XPeng Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-20
XPeng Inc. Reports Q2 2024 Financial Results
XPeng Inc. ("XPENG" or the "Company"), a leading Chinese smart electric vehicle (EV) manufacturer, announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metrics | Q2 2024 | Q1 2024 | Q2 2023 | Year-over-Year Change | Quarter-over-Quarter Change | Wall Street Consensus |
|---|---|---|---|---|---|---|
| Total Revenue (RMB) | 8.11 billion | 6.55 billion | 5.06 billion | +60.2% | +23.9% | - |
| Total Revenue (USD) | 1.12 billion | 0.92 billion | - | - | - | 1.14 billion |
| Earnings Per Share | -0.19 USD | -0.20 USD | - | - | - | -0.18 USD |
| Gross Margin | 14.0% | 12.9% | -3.9% | +17.9 p.p.i | +1.1 p.p.i | - |
| Net Loss (RMB) | 1.28 billion | 1.37 billion | 2.80 billion | -54.3% | -6.6% | - |
| Net Loss (USD) | 0.19 billion | 0.19 billion | - | - | - | - |
i p.p. indicates percentage points
XPeng Inc. reported total revenue of RMB8.11 billion (USD$1.12 billion) for Q2 2024, marking a significant year-over-year increase of 60.2% and a quarter-over-quarter increase of 23.9%. The gross margin improved to 14.0%, up substantially from negative 3.9% in Q2 2023. The net loss narrowed to RMB1.28 billion from RMB2.80 billion the previous year, reflecting enhanced operational efficiency.
Revenue Performance Across Major Segments
| Segment | Q2 2024 Revenue (RMB) | Q1 2024 Revenue (RMB) | Q2 2023 Revenue (RMB) | Year-over-Year Change | Quarter-over-Quarter Change |
|---|---|---|---|---|---|
| Vehicle Sales | 6.82 billion | 5.54 billion | 4.42 billion | +54.1% | +23.0% |
| Services and Others | 1.29 billion | 1.00 billion | 0.64 billion | +102.5% | +28.8% |
The vehicle sales segment saw a 54.1% increase year-over-year and a 23.0% quarter-over-quarter rise, driven by higher deliveries. Services and others revenue surged by 102.5% year-over-year and by 28.8%, also quarter-over-quarter, attributed to higher sales from maintenance services and increased sales from technical research and development services.
Key Operational Data
| Key Operational Metrics | Q2 2024 | Q1 2024 | Q2 2023 | Year-over-Year Change | Quarter-over-Quarter Change |
|---|---|---|---|---|---|
| Total Deliveries of Vehicles | 30,207 | - | 23,205 | +30.2% | - |
| Physical Sales Network Stores | 611 | - | - | - | - |
| Coverage of Cities by Physical Sales Network | 185 | - | - | - | - |
| XPENG Self-Operated Charging Station Network | 1,298 | - | - | - | - |
| Including XPENG S4 Ultra-Fast Charging Stations | 442 | - | - | - | - |
In the second quarter of 2024, XPENG delivered 30,207 vehicles, marking a 30.2% year-over-year rise. The company's physical sales and self-operated charging networks also saw substantial growth.
Management Commentary
Mr. Xiaopeng He, Chairman and CEO of XPENG, highlighted, "Starting from the launch of MONA M03 in August, we are about to enter into a strong product cycle. I believe that through a powerful product cycle and more efficient marketing, our technological advantages and AI breakthroughs will transform into sales growth in China and internationally."
Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG, commented, “Our gross profit margin in the second quarter has further increased to 14.0%. As the big product cycle drives our sales growth globally, our economy of scale, operating efficiency, and cash flow will significantly improve.”
Dividends and Share Repurchase
No information on dividends or share repurchase was provided in the earnings release.
Forward Guidance
For Q3 2024, XPENG projects: - Deliveries of vehicles to be between 41,000 and 45,000, representing a year-over-year increase of approximately 2.5% to 12.5%. - Total revenues to be between RMB9.1 billion and RMB9.8 billion, representing a year-over-year increase of approximately 6.7% to 14.9%.
Stock Price Movement
Following the earnings release, XPENG's stock price reflected a modest appreciation of 0.54%.
Global investors and stakeholders can join the earnings conference call scheduled for 8:00 AM U.S. Eastern Time on August 20, 2024.
For more updates, please visit XPENG’s investor relations website at XPENG Investor Relations .
