On November 15, Xiaopeng Automobile (hereinafter referred to as "Xiaopeng"), one of the new forces in car building, released its third-quarter results report for the third quarter ended September 30, 2023.。

                             

Mixed performance

                            

Performance data show that in the third quarter of 2023, Xiaopeng's total revenue was 85.300 million yuan (RMB, the same below), up 25.0%, up 68.5%。Among them, automobile sales revenue was 78.400 million yuan, up 25.7%, up 77.3%。

But as with revenue, there was a further expansion in the indicator of net loss.。

Xiaopeng's net loss was 38 in the third quarter..900 million yuan, with losses widening again on a month-on-month basis.。23 year-on-year.The loss of 800 million yuan widened by 63.6%, compared with 28 in the previous quarter.0 billion yuan expanded by 38.6%。

Although the loss is widening, but fortunately in the third quarter Xiaopeng's gross margin stopped the downward trend.。Gross margin is -2.7%, compared to 13 in the same period in 2022..5%, compared to -3 in the previous quarter.9%。Automotive gross margin is -6.1%, compared to 11.6%, compared to -8 in the previous quarter.6%。

For gross margin, the company said it was mainly due to an improved model portfolio and lower costs.。And for the year-over-year decline, the company explained that this was due to G3i-related inventory impairments that had a 2.9 percentage points of negative impact, and the increase in sales promotion and the expiration of subsidies for new energy vehicles.。

Xiaopeng's cash flow also reversed the downward trend in the third quarter.。As of September 30, 2023, Xiaopeng held 364 cash and cash equivalents, restricted cash, short-term investments and term deposits..800 million yuan, compared with 337 in the previous quarter.400 million yuan up 8%。Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, the current portion of long-term deposits and the non-current portion.。

In addition, Xiaopeng reported that as of September 30, 2023, Xiaopeng Auto's physical sales network had a total of 395 stores, 16 fewer than in the previous quarter.。The network of self-operated charging stations reaches 1,057 charging stations, including 854 self-operated super charging stations for Xiaopeng Motors and 203 destination charging stations.。

                         

The effect of sales scale effect, cost reduction and efficiency increase is beginning to appear.

                          

Xiaopeng's gross margin and cash flow were able to stem the downward trend in the third quarter, mainly due to delivery data growth。

Total deliveries of Xiaopeng Motors in the third quarter were 40,008 vehicles, up 72 from the previous quarter..4%。In October, Xiaopeng's total deliveries exceeded the 20,000 mark to 20,002 vehicles.。This is also the ninth consecutive month that Xiaopeng's delivery data has risen.。Total cumulative deliveries during the year as of October 31, 2023 were 101,445 vehicles。

At a time when sales are climbing, Xiaopeng also offers an optimistic outlook for the fourth quarter。Company Expectations: Car deliveries will be 59,500-63,500 (monthly average of 1.980,000 vehicles - 2.120,000 vehicles), an increase of about 101.2% -114.7%。Total revenue will be 12.7 billion yuan - 136 million yuan..0 billion yuan, an increase of about 86.1% - 99.3%。

Earlier in the Q2 telephone conference, in the face of gross profit and loss of the "red light," Xiaopeng said at the time, the company's current focus is very clear, that is, to obtain sales and scale effect, which will help improve gross margin.。As production increases in the second and third quarters, the company's gross margin will climb and the company will sell a better product portfolio in the second half of the year, which is expected to gradually recover in the second half of the year and is expected to turn positive in the fourth quarter.。And said the company will achieve an overall positive operating cash flow in the second half of the year and have a healthy size of cash reserves by the end of the year。

And now, you can see that the company's forecast came true in the third quarter.。

In addition to the growth in delivery data, another important factor is the cost reduction and efficiency gains at the Xiaopeng company level。

The company previously said that Xiaopeng Automotive's cost reduction projects in power systems, vehicle hardware, supply chain and other areas are being efficiently implemented and promoted.。

He Xiaopeng, chairman and CEO of Xiaopeng, said in Q3 earnings: "From the third quarter of this year, we have entered a preliminary positive cycle.。I believe that the effects of a series of changes starting this year will become more pronounced in 2024 and beyond, entering a cycle of rapid development by the fourth quarter of next year.。"

Gu Hongdi, Honorary Vice Chairman and Co-President of Xiaopeng Motors, said: "Our deliveries have grown for nine consecutive months and free cash flow has improved significantly.。We expect Q4 free cash flow to improve more substantially as new products and technology cost reductions drive significant improvements in our gross margin, which is our starting point toward long-term profitability at scale。"

                     

He Xiaopeng: Cooperation with Volkswagen and Didi is progressing smoothly

                          

It is worth noting that Xiaopeng's R & D spending declined in the third quarter compared to the same period last year.。R & D investment in the third quarter was 13.100 million yuan, down 12.9%, down 4.5%, historical cumulative R & D investment of more than 18.1 billion yuan。

Xiaopeng's R & D cost decline is not unrelated to its strategic cooperation with Volkswagen and Didi.。

In July this year, Xiaopeng announced that it had reached a strategic cooperation with Volkswagen, and the two sides said that they would further promote cooperation in the fields of new model development, supply chain and international layout.。

He Xiaopeng revealed at the Q3 telephone conference that the progress of cooperation with the public is advancing rapidly.。We are confident that we will accelerate or even exceed the original target of reducing costs by 25% by the end of 2024, thus significantly improving gross margins next year.。

In August this year, Xiaopeng announced the acquisition of assets and R & D capabilities related to Didi's smart car development business, and reached a strategic cooperation agreement with Didi.。After working with Didi, Xiaopeng said it would release an A-class smart electric vehicle, project code-named "MONA."。

The "MONA" model is based on the A-class pure electric vehicle "Da Vinci" developed by Didi, and adds Xiaopeng's intelligent driving system.。The model will enter the market as the first product of Xiaopeng's new brand and is expected to start mass production in 2024。And Xiaopeng also plans to set the price of the "MONA" model at 150,000 yuan, opening up the market for Xiaopeng's new price range.。

He Xiaopeng said at the Q3 call that the research and development of "MONA" is progressing smoothly and is expected to be listed in the third quarter of 2024.。He said the new brand will accelerate Xiaopeng's sales growth and share expansion in the A-class car market.。Xiaopeng will be the first to launch self-driving models in the price segment of 150,000 yuan, and will open the generational gap with models in the same price segment.。

                

New car X9 will be available at the end of the year

                         

He Xiaopeng said at the Q3 conference that the first flagship model under the "swing" architecture, the Xiaopeng X9, will be officially launched at the end of this year, when pricing will also be announced, and delivery will begin in early January next year.。

Tomorrow, the Starship X9 will be officially unveiled and pre-sold at the Guangzhou Auto Show in November.。He Xiaopeng revealed that Xiaopeng X9 aims to become the largest pure electric MPV market sales first。

Before the arrival of the new car, Xiaopeng opened a promotional campaign to "clear inventory."。

November 13。Xiaopeng P7i Launches Specified Models to Get 2.The limited-time car purchase policy of 10,000 yuan, including the P7i 702 and 610 versions can enjoy 10,000 yuan car model reduction or 24 periods of zero interest, 5,000 yuan insurance subsidy, free upgrade value of 6,000 yuan Dana Confidence series of original audio, the move is expected to increase the sales of Xiaopeng P7i。Currently, the Xiaopeng P7i sells for 22.390,000。The above car purchase rights and interests can only be enjoyed if a deposit is paid before November 30.。

                       

He Xiaopeng: Xiaopeng will become the user's preferred brand for intelligence

                 

On October 24, Xiaopeng held the fifth annual 1024 Science and Technology Day in Guangzhou.。Xiaopeng released the latest research and development results of XNGP intelligent driving technology and XOS intelligent cockpit system on the event day, and the latest scientific and technological exploration results such as Xiaopeng X9, flying cars and intelligent robots were unveiled on the same stage.。The company also said that from October 24th, XNGP's first batch of unmapped city smart driving will be tested, and AI will also conduct the first batch of tests.。Xiaopeng's City Smart Drive is expected to cover 50 cities by the end of this year。

AI is a high-frequency word mentioned at the Science and Technology Day event。He Xiaopeng said that AI is redefining the technical architecture of smart electric vehicles and the business model of car companies, and will become an essential core capability for successful car companies.。Next year will be the outbreak of demand for users to choose XNGP, Xiaopeng will bring users a lower cost, higher level of experience of intelligent driving function。

He Xiaopeng believes that intelligent driving to 2025 is equivalent to the rapid development of the new energy vehicle market in 2020, and is still in the preparation period of technology paving.。As more and more friends pave the way and prepare in the field of intelligent driving, the advantages of full-stack self-research will become more and more obvious.。Among them, localized scenario applications and cost solutions, as well as the landing of large language models in autonomous driving, will rely on full-stack self-research.。As a result, full-stack self-research competition in all and some areas will be more intense and more difficult。

He Xiaopeng said: "Xiaopeng Automobile took the lead in realizing the inflection point of intelligent assisted driving in technology and user demand in 2023. I believe that the five years from now will be the five years of the widespread popularization of intelligent assisted driving.。Xiaopeng Automobile will lead the coverage of intelligent assisted driving in the country and become the preferred brand of intelligent。"