XPeng Inc., a leading Chinese Smart EV company, reported a significant increase in revenues from RMB26,855.1 million in 2022 to RMB30,676.1 million in 2023, primarily driven by an increase in vehicle sales. The company delivered 141,601 units in 2023, up from 120,757 units in 2022. Despite the revenue growth, gross profit declined from RMB3,088.4 million to RMB451.2 million year-on-year, mainly due to increased sales promotions, the expiry of new energy vehicle subsidies, and inventory provisions related to model upgrades. Research and development expenses saw a slight increase to RMB5,276.6 million, reflecting the company's continued investment in innovation. Selling, general, and administrative expenses decreased by 1.9% to RMB6,558.9 million due to prudent cost control. Other income rose to RMB465.6 million in 2023, largely from increased government subsidies. The company recorded a net loss...Show More

XPeng Inc., a leading Chinese Smart EV company, reported a significant increase in revenues from RMB26,855.1 million in 2022 to RMB30,676.1 million in 2023, primarily driven by an increase in vehicle sales. The company delivered 141,601 units in 2023, up from 120,757 units in 2022. Despite the revenue growth, gross profit declined from RMB3,088.4 million to RMB451.2 million year-on-year, mainly due to increased sales promotions, the expiry of new energy vehicle subsidies, and inventory provisions related to model upgrades. Research and development expenses saw a slight increase to RMB5,276.6 million, reflecting the company's continued investment in innovation. Selling, general, and administrative expenses decreased by 1.9% to RMB6,558.9 million due to prudent cost control. Other income rose to RMB465.6 million in 2023, largely from increased government subsidies. The company recorded a net loss of RMB10,375.8 million in 2023, compared to RMB9,139.0 million in the previous year. Interest income increased to RMB1,260.2 million, while interest expenses rose to RMB268.7 million due to higher bank borrowings. XPeng faced a fair value loss on derivative assets or liabilities of RMB410.4 million and an investment loss on long-term investments of RMB224.4 million. The company's cash and cash equivalents, along with restricted cash, short-term investments, and time deposits, totaled RMB45,698.5 million as of December 31, 2023. XPeng's liquidity was supported by bank borrowings and equity issuances, including a strategic investment by Volkswagen Group totaling US$705.6 million.