Xpeng delivered 40,008 vehicles in Q3, within guidance range, with new SUV G6 contributing 48.6 percent.
Xpeng (NYSE: XPEV) will report unaudited financial results for the third quarter on Wednesday, November 15, before the US markets open, the Chinese electric vehicle company announced today.
The company's management will host an earnings call on November 15 at 8:00 am US Eastern Time (9:00 pm Beijing Time).
Xpeng delivered 40,008 vehicles in the third quarter, an increase of 35.30 percent year-on-year and up 72.41 percent from the second quarter.
Deliveries for the quarter were within the company's previously guided range of 39,000 to 41,000 vehicles.
Xpeng had previously guided third-quarter revenue to be in the range of RMB 8.5 billion ($1.16 billion) to RMB 9 billion, an increase of about 24.6 percent to 31.9 percent year-on-year.
The company's revenue for the second quarter was RMB 5.06 billion, down 31.95 percent year-on-year while up 25.56 percent from the first quarter.
Xpeng's gross margin in the second quarter was -3.9 percent, a new low since the first quarter of 2020.
The decline in gross margin was due to inventory write-downs and inventory purchase commitment losses related to the G3i, which negatively impacted vehicle margins by 4.5 percentage points in the second quarter, according to its earnings release.
"With the G6 and other new products accelerating sales growth, we expect gross margin to gradually recover while operating efficiency continues to improve and free cash flow to substantially improve," said Brian Gu, Xpeng's vice chairman and co-president, in its August 18 second-quarter earnings release.
Xpeng launched the G6 in China on June 29, with volume deliveries beginning on July 10.
The G6 delivered 19,437 units in the third quarter, contributing 48.6 percent of Xpeng's deliveries in the quarter, data monitored by CnEVPost showed.
For those who wish to participate in the Xpeng earnings call, they need to visit the link provided below to complete pre-registration.
Pre-registration link: https://s1.c-conf.com/diamondpass/10034271-dqxo0v.html
A replay of the conference call will be available about one hour after the call ends through November 22, 2023 by dialing the following telephone number:
United States: +1-855-883-1031
International: +61-7-3107-6325
Hong Kong, China: 800-930-639
Chinese mainland: 400-120-9216
Replay PIN: 10034271
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