculating Non-GAAP net loss per share
Basic and diluted
754,270,914
1,642,906,400
1,642,906,400
Non-GAAP net loss per ordinary
share
Basic and diluted
(3.97)
(2.73)
(0.43)
Weighted average number of ADS used in
calculating Non-GAAP net loss per share
Basic and diluted
377,135,457
821,453,200
821,453,200
Non-GAAP net loss per ADS
Basic and diluted
(7.93)
(5.46)
(0.86)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220328005319/en/
For Investor Enquiries IR Department XPeng Inc. E-mail:
ir@xiaopeng.com
Jenny Cai The Piacente Group Tel: +1-212-481-2050 or
+86-10-6508-0677 E-mail: xpeng@tpg-ir.com
For Media Enquiries Marie Cheung XPeng Inc. Tel:
+852-9750-5170/+86-1550-7577-546 E-mail:
mariecheung@xiaopeng.com
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