XPeng Motors-W reported a total revenue of 6.55 billion RMB in the first quarter, up 62.3% year-on-year
XPeng Motors-W reported a total revenue of 6.55 billion RMB in the first quarter, a year-on-year increase of 62.3%. Automotive sales revenue increased by 57.8% year-on-year. The net loss was 1.37 billion RMB, a decrease of 41.4% year-on-year. The total car delivery volume increased by 19.7% year-on-year. XPeng Motors-W became the first in the Chinese automotive industry to achieve mass production application of AI large models. Strategic cooperation with Volkswagen Group will bring greater market influence and better financial returns
Intelligent Financial News APP reported that XPeng Motors-W (09868) announced that in the first quarter of 2024, the total revenue was RMB 6.55 billion, a year-on-year increase of 62.3%, but a decrease of 49.8% from the fourth quarter of 2023; car sales revenue was RMB 5.54 billion, a year-on-year increase of 57.8%, but a decrease of 54.7% from the fourth quarter of 2023; gross profit margin was 12.9%, compared to 1.7% in the same period of 2023 and 6.2% in the fourth quarter of 2023.
The net loss in the first quarter of 2024 was RMB 1.37 billion, compared to RMB 2.34 billion in the same period of 2023 and RMB 1.35 billion in the fourth quarter of 2023. Excluding share-based compensation expenses, fair value gains on derivative liabilities, and fair value gains on derivative liabilities related to contingent consideration, the non-GAAP net loss in the first quarter of 2024 was RMB 1.41 billion, compared to RMB 2.21 billion in the same period of 2023 and RMB 1.77 billion in the fourth quarter of 2023.
The basic and diluted net loss per American depositary share (ADS) in the first quarter of 2024 was RMB 1.45, while the basic and diluted net loss per ordinary share was RMB 0.73. Each ADS represents two Class A ordinary shares.
The total delivery volume of cars in the first quarter of 2024 was 21,821, an increase of 19.7% year-on-year. As of March 31, 2024, XPeng Motors' physical sales network had 574 stores covering 178 cities; XPeng Motors' self-operated charging station network reached 1,171 stations, including 359 XPeng S4 supercharging stations.
In April 2024, the total delivery volume was 9,393. As of April 30, 2024, the cumulative total delivery volume for the year was 31,214.
"XPeng Motors has pioneered the mass production application of AI large models in the Chinese automotive industry. We are confident in launching competitively leading models more efficiently on a global scale, leading the widespread adoption of AI smart driving cars." Mr. He Xiaopeng, Chairman and CEO of XPeng Motors, said. "Through strategic cooperation with Volkswagen Group, XPeng Motors has pioneered the output empowerment of self-developed intelligent technology. Our industry-leading technology will gain greater market influence and better financial returns."
"In an extremely competitive market environment, the company's gross profit margin in the first quarter increased significantly to 12.9%." Dr. Gu Hongdi, Honorary Vice Chairman and Co-President of XPeng Motors, said. "This marks XPeng Motors' unique model of enhancing profitability and internationalization potential through the output of intelligent technology on the basis of smart electric vehicle business."