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Xpeng sold 120,757 EVs and lost 1.3 billion USD in 2022, according to the annual report

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Xpeng Auto released its Q4 2022 and annual financial reports on March 17, revealing a decrease of 38.4% YoY in total revenue in Q4 2022, which was 841 million USD. The company also reported a decline of 46% YoY in deliveries for the quarter, with only 22,204 vehicles delivered. However, Xpeng delivered 120,757 units in 2022, a 23% YoY increase, generating an annual revenue of 3.892 billion USD, up by 17% YoY, and holding cash reserves of 5.553 billion USD.

Xpeng’s financial situation

In 2022, Xpeng invested over 750 million USD in R&D, a 27% YoY increase. Nonetheless, under GAAP rules, the company suffered a net loss of 1.325 billion USD, compared to 765 million USD in 2021. Xpeng lost an average of 10,900 USD per each sold vehicle in 2022. It is 40% more than last year, with 7,700 USD lost per vehicle. In Q4 2022, Xpeng’s average vehicle price increased by 8.8% to 37,000 USD. But the company’s per vehicle losses continued to grow, reaching 16,700 USD.

Xpeng expects a YoY reduction of 45% to 47% in vehicle delivery, ranging from 18,000 to 19,000, and a YoY decline of 43% to 46% in total revenue, ranging from 580 to 610 million USD in Q1 2023. Xpeng sold four EV models in 2022, with the P7 model selling the highest at 59,066 units, followed by the P5 with 37,982 units, G3 with 17,336 units, and G9 with 6,373 units. From January to February 2023, Xpeng sold 11,228 EVs, a 41% YoY decrease.

Xpeng’s sales in 2023

Xpeng Automobile had 420 domestic sales outlets by the end of 2022, spanning 143 cities in China and 1,014 self-operated charging stations that cover all municipalities in China. Out of the charging stations, 808 were self-operated supercharging stations. On March 10, Xpeng launched a new XPeng P7i sedan, priced between 249,900-339,900 RMB (36,300-49,300 USD).

Editor’s Comment

Since the beginning of Q3 2022, sales of Xpeng have started to decline dramatically, and losses have increased. In 2023, the price war in China became increasingly intense because companies such as Tesla and BYD have significantly reduced the prices of their products.

The average price of the four Xpeng models is close to that of BYD and Tesla, which have been hit hard by both EVs. Analysts generally believe that Xpeng’s performance will continue to decline in 2023, and the situation is not optimistic.

Source: HKEX; Baidu; iTHome

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