XPEV.N

XPeng Inc Reports Financial Results for Q3 2024

authorIntellectia.AI

2024-11-193mins

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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