Chinese electric vehicle maker Xpeng, who are based in Guangzhou announced disappointing Q1 earnings Tuesday sending the stock 5% lower. $XPEV reported a bigger Non-GAAP loss of -$0.37 EPS for each ADS, missing by $0.04. Revenue of $587.31 million (-45.9% Y/Y) missed by $125.36 million. Forecast deliveries and revenue are all forecasted to be over 35% lower than last year.
Xpeng Q1 2023 Earnings
Highlights
- Q1 Non-GAAP EPS ADS of -$0.37 misses by $0.04.
- Revenue of $587.31M (-45.9% Y/Y) misses by $125.36M.
- Basic and diluted net loss per American depositary share (ADS) were both RMB2.71 (US$0.40) and basic and diluted net loss per ordinary share were both RMB1.36 (US$0.20) for the first quarter of 2023.
- Total deliveries of vehicles 18,230 in the first quarter of 2023, a decrease of 17.9% from 22,204 for the fourth quarter of 2022.
- Quarterly gross margin was 1.7%, down 7% sequentially. Compared with 12.2% for the same period of 2022 and 8.7% for the fourth quarter of 2022.
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB34.12 billion (US$4.97 billion) as of March 31, 2023
XPEV -ADR Stock Market Reaction (Updated)
- $7.965 -0.685 (7.92%) May 25, 2023 · 12:33 PM
- $7.965 -12.555 (61.18%) past year
- $7.965-13.255 (62.46%) past 5 years
- 52wk High $35.35
- 52wk Low $6.18
“During the first quarter of 2023, I took actions to make changes to our strategy, organizational structure and senior management team decisively. I am fully confident in taking our Company into a virtuous cycle driving product sales growth, team morale, customer satisfaction and brand reputation over the next few quarters,” CEO He Xiaopeng said.
XPENG expanded its physical sales network to a total of 425 stores, covering 145 cities as of March 31, 2023. The XPENG self-operated charging station network reached 1,016 stations, including 816 XPENG self-operated supercharging stations and 200 destination charging stations as of March 31, 2023.
Outlook
- For the second quarter the company sees vehicle deliveries of between 21,000 and 22,000, representing a year-over-year decrease of approximately 36.1% to 39.0%.
- Total revenues seen to be between RMB4.5B ($638.3M) and RMB4.7B ($666.7M), representing a year-over-year decrease of approximately 36.8% to 39.5%. Well below the analyst consensus that anticipated over $1B in revenue for the year.
- Delivered 7,079 vehicles in April 2023 and sees between 21,000 and 22,000 deliveries for Q2 overall, 36.1% to 39% decline year over year.
Xpeng G6 SUV
XPeng debuted the G6 SUV coupe at Auto Shanghai 2023, which has the potential to make or break the EV brand seeing as it will compete with the Tesla Model Y in the hottest BEV market segment. XPeng’s fifth model is being touted to deliver the company’s latest smart driving tech, intelligent cabin, super-fast charging, and superior performance features.
The XPeng G6 “also features China’s only mass-produced front and rear integrated aluminum body die-casting technology, and CIB battery-body integration technology – i.e., structural battery.” This is said to help the G6 achieve better driving control, higher safety, and better NVH.
The XPeng G6 is the brand’s first model based on the SEPA2.0 next-generation technology architecture, which features X-EEA 3.5 upgraded central supercomputing capability and domain controller for increased computing speed.
“G6, the first production model built on XPENG’s next-generation technology architecture SEPA2.0, will be officially launched in June 2023. I believe the G6 will emerge as one of the most popular, best-selling models in China’s NEV SUV market segment with a price range between RMB200,000 to RMB300,000.”
Source: Xpeng
From the TradersCommunity News Desk