EV-maker Xpeng has released its unaudited 4Q2020 and fiscal year 2020 financial report.
Xpeng's gross profit will show a positive turn for 2020, and 2021 will launch the world's first mass-produced car equipped with Lidar.
According to the financials, in FY2020, Xpeng delivered a total of 27,000 vehicles, an increase of 112.5% from 13,000 in 2019. Revenues for the year reached CNY 5.84 billion, a year-on-year increase of 151.8%; of which automobile sales consisted of CNY 5.54 billion, up 155.5% year-on-year.
The gross profit margin was 4.6%, compared with -24.0% in the previous fiscal year. It is worth mentioning that, it turned positive for a whole year (FY2020) for the first time. Net loss reached CNY 2.73 billion, which was 26% narrower than the CNY 3.69 billion in the year before.
Other than that, the company also announced a number of plans for the future.
In terms of models, Xpeng will launch its third mass-produced model in the second half of 2021. This model will use Livox's automotive-grade Lidar, making it the world's first mass-produced smart car equipped with the technology. At the same time, it will launch XPILOT 3.5 with NGP capabilities on major urban roads and plans to equip its fourth car (to be launched in 2022) with the next-generation autonomous driving hardware platform (XPILOT 4.0).
The EV-maker expects to deliver 12,500 vehicles in the first quarter with revenue of CNY 2.6 billion. In addition, Xpeng's Zhaoqing plant has been upgraded with a monthly production capacity of 10,000 vehicles. Also, the company's Guangzhou production base has begun construction and is expected to be put into operation in the third quarter of 2022.
Talking about the reasons for the performance growth in 2020, Xpeng's Chairman and CEO He Xiaopeng said in the conference call following the financial report that it was mainly due to the rapid growth in the delivery of its latest electric sedan, the Xpeng P7.
As of December 2020, Xpeng had 160 sales outlets and 54 service outlets nationwide, covering 69 cities. Among the 160 sales stores, 72 are self-operated outlets. According to the CEO the firm plans to further increase the proportion of self-operated sales outlets and increase the total number to 300 this year, covering more than 110 cities.