XPeng Inc. Reports Financial Results for Q3 2024
XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle company, announced its unaudited financial results for the third quarter ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Q2 2024 | Year-over-Year % Change | Quarter-over-Quarter % Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue (RMB) | 10.10 billion | 8.53 billion | 8.11 billion | 18.4% | 24.5% | 10.09 billion |
| Total Revenue (USD) | 1.44 billion | 1.22 billion | 1.16 billion | 18.4% | 24.5% | 1.44 billion |
| EPS (Basic and Diluted, RMB/share) | -1.91 | -4.49 | -1.36 | Improvement | Deterioration | -1.69/share |
| Non-GAAP EPS (Basic and Diluted, RMB/share) | -1.62 | -3.23 | -1.29 | Improvement | Deterioration | Not Provided |
| Net Loss (RMB) | 1.81 billion | 3.89 billion | 1.28 billion | Improvement | Deterioration | Not Provided |
| Net Loss (USD) | 0.26 billion | 0.55 billion | 0.18 billion | Improvement | Deterioration | Not Provided |
Interpretation: XPeng showed a strong quarter with significant revenue growth year-over-year and quarter-over-quarter, exceeding consensus estimates for revenue. The sharp improvement in net loss compared to last year highlights operational efficiencies and an improved product mix.
Revenue Breakdown by Segment
| Segment | Q3 2024 (RMB) | Q3 2023 (RMB) | Q2 2024 (RMB) | Year-over-Year Change | Quarter-over-Quarter Change |
|---|---|---|---|---|---|
| Vehicle Sales | 8.80 billion | 7.84 billion | 6.82 billion | 12.1% | 29.0% |
| Services and Others | 1.31 billion | 0.69 billion | 1.29 billion | 90.7% | 1.1% |
Interpretation: Vehicle sales drove most of the revenue increase, with a notable 29.0% rise quarter-over-quarter. Services and others also grew significantly year-over-year due in part to strategic collaborations, pointing to XPeng's strong diversification strategy.
Key Developments and Operational Highlights
- Total vehicle deliveries reached 46,533, up 16.3% from the same period last year.
- XPeng expanded its physical sales network to 639 stores across 206 cities.
- The self-operated charging station network grew to 1,557 stations.
Management Commentary
Mr. Xiaopeng He, Chairman and CEO of XPENG, highlighted the company's transformation and focus on a robust product cycle with innovations such as the launch of M03 and P7+. Dr. Hongdi Brian Gu, Vice Chairman and Co-President, emphasized the company's strong financial foundation supporting R&D in AI technology and product offerings.
Announced Dividends or Share Repurchase Programs
No specific announcements regarding dividends or share repurchase programs were made in this earnings release.
Forward Guidance
XPeng projected fourth-quarter vehicle deliveries between 87,000 and 91,000, intending to capture a year-over-year increase of 44.6% to 51.3%. Total revenues were expected to range from RMB 15.3 billion to RMB 16.2 billion, translating to a 17.2% to 24.1% increase year-over-year.
Stock Price Movement
Post-earnings release, XPeng's stock price increased by approximately 2.12%, indicating a positive market reception to the company's financial performance and future outlook.
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