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Xpeng reported a record gross margin of 15.3 percent in the third quarter, compared to negative 2.7 percent in the same period in 2023 and 14.0 percent in the second quarter of 2024.
Xpeng (NYSE: XPEV) reported total revenues of RMB 10.1 billion ($1.44 billion) in the third quarter of 2024, an increase of 18.4 percent from the same period in 2023 and an increase of 24.5 percent from the second quarter of 2024.
The company's gross margin was a record 15.3 percent in the third quarter, compared to negative 2.7 percent in the same period in 2023 and 14.0 percent in the second quarter of 2024.
During the third quarter, Xpeng delivered 46,533 vehicles, exceeding the upper end of the guidance range of 41,000 to 45,000 vehicles, published figures show.
Deliveries for the quarter were up 16.31 percent year-on-year and 54.05 percent from the second quarter.
Xpeng previously guided third-quarter revenue to be in the range of RMB 9.1 billion to RMB 9.8 billion when it announced its second-quarter results on August 20, up about 6.7 percent to 14.9 percent year-on-year.
Below is its statement, as the CnEVPost article is being updated.
Unaudited Financial Results for the Three Months Ended September 30, 2024
Total revenues were RMB10.10 billion (US$1.44 billion) for the third quarter of 2024, representing an increase of 18.4% from RMB8.53 billion for the same period of 2023 and an increase of 24.5% from RMB8.11 billion for the second quarter of 2024.
Revenues from vehicle sales were RMB8.80 billion (US$1.25 billion) for the third quarter of 2024, representing an increase of 12.1% from RMB7.84 billion for the same period of 2023, and an increase of 29.0% from RMB6.82 billion for the second quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.
Revenues from services and others were RMB1.31 billion (US$0.19 billion) for the third quarter of 2024, representing an increase of 90.7% from RMB0.69 billion for the same period of 2023 and an increase of 1.1% from RMB1.29 billion for the second quarter of 2024.
The year-over-year increase was mainly attributable to the increased revenue from technical research and development services (“R&D services”) related to the platform and software strategic technical collaboration, as well as electrical/electronic architecture (“EEA”) technical collaboration with the Volkswagen Group.
The quarter-over-quarter increase was mainly attributable to the revenue from technical R&D services related to EEA technical collaboration with the Volkswagen Group, partially offset by the decrease in parts and accessories sales.
Cost of sales was RMB8.56 billion (US$1.22 billion) for the third quarter of 2024, representing a decrease of 2.3% from RMB8.76 billion for the same period of 2023 and an increase of 22.7% from RMB6.98 billion for the second quarter of 2024.
The year-over-year decrease was primarily attributable to the cost reduction and the improvement in product mix of models. The quarter-over-quarter increase was mainly in line with vehicle deliveries as described above, partially offset by the lower average cost of sales due to cost reduction.
Gross margin was 15.3% for the third quarter of 2024, compared with negative 2.7% for the same period of 2023 and 14.0% for the second quarter of 2024.
Vehicle margin was 8.6% for the third quarter of 2024, compared with negative 6.1% for the same period of 2023 and 6.4% for the second quarter of 2024. The year-over-year increase was primarily attributable to the cost reduction and the improvement in product mix of models. The quarter-over-quarter increase was primarily attributable to the cost reduction.
Services and others margin was 60.1% for the third quarter of 2024, compared with 36.1% for the same period of 2023 and 54.3% for the second quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services.
Research and development expenses were RMB1.63 billion (US$0.23 billion) for the third quarter of 2024, representing an increase of 25.1% from RMB1.31 billion for the same period of 2023 and an increase of 11.3% from RMB1.47 billion for the second quarter of 2024.
The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models as the Company expanded its product portfolio to support future growth.
Selling, general and administrative expenses were RMB1.63 billion (US$0.23 billion) for the third quarter of 2024, representing a decrease of 3.5% from RMB1.69 billion for the same period of 2023 and an increase of 3.8% from RMB1.57 billion for the second quarter of 2024.
The year-over-year decrease was primarily due to lower employee compensation. The quarter-over-quarter increase was mainly due to higher commission paid to the franchised stores.
Other income, net was RMB0.04 billion (US$0.01 billion) for the third quarter of 2024, representing a decrease of 38.8% from RMB0.07 billion for the same period of 2023 and a decrease of 85.7% from RMB0.28 billion for the second quarter of 2024. The year-over-year and quarter-over-quarter decreases were primarily due to the decrease in government subsidies.
Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.16 billion (US$0.02 billion) for the third quarter of 2024, compared with gain of RMB0.02 billion for the second quarter of 2024. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi's smart auto business.
Loss from operations was RMB1.85 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.16 billion for the same period of 2023 and RMB1.61 billion for the second quarter of 2024.
Non-GAAP loss from operations, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.57 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB3.04 billion for the same period of 2023 and RMB1.54 billion for the second quarter of 2024.
Net loss was RMB1.81 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.89 billion for the same period of 2023 and RMB1.28 billion for the second quarter of 2024.
Non-GAAP net loss, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.53 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB2.79 billion for the same period of 2023 and RMB1.22 billion for the second quarter of 2024.
Net loss attributable to ordinary shareholders of XPENG was RMB1.81 billion (US$0.26 billion) for the third quarter of 2024, compared with RMB3.89 billion for the same period of 2023 and RMB1.28 billion for the second quarter of 2024.
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value loss on derivative liability and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB1.53 billion (US$0.22 billion) for the third quarter of 2024, compared with RMB2.79 billion for the same period of 2023 and RMB1.22 billion for the second quarter of 2024.
Basic and diluted net loss per ADS were both RMB1.91 (US$0.27) for the third quarter of 2024, compared with RMB4.49 for the third quarter of 2023 and RMB1.36 for the second quarter of 2024.
Non-GAAP basic and diluted net loss per ADS were both RMB1.62 (US$0.23) for the third quarter of 2024, compared with RMB3.23 for the third quarter of 2023 and RMB1.29 for the second quarter of 2024.
Balance Sheets
As of September 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB35.75 billion (US$5.09 billion), compared with RMB36.48 billion as of September 30, 2023 and RMB37.33 billion as of June 30, 2024.
Business Outlook
For the fourth quarter of 2024, the Company expects:
Deliveries of vehicles to be between 87,000 and 91,000, representing a year-over-year increase of approximately 44.6% to 51.3%.
Total revenues to be between RMB15.3 billion and RMB16.2 billion, representing a year-over-year increase of approximately 17.2% to 24.1%.
The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.
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