Photo/Sun Tongtong (NBD)

“Out of the ICU, but not yet ashore.” This is how many insiders describe XPeng Motors’ 2023 financial report.

On March 19th, the latest data disclosed by XPeng Motors showed that in 2023, the company’s total revenue was 30.68 billion yuan, a year-on-year increase of 14.2%. In terms of delivery volume, XPeng Motors delivered a total of 141,600 new cars in 2023, a year-on-year increase of 17%.

Despite the growth in revenue and delivery volume, XPeng Motors has not yet turned a profit. In 2023, XPeng Motors’ net loss was 10.38 billion yuan, widening from the loss of 9.14 billion yuan in 2022, with the loss expanding by 13.6%; the annual car gross profit margin was -1.6%.

Looking at the whole year of 2023, XPeng Motors’ financial performance improved in the fourth quarter of the year, but was under pressure overall due to the performance of the first three quarters.

Looking forward to the first quarter of 2024, XPeng Motors expects its car delivery volume to be between 21,000 and 22,500 units, a year-on-year increase of approximately 15.2% to 23.4%; total revenue will be between 5.8 billion yuan and 6.2 billion yuan, a year-on-year increase of approximately 43.8% to 53.7%.

Data shows that in January and February of this year, XPeng Motors delivered nearly 12,800 new cars. According to the delivery guide for the first quarter, XPeng Motors’ delivery volume in March may be less than 10,000 units.

Investors also have a cautious attitude towards XPeng Motors’ future sales outlook and profit plan. “In addition to focusing on the sales outlook for the first quarter of 2024, investors are also curious about the detailed plans for the ‘cheaper’ sub-brand model that XPeng Motors plans to launch next month,” said Qu Ke, an analyst at CCB International.

He Xiaopeng revealed in the earnings call: “During the 2024 Beijing Auto Show, XPeng Motors will officially launch a new brand aimed at the 100,000 to 150,000 yuan level. The first model of the new brand will be launched and delivered in the third quarter of this year.”

In He Xiaopeng’s view, from 2024 to 2027, the elimination race of intelligent electric vehicles officially begins, “XPeng Motors will launch more than 10 new models in the next three years. Adding globalization and upgraded models, the total number of SOP models will reach 30.” He Xiaopeng said in the earnings call.

In addition, it was learned from reporters that starting from the second quarter of this year, XPeng Motors will speed up the terminal delivery speed by establishing about half a month’s channel inventory. “XPeng Motors will further expand the coverage of the sales network. It is planned that by the third quarter of 2024, the number of sales stores will increase to 600, and after the new brand is listed, it will continue to expand and accelerate sales growth.” He Xiaopeng said.