Summary by Moomoo AI
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