The G6 will be officially released in June, with mass deliveries beginning in July and rapidly increasing. The G6 is expected to propel Xpeng's overall deliveries to a much above-industry growth rate in the third quarter, representing the first sales inflection point following Xpeng's strategic and organizational improvements.
The G6 will be officially released in June, with mass deliveries beginning in July and rapidly increasing. The G6 is expected to propel Xpeng's overall deliveries to a much above-industry growth rate in the third quarter, representing the first sales inflection point following Xpeng's strategic and organizational improvements.
Guangzhou Xiaopeng Motors Technology (hereinafter referred to as “Xpeng”, Chinese: 小鹏汽车, NYSE: XPEV, HK: 9868), headquartered in Guangzhou, recently released its first 2023 quarterly report. In Q1 2023, Xpeng's revenue was CNY 4.03 billion (USD 569.84 million), down 45.9% year-over-year, and net loss was CNY 2.34 billion, compared to a net loss of CNY 1.7 billion in the same period last year. The gross margin was 1.7%, compared to 12.2% in the same quarter last year. Total vehicle deliveries were 18,230 units, down 47.3% over the previous year.
Founded in 2014, Xpeng is a leading global intelligent electric vehicle company, whose team consists of personnel from Internet technology companies and car companies. Its business encompasses electric vehicles, shared mobility, charging services, and other areas, with intelligence serving as the primary focus of its products. The G6 will be officially released in June, with mass deliveries beginning in July and rapidly increasing. The G6 is expected to propel Xpeng's overall deliveries to a much above-industry growth rate in the third quarter, representing the first sales inflection point following Xpeng's strategic and organizational improvements.
In recent years, Xpeng Auto has continued to promote globalization strategy. The company has set up R&D centers in Silicon Valley and San Diego in the U.S. In 2020, Xpeng entered the Norway market with the personalized G3i model, successfully opening up the European market. In June 2021, the company chose to start a technology partnership with Amazon Cloud Technology to help expand its global market. In May 2022, Xpeng officially released its first Environmental, Social and Governance Report, which was also the first ESG report released by a Chinese car-making company with reference to international standards.
In terms of R&D investment, the company spent CNY 1.3 billion on R&D in Q1 2023, an increase of 6.1% year-on-year. In 2022, Xpeng's R&D investment exceeded CNY 5.2 billion, and has now invested a cumulative total of CNY 14.176 billion in R&D expenses. Among the 15,000 employees of Xpeng, about 6,000 are technical R&D staff, accounting for 40%.
The major competitors of Xpeng include Chinese companies such as BYD (Chinese: 比亚迪), NIO (Chinese: 蔚来) and Li Auto (Chinese: 理想汽车), as well as international players such as Tesla from the US and Toyota from Japan.
Based on current industry trends, He Xiaopeng, Chairman and CEO of Xpeng, once mentioned autonomous driving combined with AI technology is the key development direction for the future. "By 2023, Xpeng is expected to pioneer the implementation of fully autonomous driving in China, with the capability to deploy this technology across over 50 cities in China."
As of press time, Xpeng closed at USD 8.65 apiece, with a market cap of USD 7.46 billion.