XPENG Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results

  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB45.70 billion (US$6.44 billion) as of December 31, 2023
  • Quarterly total revenues were RMB13.05 billion, a 53.0% increase quarter-over-quarter
  • Quarterly gross margin was 6.2%, an increase of 8.9 percentage points quarter-over-quarter
  • Full year vehicle deliveries reached 141,601, a 17.3% increase year-over-year
  • Full year revenues reached RMB30.68 billion
  • Full year gross margin was 1.5%, a decrease of 10.0 percentage points year-over-year

GUANGZHOU, China, March 19, 2024 (GLOBE NEWSWIRE) — XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months and fiscal year ended December 31, 2023.

Operational and Financial Highlights for the Three Months Ended December 31, 2023

  2023Q4 2023Q3 2023Q2 2023Q1 2022Q4 2022Q3
Total deliveries 60,158 40,008 23,205 18,230 22,204 29,570
  • Total deliveries of vehicles were 60,158 for the fourth quarter of 2023, representing an increase of 170.9% from 22,204 in the corresponding period of 2022.
  • XPENG’s physical sales network had a total of 500 stores, covering 181 cities as of December 31, 2023.
  • XPENG self-operated charging station network reached 1,108 stations, including 902 XPENG self-operated supercharging stations and 206 destination charging stations as of December 31, 2023.
  • Total revenues were RMB13.05 billion (US$1.84 billion) for the fourth quarter of 2023, representing an increase of 153.9% from the same period of 2022, and an increase of 53.0% from the third quarter of 2023.
  • Revenues from vehicle sales were RMB12.23 billion (US$1.72 billion) for the fourth quarter of 2023, representing an increase of 162.3% from the same period of 2022, and an increase of 55.9% from the third quarter of 2023.
  • Gross margin was 6.2% for the fourth quarter of 2023, compared with 8.7% for the same period of 2022 and negative 2.7% for the third quarter of 2023.
  • Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was 4.1% for the fourth quarter of 2023, compared with 5.7% for the same period of 2022 and negative 6.1% for the third quarter of 2023.
  • Fair value gain (loss) on derivative liability was gain of RMB0.56 billion (US$0.08 billion) for the fourth quarter of 2023, compared with loss of RMB0.97 billion for the third quarter of 2023. This non-cash gain (loss) resulted from the fluctuation in the fair value of the forward share purchase agreement, measured through profit or loss, related to the issuance of shares by the Company for strategic minority investment by the Volkswagen Group (“Volkswagen”).
  • Net loss was RMB1.35 billion (US$0.19 billion) for the fourth quarter of 2023, compared with RMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023. Excluding share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.77 billion (US$0.25 billion) for the fourth quarter of 2023, compared with RMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023.
  • Net loss attributable to ordinary shareholders of XPENG was RMB1.35 billion (US$0.19 billion) for the fourth quarter of 2023, compared with RMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023. Excluding share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.77 billion (US$0.25 billion) for the fourth quarter of 2023, compared with RMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023.
  • Basic and diluted net loss per American depositary share (ADS) were both RMB1.51 (US$0.21) and basic and diluted net loss per ordinary share were both RMB0.75 (US$0.11) for the fourth quarter of 2023. Each ADS represents two Class A ordinary shares.
  • Non-GAAP basic and diluted net loss per ADS were both RMB1.98 (US$0.28) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.99 (US$0.14) for the fourth quarter of 2023.
  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB45.70 billion (US$6.44 billion) as of December 31, 2023, compared with RMB36.48 billion as of September 30, 2023. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.

Key Financial Results
(in RMB billions, except for percentage)

  For the Three Months Ended % Changei
  December 31,   September 30,   December 31,    
  2023   2023   2022   YoY   QoQ  
           
Vehicle sales 12.23   7.84   4.66   162.3 % 55.9 %
Vehicle margin 4.1%   -6.1%   5.7%   -1.6pts 10.2pts
Total revenues 13.05   8.53   5.14   153.9 % 53.0 %
Gross profit (loss) 0.81   (0.23 ) 0.45   81.9 % -455.1 %
Gross margin 6.2%   -2.7%   8.7%   -2.5pts 8.9pts
Net loss 1.35   3.89   2.36   -42.9 % -65.3 %
Non-GAAP net loss 1.77   2.79   2.21   -19.9 % -36.5 %
Net loss attributable to ordinary shareholders 1.35   3.89   2.36   -42.9 % -65.3 %
Non-GAAP net loss attributable to ordinary shareholders 1.77   2.79   2.21   -19.9 % -36.5 %
Comprehensive loss attributable to ordinary shareholders 1.57   4.01   2.68   -41.4 % -60.8 %

___________________
i   Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

“In 2023, vehicle deliveries of XPENG increased quarter by quarter, exceeding 60,000 units in the fourth quarter,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “Looking beyond short-term challenges, XPENG is about to embark on a major product cycle. We plan to launch more than 10 brand new models over the next three years. We will continue to lead the innovation of autonomous driving technology, making it affordable and accessible to a much broader customer base. We will also make market entry into more international markets. We will continue to expand our scale and strengthen our technology leadership, as well as accelerate the commercialization of our industry leading technologies.”

“Our plans on cost reduction through technology and engineering as well as operational improvement have begun to bear fruit. Our vehicle margin increased by approximately 10 percentage points quarter-over-quarter in the fourth quarter,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG. “By the end of 2023, our total cash on hand exceeded RMB45 billion. Robust capital base bolsters our confidence to achieve high-quality and fast growth in a competitive environment.”

Recent Developments

Deliveries in January and February 2024

  • Total deliveries were 8,250 vehicles in January 2024.
  • Total deliveries were 4,545 vehicles in February 2024.
  • As of February 29, 2024, year-to-date total deliveries were 12,795 vehicles.

Launch of XPENG X9

On January 1, 2024, XPENG launched XPENG X9 ultra smart large seven-seater MPV and commenced deliveries during the same month.

Entry into Master Agreement on Strategic Technical Collaboration and Joint Sourcing Program with the Volkswagen Group

XPENG and the Volkswagen Group entered into a Master Agreement on Platform and Software strategic technical collaboration (“Master Agreement”), marking a significant milestone in the strategic partnership of both parties. As part of the Master Agreement, both parties also entered into a Joint Sourcing Program, targeting to jointly reduce the cost of the platform.

Unaudited Financial Results for the Three Months Ended December 31, 2023

Total revenues were RMB13.05 billion (US$1.84 billion) for the fourth quarter of 2023, representing an increase of 153.9% from RMB5.14 billion for the same period of 2022 and an increase of 53.0% from RMB8.53 billion for the third quarter of 2023.

Revenues from vehicle sales were RMB12.23 billion (US$1.72 billion) for the fourth quarter of 2023, representing an increase of 162.3% from the same period of 2022, and an increase of 55.9% from the third quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly attributable to the accelerating sales growth of the G6 and the G9 in the fourth quarter of 2023.

Revenues from services and others were RMB0.82 billion (US$0.12 billion) for the fourth quarter of 2023, representing an increase of 71.6% from RMB0.48 billion for the same period of 2022 and an increase of 20.0% from RMB0.69 billion for the third quarter of 2023. The year-over-year increase was mainly attributable to the increases of second-hand vehicle sales, maintenance and supercharging services sales, which were in line with higher accumulated vehicle sales. The quarter-over-quarter increase was mainly attributable to the increase of maintenance and second-hand vehicle sales services, which were in line with higher accumulated vehicle sales.

Cost of sales was RMB12.24 billion (US$1.72 billion) for the fourth quarter of 2023, representing an increase of 160.7% from RMB4.70 billion for the same period of 2022 and an increase of 39.8% from RMB8.76 billion for the third quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above.

Gross margin was 6.2% for the fourth quarter of 2023, compared with 8.7% for the same period of 2022 and negative 2.7% for the third quarter of 2023.

Vehicle margin was 4.1% for the fourth quarter of 2023, compared with 5.7% for the same period of 2022 and negative 6.1% for the third quarter of 2023. The year-over-year decrease was explained by (i) the inventory provision and losses on purchase commitment as a result of upgrades of existing models, with a negative impact of 1.9 percentage points on vehicle margin for the fourth quarter of 2023, and (ii) increased sales promotions, and the expiry of new energy vehicle subsidies, offset partially by cost reduction and improvement in product mix of models. The quarter-over-quarter increase was primarily attributable to the cost reduction and the improvement in product mix of models.

Research and development expenses were RMB1.31 billion (US$0.18 billion) for the fourth quarter of 2023, representing an increase of 6.3% from RMB1.23 billion for the same period of 2022 and an increase of 0.1% from RMB1.31 billion for the third quarter of 2023. The year-over-year increase was mainly in line with timing and progress of new vehicle programs.

Selling, general and administrative expenses were RMB1.94 billion (US$0.27 billion) for the fourth quarter of 2023, representing an increase of 10.3% from RMB1.76 billion for the same period of 2022 and an increase of 14.4% from RMB1.69 billion for the third quarter of 2023. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher commission to the franchised stores driven by higher sales volume. Furthermore, the quarter-over-quarter increase was also due to higher marketing, promotional and advertising expenses to support vehicle sales.

Other income, net was RMB0.35 billion (US$0.05 billion) for the fourth quarter of 2023, representing an increase of 1408.7% from RMB0.02 billion for the same period of 2022 and an increase of 440.5% from RMB0.07 billion for the third quarter of 2023. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased government subsidies.

Loss from operations was RMB2.05 billion (US$0.29 billion) for the fourth quarter of 2023, compared with RMB2.52 billion for the same period of 2022 and RMB3.16 billion for the third quarter of 2023.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB1.92 billion (US$0.27 billion) for the fourth quarter of 2023, compared with RMB2.37 billion for the same period of 2022 and RMB3.04 billion for the third quarter of 2023.

Net loss was RMB1.35 billion (US$0.19 billion) for the fourth quarter of 2023, compared with RMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023.

Fair value gain (loss) on derivative liability was gain of RMB0.56 billion (US$0.08 billion) for the fourth quarter of 2023, compared with loss of RMB0.97 billion for the third quarter of 2023. This non-cash gain (loss) resulted from the fluctuation in the fair value of the forward share purchase agreement, measured through profit or loss, related to the issuance of shares by the Company for strategic minority investment by the Volkswagen.

Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB1.77 billion (US$0.25 billion) for the fourth quarter of 2023, compared with RMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023.

Net loss attributable to ordinary shareholders of XPENG was RMB1.35 billion (US$0.19 billion) for the fourth quarter of 2023, compared with RMB2.36 billion for the same period of 2022 and RMB3.89 billion for the third quarter of 2023.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB1.77 billion (US$0.25 billion) for the fourth quarter of 2023, compared with RMB2.21 billion for the same period of 2022 and RMB2.79 billion for the third quarter of 2023.

Basic and diluted net loss per ADS were both RMB1.51 (US$0.21) for the fourth quarter of 2023, compared with RMB2.74 for the fourth quarter of 2022 and RMB4.49 for the third quarter of 2023.

Non-GAAP basic and diluted net loss per ADS were both RMB1.98 (US$0.28) for the fourth quarter of 2023, compared with RMB2.57 for the fourth quarter of 2022 and RMB3.23 for the third quarter of 2023.

Balance Sheets

As of December 31, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB45.70 billion (US$6.44 billion), compared with RMB38.25 billion as of December 31, 2022 and RMB36.48 billion as of September 30, 2023.

Unaudited Financial Results for the Fiscal Year Ended December 31, 2023

Total revenues were RMB30.68 billion (US$4.32 billion) for fiscal year of 2023, representing an increase of 14.2% from RMB26.86 billion for the prior year.

Revenues from vehicle sales were RMB28.01 billion (US$3.95 billion) for fiscal year of 2023, representing an increase of 12.8% from RMB24.84 billion for the prior year. The year-over-year increase was mainly attributable to the accelerating sales growth of the G6 and the G9 in the fiscal year.

Revenues from services and others were RMB2.67 billion (US$0.38 billion) for fiscal year of 2023, representing an increase of 32.2% from RMB2.02 billion for the prior year. The year-over-year increase was mainly attributable to the increases of second-hand vehicle sales, maintenance and supercharging services sales, which were in line with higher accumulated vehicle sales.

Cost of sales was RMB30.22 billion (US$4.26 billion) for fiscal year of 2023, representing an increase of 27.2% from RMB23.77 billion for the prior year. The year-over-year increase was mainly in line with vehicle deliveries as described above.

Gross margin was 1.5% for fiscal year of 2023, compared with 11.5% for the prior year.

Vehicle margin was negative 1.6% for fiscal year of 2023, compared with 9.4% for the prior year. The year-over-year decrease was explained by (i) increased sales promotions, and the expiry of new energy vehicle subsidies, and (ii) the inventory provisions and losses on purchase commitment related to the G3i and upgrades of existing models, with a negative impact of 2.4 percentage points on vehicle margin for the fiscal year. Excluding aforementioned (ii), the vehicle margin was positive 0.8%.

Research and development expenses were RMB5.28 billion (US$0.74 billion) for fiscal year of 2023, representing an increase of 1.2% from RMB5.21 billion for the prior year. The year-over-year increase was mainly in line with timing and progress of new vehicle programs.

Selling, general and administrative expenses were RMB6.56 billion (US$0.92 billion) for fiscal year of 2023, representing a decrease of 1.9% from RMB6.69 billion for the prior year. The year-over-year decrease was primarily attributable to the decrease of marketing, promotional and advertising expenses.

Other income, net was RMB0.47 billion (US$0.07 billion) for fiscal year of 2023, representing an increase of 326.5% from RMB0.11 billion for the prior year. The year-over-year increase was primarily attributable to the increased government subsidies.

Loss from operations was RMB10.89 billion (US$1.53 billion) for fiscal year of 2023, compared with RMB8.71 billion for the prior year.

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Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain on derivative liability relating to the contingent consideration, was RMB10.37 billion (US$1.46 billion) for fiscal year of 2023, compared with RMB8.00 billion for the prior year.

Net loss was RMB10.38 billion (US$1.46 billion) for fiscal year of 2023, compared with RMB9.14 billion for the prior year.

Fair value loss on derivative liability was RMB0.41 billion (US$0.06 billion) for fiscal year of 2023. For fiscal year of 2023, this non-cash loss resulted from the fluctuation in the fair value of the forward share purchase agreement, measured through profit or loss, related to the issuance of shares by the Company for strategic minority investment by the Volkswagen.

Non-GAAP net loss, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB9.44 billion (US$1.33 billion) for fiscal year of 2023, compared with RMB8.43 billion for the prior year.

Net loss attributable to ordinary shareholders of XPENG was RMB10.38 billion (US$1.46 billion) for fiscal year of 2023, compared with RMB9.14 billion for the prior year.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, was RMB9.44 billion (US$1.33 billion) for fiscal year of 2023, compared with RMB8.43 billion for the prior year.

Basic and diluted net loss per ADS were both RMB11.92 (US$1.68) for fiscal year of 2023, compared with RMB10.67 for the prior year.

Non-GAAP basic and diluted net loss per ADS were both RMB10.85 (US$1.53) for fiscal year of 2023, compared with RMB9.84 for the prior year.

Business Outlook

For the first quarter of 2024, the Company expects:

  • Deliveries of vehicles to be between 21,000 and 22,500, representing a year-over-year increase of approximately 15.2% to 23.4%.
  • Total revenues to be between RMB5.8 billion and RMB6.2 billion, representing a year-over-year increase of approximately 43.8% to 53.7%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 19, 2024 (8:00 PM Beijing/Hong Kong Time on March 19, 2024).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title: XPENG Fourth Quarter and Fiscal Year 2023 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10036740-6pn4dk.html

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until March 26, 2024, by dialing the following telephone numbers:

United States: +1-855-883-1031
International: +61-7-3107-6325
Hong Kong, China: 800-930-639
Mainland China: 400-120-9216
Replay Access Code: 10036740
   

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value gain (loss) on derivative liability and fair value gain on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0999 to US$1.00, the exchange rate on December 29, 2023, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: [email protected]

Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: [email protected]

For Media Enquiries
PR Department
XPeng Inc.
E-mail: [email protected]

Source: XPeng Inc.

 
XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
     
    As of December 31
    2022   2023   2023
    RMB   RMB   US$
             
ASSETS            
Current assets            
Cash and cash equivalents   14,607,774   21,127,163   2,975,699
Restricted cash   106,272   3,174,886   447,173
Short-term deposits   14,921,688   9,756,979   1,374,242
Short-term investments   1,262,129   781,216   110,032
Long-term deposits, current portion   427,466   7,054,915   993,664
Accounts and notes receivable, net   3,872,846   2,716,216   382,571
Installment payment receivables, net, current portion   1,294,665   1,881,755   265,040
Inventory   4,521,373   5,526,212   778,351
Amounts due from related parties   47,124   12,948   1,824
Prepayments and other current assets   2,466,084   2,489,339   350,616
Total current assets   43,527,421   54,521,629   7,679,212
Non-current assets            
Long-term deposits   6,926,450   3,035,426   427,531
Restricted long-term deposits     767,899   108,156
Property, plant and equipment, net   10,606,745   10,954,485   1,542,907
Right-of-use assets, net   1,954,618   1,455,865   205,054
Intangible assets, net   1,042,972   4,948,992   697,051
Land use rights, net   2,747,854   2,789,367   392,874
Installment payment receivables, net   2,188,643   3,027,795   426,456
Long-term investments   2,295,032   2,084,933   293,657
Other non-current assets   201,271   576,150   81,149
Total non-current assets   27,963,585   29,640,912   4,174,835
Total assets   71,491,006   84,162,541   11,854,047
             

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
     
    As of December 31
    2022     2023     2023  
    RMB     RMB     US$  
             
LIABILITIES            
Current liabilities            
Short-term borrowings   2,419,210     3,889,100     547,768  
Accounts and notes payable   14,222,856     22,210,431     3,128,274  
Amounts due to related parties   91,111     30,880     4,349  
Operating lease liabilities, current portion   490,811     365,999     51,550  
Finance lease liabilities, current portion   128,279     34,382     4,843  
Deferred revenue, current portion   389,243     630,997     88,874  
Long-term borrowings, current portion   761,859     1,363,835     192,092  
Accruals and other liabilities   5,583,829     7,580,195     1,067,648  
Income taxes payable   27,655     5,743     809  
Total current liabilities   24,114,853     36,111,562     5,086,207  
Non-current liabilities            
Long-term borrowings   4,613,057     5,650,782     795,896  
Operating lease liabilities   1,854,576     1,490,882     209,986  
Finance lease liabilities   797,743     777,697     109,536  
Deferred revenue   694,006     668,946     94,219  
Derivative liability       393,473     55,420  
Deferred tax liabilities       404,018     56,905  
Other non-current liabilities   2,506,106     2,336,654     329,111  
Total non-current liabilities   10,465,488     11,722,452     1,651,073  
Total liabilities   34,580,341     47,834,014     6,737,280  
             
SHAREHOLDERS’ EQUITY            
Class A Ordinary shares   92     103     15  
Class B Ordinary shares   21     21     3  
Additional paid-in capital   60,691,019     70,198,031     9,887,186  
Statutory and other reserves   6,425     60,035     8,456  
Accumulated deficit   (25,330,916 )   (35,760,301 )   (5,036,733 )
Accumulated other comprehensive income   1,544,024     1,830,638     257,840  
Total shareholders’ equity   36,910,665     36,328,527     5,116,767  
Total liabilities and shareholders’ equity   71,491,006     84,162,541     11,854,047  
 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
   
  Three Months Ended
  December 31,     September 30,     December 31,     December 31,  
  2022     2023     2023     2023  
  RMB     RMB     RMB     US$  
               
Revenues              
Vehicle sales 4,661,182     7,844,239     12,228,314     1,722,322  
Services and others 479,167     685,282     822,116     115,793  
Total revenues 5,140,349     8,529,521     13,050,430     1,838,115  
Cost of sales              
Vehicle sales (4,397,201 )   (8,319,890 )   (11,732,955 )   (1,652,552 )
Services and others (298,084 )   (437,589 )   (508,003 )   (71,551 )
Total cost of sales (4,695,285 )   (8,757,479 )   (12,240,958 )   (1,724,103 )
Gross profit (loss) 445,064     (227,958 )   809,472     114,012  
Operating expenses              
Research and development expenses (1,230,049 )   (1,305,868 )   (1,307,745 )   (184,192 )
Selling, general and administrative expenses (1,755,815 )   (1,692,194 )   (1,936,503 )   (272,751 )
Total operating expenses (2,985,864 )   (2,998,062 )   (3,244,248 )   (456,943 )
Other income, net 23,357     65,192     352,391     49,633  
Fair value gain on derivative liability                      
relating to the contingent consideration         29,339     4,132  
                       
Loss from operations (2,517,443 )   (3,160,828 )   (2,053,046 )   (289,166 )
Interest income 273,367     314,004     342,780     48,280  
Interest expense (51,079 )   (65,767 )   (73,225 )   (10,314 )
Fair value gain (loss) on derivative assets or derivative liabilities 1,398     (971,832 )   561,415     79,074  
Investment loss on long-term investments (102,798 )   (8,782 )   (185,318 )   (26,101 )
Exchange (loss) gain from foreign currency transactions (17,454 )   5,972     46,362     6,530  
Other non-operating income, net 37,761     4,282     27,364     3,854  
Loss before income tax benefit
   (expenses) and share of results of
   equity method investees
(2,376,248 )   (3,882,951 )   (1,333,668 )   (187,843 )
Income tax benefit (expenses) 10,445     (682 )   (21,754 )   (3,064 )
Share of results of equity method investees 4,628     (2,917 )   7,807     1,100  
Net loss (2,361,175 )   (3,886,550 )   (1,347,615 )   (189,807 )
Net loss attributable to ordinary shareholders of XPeng Inc. (2,361,175 )   (3,886,550 )   (1,347,615 )   (189,807 )
 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
   
  Three Months Ended
  December 31,     September 30,     December 31,     December 31,  
  2022     2023     2023     2023  
  RMB     RMB     RMB     US$  
               
Net loss (2,361,175 )   (3,886,550 )   (1,347,615 )   (189,807 )
Other comprehensive loss              
Foreign currency translation adjustment, net of tax (318,072 )   (123,081 )   (222,618 )   (31,355 )
Total comprehensive loss                      
attributable to XPeng Inc. (2,679,247 )   (4,009,631 )   (1,570,233 )   (221,162 )
Comprehensive loss attributable to                      
ordinary shareholders of XPeng Inc. (2,679,247 )   (4,009,631 )   (1,570,233 )   (221,162 )
               
Weighted average number of              
ordinary shares used in computing net loss per ordinary share              
Basic and diluted 1,720,448,811     1,729,980,347     1,787,655,242     1,787,655,242  
Net loss per ordinary share attributable to ordinary shareholders              
Basic and diluted (1.37 )   (2.25 )   (0.75 )   (0.11 )
               
Weighted average number of ADS              
used in computing net loss per share              
Basic and diluted 860,224,405     864,990,174     893,827,621     893,827,621  
Net loss per ADS attributable to ordinary shareholders              
Basic and diluted (2.74 )   (4.49 )   (1.51 )   (0.21 )
                       

XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
   
  Three Months Ended
  December 31,     September 30,     December 31,     December 31,  
  2022     2023     2023     2023  
  RMB     RMB     RMB     US$  
               
Loss from operations (2,517,443 )   (3,160,828 )   (2,053,046 )   (289,166 )
Fair value gain on derivative liability                      
relating to the contingent consideration         (29,339 )   (4,132 )
Share-based compensation expenses 148,783     124,291     167,036     23,527  
Non-GAAP loss from operations (2,368,660 )   (3,036,537 )   (1,915,349 )   (269,771 )
Net loss (2,361,175 )   (3,886,550 )   (1,347,615 )   (189,807 )
Fair value gain on derivative liability                      
relating to the contingent consideration         (29,339 )   (4,132 )
Fair value loss (gain) on derivative liability     971,832     (561,415 )   (79,074 )
Share-based compensation expenses 148,783     124,291     167,036     23,527  
Non-GAAP net loss (2,212,392 )   (2,790,427 )   (1,771,333 )   (249,486 )
Net loss attributable to ordinary shareholders (2,361,175 )   (3,886,550 )   (1,347,615 )   (189,807 )
Fair value gain on derivative liability                      
relating to the contingent consideration         (29,339 )   (4,132 )
Fair value loss (gain) on derivative liability     971,832     (561,415 )   (79,074 )
Share-based compensation expenses 148,783     124,291     167,036     23,527  
Non-GAAP net loss attributable to
    ordinary shareholders of XPeng Inc.
(2,212,392 )   (2,790,427 )   (1,771,333 )   (249,486 )
               

XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
   
  Three Months Ended
  December 31,     September 30,     December 31,     December 31,  
  2022     2023     2023     2023  
  RMB     RMB     RMB     US$  
               
Weighted average number of
   ordinary shares used in
   calculating Non-GAAP net loss
   per share
             
Basic and diluted 1,720,448,811     1,729,980,347     1,787,655,242     1,787,655,242  
Non-GAAP net loss per ordinary share              
Basic and diluted (1.29 )   (1.61 )   (0.99 )   (0.14 )
Weighted average number of ADS
   used in calculating Non-GAAP
   net loss per share
             
Basic and diluted 860,224,405     864,990,174     893,827,621     893,827,621  
Non-GAAP net loss per ADS              
Basic and diluted (2.57 )   (3.23 )   (1.98 )   (0.28 )
                       

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
   
  For the Year Ended December 31
    2022     2023     2023  
    RMB     RMB     US$  
             
Revenues            
Vehicle sales   24,839,637     28,010,857     3,945,247  
Services and others   2,015,482     2,665,210     375,387  
Total revenues   26,855,119     30,676,067     4,320,634  
Cost of sales            
Vehicle sales   (22,493,122 )   (28,457,909 )   (4,008,213 )
Services and others   (1,273,606 )   (1,767,003 )   (248,877 )
Total cost of sales   (23,766,728 )   (30,224,912 )   (4,257,090 )
Gross profit   3,088,391     451,155     63,544  
Operating expenses            
Research and development expenses   (5,214,836 )   (5,276,574 )   (743,190 )
Selling, general and administrative expenses   (6,688,246 )   (6,558,942 )   (923,808 )
Total operating expenses   (11,903,082 )   (11,835,516 )   (1,666,998 )
Other income, net   109,168     465,588     65,577  
Fair value gain on derivative liability                  
relating to the contingent consideration       29,339     4,132  
Loss from operations   (8,705,523 )   (10,889,434 )   (1,533,745 )
Interest income   1,058,771     1,260,162     177,490  
Interest expense   (132,192 )   (268,666 )   (37,841 )
Fair value gain (loss) on derivative assets or derivative liabilities   59,357     (410,417 )   (57,806 )
Investment gain (loss) on long-term investments   25,062     (224,364 )   (31,601 )
Exchange (loss) gain from foreign currency transactions   (1,460,151 )   97,080     13,673  
Other non-operating income, net   36,318     41,934     5,906  
Loss before income tax expenses and share of results of equity method investees   (9,118,358 )   (10,393,705 )   (1,463,924 )
Income tax expenses   (24,731 )   (36,810 )   (5,185 )
Share of results of equity method investees   4,117     54,740     7,710  
Net loss   (9,138,972 )   (10,375,775 )   (1,461,399 )
Net loss attributable to ordinary shareholders of XPeng Inc.   (9,138,972 )   (10,375,775 )   (1,461,399 )
 

XPENG INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
   
  For the Year Ended December 31
    2022     2023     2023  
    RMB     RMB     US$  
             
Net loss   (9,138,972 )   (10,375,775 )   (1,461,399 )
Other comprehensive income            
Foreign currency translation adjustment, net of tax   3,192,573     286,614     40,369  
Total comprehensive loss attributable to XPeng Inc.   (5,946,399 )   (10,089,161 )   (1,421,030 )
Comprehensive loss attributable to
   ordinary shareholders of XPeng Inc.
  (5,946,399 )   (10,089,161 )   (1,421,030 )
             
Weighted average number of ordinary
   shares used in computing net loss per ordinary share
           
Basic and diluted   1,712,533,564     1,740,921,519     1,740,921,519  
Net loss per ordinary share attributable to ordinary shareholders            
Basic and diluted   (5.34 )   (5.96 )   (0.84 )
             
Weighted average number of ADS used in
   computing net loss per share
           
Basic and diluted   856,266,782     870,460,760     870,460,760  
Net loss per ADS attributable to ordinary shareholders            
Basic and diluted   (10.67 )   (11.92 )   (1.68 )
                   

XPENG INC.
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)
   
  For the Year Ended December 31
    2022     2023     2023  
    RMB     RMB     US$  
             
Loss from operations   (8,705,523 )   (10,889,434 )   (1,533,745 )
Share-based compensation expenses   710,486     550,535     77,541  
Fair value gain on derivative liability relating to the contingent consideration       (29,339 )   (4,132 )
Non-GAAP loss from operations   (7,995,037 )   (10,368,238 )   (1,460,336 )
Net loss   (9,138,972 )   (10,375,775 )   (1,461,399 )
Fair value gain on derivative liability relating to the contingent consideration       (29,339 )   (4,132 )
Fair value loss on derivative liability       410,417     57,806  
Share-based compensation expenses   710,486     550,535     77,541  
Non-GAAP net loss   (8,428,486 )   (9,444,162 )   (1,330,184 )
Net loss attributable to ordinary shareholders   (9,138,972 )   (10,375,775 )   (1,461,399 )
Fair value gain on derivative liability relating to the contingent consideration       (29,339 )   (4,132 )
Fair value loss on derivative liability       410,417     57,806  
Share-based compensation expenses   710,486     550,535     77,541  
Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.   (8,428,486 )   (9,444,162 )   (1,330,184 )
             
Weighted average number of ordinary shares used in            
calculating Non-GAAP net loss per share            
Basic and diluted   1,712,533,564     1,740,921,519     1,740,921,519  
Non-GAAP net loss per ordinary share            
Basic and diluted   (4.92 )   (5.42 )   (0.76 )
Weighted average number of ADS used in calculating Non-GAAP net loss per share            
Basic and diluted   856,266,782     870,460,760     870,460,760  
Non-GAAP net loss per ADS            
Basic and diluted   (9.84 )   (10.85 )   (1.53 )