Xpeng Motors: Financial Report for Q4’20
On March 8, Xpeng Motors announced its unaudited financial results for Q4 and the full year of 2020.
The financial report shows that in Q4’20, Xpeng Motors achieved revenue of $438.5 million USD, a year-on-year increase of 345.5% and a month-on-month increase of 43.3%, which is higher than the market expectations of $407.7 million USD.
Compared to the net loss of $152 million USD in the same period last year, it has decreased to $120 million USD in Q4’20. For the whole year of 2020, Xpeng Motors’ total revenue was $898.5 million USD, a year-on-year increase of 151.8%; the net loss was $420 million USD, compared with $567 million USD in the previous year, and the net loss narrowed by 26% year-on-year.
For the whole year of 2020, Xpeng Motors’ gross profit margin has also successfully turned positive, reaching 4.6%; in 2019, that margin was -24%.
Xpeng Motors explained in its financial report that the main reasons behind the improvement in gross profit margin were the improvement of product mix, the reduction of material costs, and the improvement of manufacturing efficiency.
Xpeng Motors vice chairman and president Hongdi Gu said that achieving the first positive full-year gross profit margin in 2020 is an “important milestone in the history of Xpeng Motors.”
Currently, Xpeng Motors has two models on sale, including the Xpeng G3, which starts at $22,587 USD after subsidies, and the Xpeng P7, which starts at $35,373 USD after subsidies.
Compared with the G3, the sales unit price of the P7 is around $12,786 USD higher on average.
Therefore, with the official delivery of the P7 in the second half of 2020, the product structure and profitability of Xpeng Motors have been improved.
According to public information, in Q4’20, the delivery volume of Xpeng Motors hit a quarterly high of 12,964 vehicles, an increase of 302.9% year-on-year and an increase of 51.1% month-on-month; among them, the delivery volume of Xpeng P7 was 8,527 vehicles, Accounting for nearly 2/3. In 2020, the delivery volume of Xpeng Motors reached 27,041 vehicles, an increase of 112.5% year-on-year. Among them, the delivery volume of Xpeng P7 reached 15062 vehicles, accounting for nearly 56%.