- Xpeng reported a net loss of RMB 1.33 billion ($180 million) in the fourth quarter, lower than analysts' expectations of RMB 1.593 billion.
- Xpeng guided for first-quarter deliveries of between 91,000 and 93,000 units, meaning it is expecting March deliveries of between 30,197 and 32,197 units.
Xpeng (NYSE: XPEV) saw record revenue and a narrower net loss last quarter, while gross margin fell slightly.
The Chinese electric vehicle (EV) maker reported record revenue of RMB 16.11 billion ($2.21 billion) in the fourth quarter of 2024, beating analysts' estimates of RMB 16.02 billion in a Bloomberg survey and the upper end of its previous guidance range of RMB 15 billion to RMB 15.7 billion, according to unaudited earnings results released today.
That's up 23.4 percent from RMB 13.05 billion in the same period in 2023 and up 59.4 percent from RMB 10.1 billion in the third quarter of 2024.
It reported revenue from vehicle sales of RMB 14.67 billion for the fourth quarter of 2024, an increase of 20.0 percent from RMB 12.23 billion for the same period in 2023 and an increase of 66.8 percent from RMB 8.80 billion for the third quarter of 2024.
The year-on-year and quarter-on-quarter increases in revenue from vehicle sales were primarily attributable to increased deliveries, Xpeng said.
Xpeng delivered 91,507 units in the fourth quarter, an all-time high for deliveries in a single quarter, exceeding the upper end of its guidance range of 87,000 to 91,000 units, according to data it had previously announced.
Deliveries for the quarter were up 52.11 percent year-on-year and up 96.65 percent from the third quarter.
Xpeng reported a net loss of RMB 1.33 billion in the fourth quarter, lower than analysts' expectations of RMB 1.593 billion. This represents a decrease of 1.31 percent from RMB 1.35 billion in the same period in 2023 and a decrease of 26.43 percent from RMB 1.81 billion in the third quarter of 2024.
Non-GAAP net loss for the fourth quarter of 2024 was RMB 1.39 billion, compared to RMB 1.77 billion for the same period in 2023 and RMB 1.53 billion for the third quarter of 2024.
Loss per ADS was RMB 1.40 in the fourth quarter of 2024, compared to RMB 1.51 in the fourth quarter of 2023 and RMB 1.91 in the third quarter of 2024.
It reported a non-GAAP loss per ADS of RMB 1.47 in the fourth quarter of 2024, compared to RMB 1.98 in the fourth quarter of 2023 and RMB 1.62 in the third quarter of 2024.
Xpeng's cost of sales was RMB 13.78 billion in the fourth quarter of 2024, an increase of 12.6 percent from RMB 12.24 billion in the same period of 2023 and an increase of 61.0 percent from RMB 8.56 billion in the third quarter of 2024.
Gross margin was 14.4 percent in the fourth quarter of 2024, down from 15.3 percent in the third quarter, although higher than 6.2 percent in the same period of 2023.
Vehicle margin was 10.0 percent in the fourth quarter of 2024, compared to 4.1 percent in the same period in 2023 and 8.6 percent in the third quarter of 2024.
The year-on-year and quarter-on-quarter increases in vehicle margin were primarily attributable to lower costs, Xpeng said.
Xpeng's research and development expenses were RMB 2.01 billion in the fourth quarter of 2024, an increase of 53.4 percent from RMB 1.31 billion in the same period of 2023 and an increase of 22.9 percent from RMB 1.63 billion in the third quarter of 2024.
The year-on-year and sequential increases were mainly due to higher expenses related to new model development as the company expanded its product portfolio to support future growth, it said.
Selling, general and administrative (SG&A) expenses were RMB 2.28 billion in the fourth quarter of 2024, an increase of 17.5 percent from RMB 1.94 billion in the same period of 2023 and an increase of 39.3 percent from RMB 1.63 billion in the third quarter of 2024.
The increase was mainly attributable to the higher commission to the franchised stores driven by higher sales volume.
Xpeng's cash and cash equivalents, restricted cash, short-term investments and time deposits amounted to RMB 41.96 billion as at December 31, 2024, compared to RMB 35.75 billion as at September 30, 2024.
Xpeng guided first quarter deliveries to be between 91,000 and 93,000 units, representing year-on-year growth of about 317.0 percent to 326.2 percent.
It guided first-quarter revenue to be in the range of RMB 15 billion yuan to RMB 15.7 billion yuan, representing year-on-year growth of about 129.1 percent to 139.8 percent.
The guidance implies that Xpeng is expecting March deliveries to be in the range of 30,197 to 32,197 units, considering that it delivered 30,350 units in January and 30,453 units in February.
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