CnEVPost CnEVPost
  • NIO
  • XPeng
  • Li Auto
  • BYD
  • Tesla
  • Newsletter
  • NIO
  • XPeng
  • Li Auto
  • BYD
  • Tesla
  • Newsletter

Home » XPeng

XPeng Q1 revenue beats estimates, but offers downbeat guidance

Phate Zhang/CnEVPost May 23, 2022 18:04 GMT+8

XPeng expects second-quarter revenue of RMB 6.8 billion to RMB 7.5 billion, below market expectations of RMB 8.33 billion.

XPeng Motors (NYSE: XPEV, HKG: 9868) fell in US pre-market trading after it reported a quarterly report that beat expectations but provided weaker-than-expected guidance for the second quarter.

The company reported revenue of RMB 7.45 billion ($1.18 billion) in the first quarter, topping the median analyst estimate of RMB 7.37 billion in a Bloomberg survey, according to its unaudited earnings report released today.

This was up 152.6 percent from RMB 2.95 billion in the year-ago quarter and down 12.9 percent from RMB 8.56 billion in the fourth quarter.

Join Us On Telegram

XPeng Q1 revenue beats estimates, but offers downbeat guidance-CnEVPost

XPeng reported vehicle sales revenue of RMB 7 billion in the first quarter, an increase of 149 percent from a year ago and a decrease of 14.5 percent from the fourth quarter.

It reported a net loss of RMB 1.7 billion in the first quarter, up 116.1 percent year-on-year and up 32.1 percent from the fourth quarter.

XPeng Q1 revenue beats estimates, but offers downbeat guidance-CnEVPost

Basic and diluted net loss per American depositary share (ADS) were both RMB 2.00 ($0.32) for the first quarter of 2022. Non-GAAP basic and diluted net loss per ADS were both RMB 1.80 ($0.28) for the first quarter of 2022. Each ADS represents two Class A ordinary shares.

XPeng's gross margin was 12.2 percent in the first quarter, up from 11.2 percent in the prior year quarter and up from 12 percent in the fourth quarter.

XPeng Q1 revenue beats estimates, but offers downbeat guidance-CnEVPost

XPeng's vehicle margin was 10.4 percent in the first quarter, up from 10.1 percent in the same period last year and lower than the 10.9 percent in the fourth quarter.

Research and development expenses were RMB 1.22 billion for the first quarter of 2022, representing an increase of 128.2 percent from RMB 535.1 million for the same period of 2021 and a decrease of 15.9 percent from RMB1,451.4 million for the fourth quarter of 2021.

XPeng Q1 revenue beats estimates, but offers downbeat guidance-CnEVPost

The year-on-year increase was mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, and (ii) higher expenses relating to the development of new vehicles models to support future growth.

The quarter-over-quarter decrease was mainly explained by less design and development expenses which were affected by seasonal factors related to the Chinese New Year holiday, XPeng said.

"Superior in-house technology development capability and proactive supply chain management enabled us to address supply chain challenges more efficiently. We remain confident in expanding our market share despite the impact of semi-conductor shortage and Covid-19," said He Xiaopeng, Chairman and CEO of XPeng.

By the end of the first quarter, XPeng's cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits reached RMB 41.7 billion.

The company previously released data showing it delivered 34,561 vehicles in the first quarter, above the upper end of its guidance range of 33,500 to 34,400 vehicles.

XPeng Q1 revenue beats estimates, but offers downbeat guidance-CnEVPost

XPeng expects second-quarter deliveries of 31,000 to 34,000 vehicles, representing year-on-year growth of about 78.2 percent to 95.4 percent.

Considering it delivered 9,002 vehicles in April, the guidance implies XPeng will deliver 21,998 to 24,998 vehicles in May-June.

XPeng expects second-quarter revenue of RMB 6.8 billion to RMB 7.5 billion, implying a year-on-year growth rate of about 80.8 percent to 99.4 percent. The guidance was below market expectations of RMB 8.33 billion.

XPeng was down about 4 percent in pre-market trading Monday following the earnings announcement.

XPeng Q1 revenue beats estimates, but offers downbeat guidance-CnEVPost

By the end of the first quarter, XPeng had 366 sales stores in China, covering 138 cities. It also has 757 supercharging stations, and 176 destination charging stations.

XPeng's management will host an earnings conference call at 8:00 am US Eastern Time today (8:00 pm Beijing/Hong Kong time).

CnEVPost Daily Newsletter

Share this article:

  • Tweet
  • WhatsApp
  • Telegram
  • Email
  • Pocket
  • More
  • Share on Tumblr
  • Print
#Earnings#Top Stories
Phate Zhang/CnEVPost
Phate is the founder and main author of CnEVPost. He has been reporting since 2009, mainly on macroeconomics and capital markets. Contact via: [email protected]
Popular Posts
CATL working on condensed matter batteries, chairman says
2022-06-25 11:25:02
Lotus' first EV model, Eletre, to be powered by CATL's Qilin Battery
2022-06-24 20:58:13
South Korean fund cuts Tesla holdings, favors Chinese EV makers including BYD and XPeng
2022-06-24 16:40:32
Li Auto says Li L9 gets over 30,000 orders 72 hours after launch
2022-06-24 20:21:08
Gotion to build facility in Argentina capable of producing up to 60,000 tons of lithium carbonate per year
2022-06-24 21:34:44
Recent Posts
  • Avatr strengthens ties with Huawei, first model Avatr 11 to launch on August 8 Jun 25, 2022
  • CATL working on condensed matter batteries, chairman says Jun 25, 2022
  • Gotion to build facility in Argentina capable of producing up to 60,000 tons of lithium carbonate per year Jun 24, 2022
  • Lotus' first EV model, Eletre, to be powered by CATL's Qilin Battery Jun 24, 2022
  • Li Auto says Li L9 gets over 30,000 orders 72 hours after launch Jun 24, 2022
  • Home
  • About
  • Contact Us
  • Support Us
  • Privacy
  • Newsletter
Copyright © 2022 CnEVPost. Designed by CnEVPost.