Xpeng's guidance for fourth-quarter deliveries was 34,500-36,500 units, which implies it could deliver a total of 24,362-26,362 units in November and December.
Xpeng reported a record high revenue of RMB 5.72 billion ($888 million) in the third quarter, up 187 percent year-on-year and above Wall Street analysts' estimates of RMB 5.21 billion.
(Graphic by CnEVPost)
The company reported vehicle sales revenue of RMB 5.46 billion in the third quarter, up 187 percent year-on-year and up 52 percent from the second quarter, according to its unaudited financial results released today.
It reported a net loss of RMB 1.59 billion in the third quarter, above market expectations for a net loss of RMB 1.177 billion. The company reported a net loss of RMB 1.15 billion in the year-ago quarter and a net loss of RMB 1.19 billion in the second quarter.
(Graphic by CnEVPost)
It reported a net loss of RMB 1.89 per ADS in the third quarter, with an adjusted net loss of RMB 1.77 per ADS. Each ADS represents two Class A common shares.
The company reported a gross margin of 14.4 percent in the third quarter, up from 11.9 percent in the second quarter and 4.6 percent in the same quarter last year.
(Graphic by CnEVPost)
Its vehicle margin was 13.6 percent in the third quarter, up from 11.0 percent in the second quarter and 3.2 percent in the same quarter last year.
Xpeng's cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits reached RMB 45.36 billion at the end of the third quarter.
Xpeng's guidance for fourth-quarter deliveries is 34,500-36,500 units, implying a year-on-year increase of 166.1-181.5 percent. It also expects revenue for the fourth quarter to be RMB 7.1-7.5 billion, up 149-163 percent year-on-year.
Xpeng has previously released delivery figures showing it delivered 25,666 vehicles in the third quarter, up 199.2 percent year-on-year and 47.5 percent from the second quarter.
In the first three quarters, Xpeng's cumulative deliveries were 56,404 vehicles, which means that if it delivers at the upper end of the guidance range in the fourth quarter, full-year deliveries will be 92,904 vehicles.
Moreover, given that the company delivered 10,138 vehicles in October, the guidance implies that its total deliveries in November and December could be in the range of 24,362-26,362 vehicles.
(Graphic by CnEVPost)
Here are the financial highlights posted by Xpeng:
Total revenues were RMB5,719.9 million (US$887.7 million) for the third quarter of 2021, representing an increase of 187.4% from the same period of 2020, and an increase of 52.1% from the second quarter of 2021.
Revenues from vehicle sales were RMB5,460.1 million (US$847.4 million)for the third quarter of 2021, representing an increase of 187.7% from the same period of 2020, and an increase of 52.3% from the second quarter of 2021.
Gross margin was 14.4% for the third quarter of 2021, compared with 4.6% for the same period of 2020 and 11.9% for the second quarter of 2021.
Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 13.6% for the third quarter of 2021, compared with 3.2% for the same period of 2020 and 11.0% for the second quarter of 2021.
Net loss was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB1,148.8 million for the same period of 2020 and RMB1,194.6 million for the second quarter of 2021.
Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB1,492.1 million (US$231.6 million) in the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021.
Net loss attributable to ordinary shareholders of Xpeng was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB2,025.8 million for the same period of 2020 and RMB1,194.6 million in the second quarter of 2021.
Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of Xpeng was RMB1,492.1 million (US$231.6 million) for the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021.
Basic and diluted net loss per American depositary share (ADS) were both RMB1.89(US$0.29) for the third quarter of 2021. Non-GAAP basic and diluted net loss per ADS were both RMB1.77 (US$0.27) for the third quarter of 2021. Each ADS represents two Class A ordinary shares.
Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits were RMB45,357.9 million (US$7,039.4 million)as of September 30, 2021, compared with RMB35,342.1 million as of December 31, 2020 and RMB32,871.2 million as of June 30, 2021.
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