XPeng scores 19.3% year-on-year jump in Q3 2022 revenue

Shanghai (Gasgoo)- XPeng Inc. announced on Wednesday its revenue amounted to 6.82 billion yuan (US$0.96 billion) in the third quarter of 2022 (Q3 2022), jumping 19.3% over the same span of last year, while sliding 8.2% over the second quarter of this year (Q2 2022).

To be specific, the company recorded revenues from vehicles sales amounting to 6.24 billion yuan (US$0.88 billion) for Q3 2022, indicating a year-on-year increase of 14.3% mainly due to higher vehicle deliveries, and a quarter-on-quarter decrease of 10.1% primarily because of lower vehicle deliveries for the P5 and G3i.

The company delivered 29,570 vehicles through the Q3 2022, representing a 15% growth year-on-year.

Photo credit: XPeng

For the Q3 2022 period, XPeng saw its revenues from services and others surge 124.1% year on year and also rise 17% quarter on quarter to 0.58 billion yuan (US$0.08 billion). XPeng noted the increases mainly flowed from more services, parts and accessory sales in sync with higher accumulated vehicle sales.

XPeng's gross margin for Q3 2022 stood at 13.5%, dipping 0.9 percentage points from the previous year, while growing 2.6 percentage points from the previous quarter.

The Q3 2022 vehicle margin was 11.6%, versus the 13.6% for the prior-year period and 9.1% for Q2 2022. The main factor accountable for the quarter-over-quarter increase was the product mix changes, said the company.

The EV company also reported 1.50 billion yuan (US$0.21 billion) worth of R&D expenses for Q3 2022, reflecting an 18.5% growth both year-on-year and quarter-on-quarter.

In addition, XPeng faced a net loss of 2.38 billion yuan (US$0.33 billion) for the Jul.-Sept. period 2022, compared with the 1.59 billion yuan for Q3 2021 and 2.70 billion yuan for Q2 2022.

XPeng said its cash and cash equivalents, restricted cash, short-term investments and time deposits amounted to 40.12 billion yuan (US$5.64 billion) as of Sept. 30, 2022, versus the 41.34 billion yuan as of June 30, 2022.

For the fourth quarter of 2022 (Q4 2022), XPeng expects its quarterly vehicle deliveries to be between 20,000 and 21,000 units, representing a year-over-year decrease of around 49.7% to 52.1%.

Revenues for Q4 2022 are expected to reach between 4.8 billion yuan and 5.1 billion yuan, falling roughly 40.4% to 43.9% from a year ago.