Chinese electric vehicle maker Xpeng Motors reported fourth-quarter revenue of RMB 2.85 billion ($437.0 million), beating Wall Street analysts' estimates of RMB 2.65 billion.
This was up 345.5% from RMB 640 million in the same period of 2019 and up 43.3% from RMB 1.99 billion in the third quarter of 2020, according to the company's unaudited financial report released today.
Gross margin increased to 7.4% in Q4
Xpeng reported fourth-quarter automotive sales revenue of RMB 2.735 billion ($419 million), up 375.7 percent from the same period in 2019 and up 44.1 percent from the third quarter of 2020.
The company's gross margin for the fourth quarter was 7.4%, compared to -6.6% and 4.6% for the same period in 2019 and the third quarter in 2020, respectively.
It reported a gross margin on vehicle sales of 6.8% in the fourth quarter, compared to -8.5% and 3.2% for the same period in 2019 and the third quarter of 2020, respectively.
Xpeng's net loss narrowed to RMB787 million (US$121 million) in the fourth quarter, compared to a net loss of RMB997 million and RMB1,149 million for the same period in 2019 and the third quarter in 2020, respectively.
It reported an adjusted net loss (under non-GAAP) of RMB713 million (US$109 million) for the fourth quarter, compared to an adjusted net loss of RMB1,097 million and RMB865 million for the same period in 2019 and the third quarter in 2020, respectively.
As of December 31, 2020, the company had cash, cash equivalents, restricted funds, and short-term investments totaling RMB35.342 billion ($5.416 billion).
Xpeng expects to deliver approximately 12,500 vehicles in the first quarter, a year-over-year increase of about 450%.
It expects first-quarter revenue of approximately RMB 2.6 billion, representing a year-over-year increase of approximately 531%.
Full-year gross margin turns positive for first time
Xpeng delivered a total of 27,041 units in 2020, up 112.5% from 12,728 units in 2019. Of these, P7 deliveries amounted to 15,062 units.
Its 2020 total revenue was RMB5.844 billion (US$896 million), up 151.8% from RMB2.321 billion in 2019.
Its 2020 automotive sales revenue is RMB 5,547 million ($850 million), up 155.5% from RMB 2,171 million in 2019.
The gross margin for fiscal 2020 was 4.6%, compared to -24.0% in the previous fiscal year. This is the first time that the full-year gross margin has turned positive.
Its gross margin for fiscal 2020 auto sales was 3.5%, compared to -25.9% in the previous fiscal year.
Net loss for fiscal 2020 was RMB2.732 billion ($419 million), compared to RMB3.692 billion in the previous fiscal year.
Its adjusted net loss (under non-GAAP) for fiscal 2020 was RMB 2,992 million ($459 million), compared to RMB 3,719 million in the previous fiscal year.
Xpeng delivered 2,223 cars in February, down 63 percent from January, which is traditionally a slow sales month due to the Chinese New Year holiday.
Xpeng's cumulative deliveries from January to February were up 577 percent compared to the same period last year, the company said earlier this month.
A total of 1,409 units of Xpeng P7 were delivered in February, and the cumulative deliveries reached 20,181 units, making it the fastest model to exceed 20,000 units delivered by a new car manufacturer.
Xpeng ramped up the ramp-up of its Zhaoqing plant around the Chinese New Year to fully prepare for the rapidly growing demand for orders, the company said.
“We closed 2020 on a strong note, with a record number of total deliveries in the fourth quarter of 12,964 vehicles, led by the P7, our second Smart EV model, which fueled our robust operational and financial performance throughout the year,” said He Xiaopeng, Chairman and CEO of Xpeng.
“Our relentless focus on providing highly differentiated Smart EV products to our customers and expanding our sales and service network supported our achievements in 2020 and empowers our sustainable future growth,” he said.
(Graphic by CnEVPost)
Xpeng's management will host an earnings conference call at 8:00 AM US Eastern Time on March 8, 2021 (9:00 PM Beijing/Hong Kong time on March 8, 2021).
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