- XPeng Inc XPEV reported a 45.9% year-on-year drop in revenue to RMB4.03 billion (US$587.31 million) in the first quarter of FY23, falling short of the figure $741.07 million consensus.
- The Tesla Inc TSLA The competitor’s quarterly vehicle deliveries fell 17.9% year over year to 18,230.
- Revenue from vehicle sales fell 49.8% year-on-year, mainly due to lower vehicle deliveries and the end of subsidies for new energy vehicles.
- Gross margin decreased 1,050 basis points to 1.7%. Vehicle margin decreased 1,290 basis points to (2.5)%.
- Operating loss for the quarter was RMB2.59 billion, or US$0.38 billion, compared to a loss of RMB1.92 billion last year.
- The company had $4.97 billion in cash and equivalents.
- Non-GAAP Net Loss per ADS was RMB(2.57) or $(0.37) which missed that consensus loss of $(0.26).
- He Xiaopeng, Chairman and CEO of XPeng said, “G6, the first production model based on XPENG’s next-generation SEPA2.0 technology architecture, will be officially launched in June 2023. I believe that the G6 will become one of the most popular models.” , best-selling models in the China NEV-SUV market segment with a price range of RMB 200,000-300,000.
- outlook: XPeng expects vehicle deliveries of 21,000 to 22,000 in the second quarter, down 36.1% to 39.0% year over year.
- The company expects Sales in the second quarter from RMB4.5 billion (US$657.7 million) to 4.7 billion RMB (US$686.9 million), down 36.8% to 39.5% year-on-year and under the consensus of $1 billion.
- Price promotion: XPEV shares are trading 5.6% lower at $8.60 at last check on Wednesday premarket.
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