March 19, Xiaopeng Motors released its financial report for the fourth quarter of last year and the whole year of last year. Data shows that Xiaopeng Motors’ total revenue in the fourth quarter of last year was 13.05 billion yuan, an increase of 154% compared with the revenue of 5.14 billion yuan in the same period in 2022. In terms of sales, the sales volume in the fourth quarter of last year was 60,158 vehicles, a year-on-year increase of 171%.
In terms of automotive sales revenue, the revenue in the fourth quarter of 2023 was 12.23 billion yuan, an increase of 162.3% compared with the same period in 2022. The official said that the main reason for the growth is the accelerated sales growth of G6 and G9 in the fourth quarter of 2023. In terms of net loss, Xiaopeng Motors’ net loss in the fourth quarter of last year was 1.35 billion yuan, which was 1.01 billion yuan less than the net loss of 2.36 billion yuan in the same period in 2022. Compared with the net loss of 3.89 billion yuan in the third quarter of 2023, it was reduced by 2.59 billion yuan.
It is worth noting that although Xiaopeng Motors has improved in all aspects of data in the fourth quarter of last year, it still cannot change the situation of losses in Xiaopeng Motors last year. Data shows that Xiaopeng Motors’ total revenue last year was 30.68 billion yuan, and Xiaopeng Motors’ net loss last year was 10.38 billion yuan. Compared with 9.14 billion yuan in 2022, the loss increased by 1.24 billion yuan.
In terms of sales, Xiaopeng Motors sold 141,600 vehicles last year, and the fourth quarter contributed nearly half of the sales. In terms of gross margin, Xiaopeng Motors’ automotive gross margin was -1.6% last year. As of December 31, 2023, Xiaopeng Motors had cash reserves of 45.7 billion yuan. By comparison, as of the end of 2023, Ideal Auto’s cash reserves were 103.67 billion yuan, and NIO’s cash reserves were 57.3 billion yuan.
Judging from these data, the financial report data submitted by Xiaopeng Motors this time is not ideal. In fact, since the first half of last year, Xiaopeng Motors has been in a state of lagging behind in sales. Data shows that the cumulative sales of Xiaopeng Motors in the first half of last year was only 41,400 vehicles, a year-on-year decrease of 39.93%.
To this end, Xiaopeng Motors has also made multiple adjustments. In terms of products, it launched the ace model Xiaopeng G6 in June last year, and the launch of this model also brought a quantitative increase in the sales of Xiaopeng Motors. Data shows that the cumulative sales of Xiaopeng G6 last year was 44,545 vehicles, accounting for more than a quarter of the total sales of Xiaopeng Motors last year. In September last year, it also launched the Xiaopeng G9 model. In addition to launching new models, Xiaopeng has also successively carried out preferential activities for its Xiaopeng G6, Xiaopeng G9, and Xiaopeng P7 models, which has also greatly increased the sales of Xiaopeng Motors. The sales of Xiaopeng Motors in December last year exceeded 20,000 vehicles.
However, in 2024, the sales performance of Xiaopeng Motors in the first two months did not continue the sales trend in December last year. Data shows that in January, the sales of Xiaopeng Motors was 8,250 vehicles, and the sales in February was only 4,545 vehicles. For the sluggish sales, the official launched the pure electric medium and large MPV Xiaopeng X9 on January 1st. The new car has four models, with a price range of 359,800-419,800 yuan. At the same time, a new round of organizational structure adjustment was also carried out. In terms of sales channels, the official also made adjustments, stating that it will launch an innovative dealer partnership model, establish a channel inventory of about half a month, accelerate the terminal delivery speed, fully activate the enthusiasm of dealers, and effectively increase sales.
In terms of products, the official also plans to launch a new brand. Recently, He Xiaopeng, the founder of Xiaopeng Motors, revealed at the China EV 100 Forum that Xiaopeng Motors will launch a new A-class product of the brand within 100,000-150,000 yuan for the global market within a month, and put the AI large model into the car in the second quarter. He Xiaopeng pointed out that the new brand will subvert technological innovation in this market price range, create a new species of AI smart driving, and provide young people with a truly AI smart driving car.
According to the official plan, about 30 new or facelifted products will be planned in the next three years, and two new models will be launched this year. Among them, a new car will be released on the 150,000-level platform. The first model of this platform is the first car of the “MONA” brand jointly developed by Xiaopeng and Didi; the first car of the 300,000-level platform may be the code-named “F57” sedan, which will be listed in the second half of the year.
It is not yet known whether these measures of Xiaopeng Motors can help Xiaopeng Motors reverse the sales situation, which still needs to be verified over time. In addition to announcing the financial report data, the official also expressed its sales outlook for the first quarter of this year, and the delivery volume will be between 21,000 and 22,500 vehicles. This data means that Xiaopeng Motors needs to sell more than 8,250 vehicles in March. Referring to the sales in January, it is not difficult to achieve the outlook for the first quarter of this year.
