The first model from Xpeng's Mona sub-brand will be unveiled in June and will go on sale and start deliveries in the third quarter.
Xpeng (NYSE: XPEV) today announced its first-quarter 2024 earnings results, followed by an analyst call.
Below are live updates posted by CnEVPost based on the call, with the latest at the top.
Xpeng has been optimizing its sales channels, including getting outlets to cover more lower tier cities.
In shopping malls, it is not necessary to display all the models, and a moderate area can get good traffic flow.
Xpeng's number of sales outlets is expected to increase to 600 by the third quarter.
Xpeng acknowledges that there is user demand for hybrid models, including extended-range electric vehicle (EREV) models, but the odds are that owners of these models will replace them with battery electric vehicle (BEV) models in their next vehicle.
Owners of these models charge frequently in daily use, so they are starting to embrace BEVs more.
The main focus of all Xpeng models, including those under the Mona sub-brand, is for the general consumer, not businesses.
Xpeng booked multi hundred million yuan in revenue in the first quarter from the collaboration with Volkswagen. The company is expected to begin recognizing revenue from its work with Volkswagen on the E/E architecture in the second half of the year.
The company's intelligent technology will not only be realized through sales of the Xpeng brand, but also by partnering with the world's most leading brands for greater market reach.
Beginning in the first quarter of 2024, technology service revenues from platforms and software have begun to become a significant source of Xpeng's revenues, signaling that the company has developed a different growth model than traditional car companies.
Xpeng plans to expand its overseas sales network to more than 20 countries from Nordic countries.
Xpeng expects to launch the right-hand drive version of the G6 overseas in the third quarter.
Starting with new vehicles to be delivered in the fourth quarter, more Xpeng customers will enjoy the company's highest Max rating, XNGP.
Xpeng plans to bring the urban smart driving experience up to the highest level of current highway smart driving experience in 2025, which means it can drive hundreds of kilometers in the city before needing to take over once.
The Xpeng brand will begin deliveries of a new B-class all-electric sedan in the fourth quarter of this year as the first model to reach the 25 percent technology cost reduction target.
Xpeng is confident of achieving a significant year-on-year increase in monthly sales in the fourth quarter of the year, with the help of this model and the Mona model.
The first model of the Mona brand will be unveiled in June and will go on sale and start deliveries in the third quarter. The company believes Mona will be a superstar product in the A-class pure electric market.
Starting in the third quarter of this year, Xpeng will begin a strong product cycle of launching multiple new models over a three-year period, covering the RMB100,000 to RMB400,000 market.
Xpeng will next accelerate the introduction of key talent to enhance the company's organizational capabilities and execution of its strategy.
The company is confident that it will be more efficient in launching models with stronger competitiveness globally and lead the widespread popularization of AI autonomous vehicles.
As of the end of the first quarter, Xpeng's cash was RMB 41.4 billion, which allows the company to focus more on long-term strategic options.
Xpeng's strategy will be less focused on volume growth as before and more on pursuing high quality and efficient growth in a competitive market.
Xpeng's gross margin rose to 12.9 percent in the first quarter, marking a new and unique model for the company, which is also generating revenue from the output of intelligent technology on top of its electric vehicle business.
Xpeng Q1 earnings beat estimates, gross margin bounces back to over 1-year high
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