XPeng sees Q3 2023 revenue soar 68.5% over previous quarter

Shanghai (Gasgoo)- Chinese smart electric vehicle maker XPeng Inc. (“XPeng”) announced on Nov. 15 its unaudited financial results for the third quarter of 2023 (Q3 2023).

In Q3 2023, XPeng recorded total revenues of 8.53 billion yuan (US$1.17 billion), representing a 25% growth year-on-year (YoY) and a 68.5% leap quarter-on-quarter (QoQ).

In the same quarter, the company's revenues from vehicle sales were 7.84 billion yuan (US$1.08 billion), marking a YoY increase of 25.7%, and a QoQ hike of 77.3%.

XPeng G6; photo credit: XPeng

The company said the YoY and QoQ growth in its Q3 2023 revenues from vehicles sales were mainly credited to the accelerating sales growth of the G6 in this period.

In the Jul.-Sept. period of this year, XPeng delivered 40,008 vehicles in total, reflecting a 35.3% YoY increase and a 72.4% QoQ surge.

XPeng’s gross margin in Q3 2023 stood at negative 2.7%, versus the 13.5% for the same period of 2022 and the negative 3.9% for the second quarter of 2023 (Q2 2023).

In the same period, the company's vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, reached negative 6.1%, compared with the 11.6% for the year-ago period and the negative 8.6% for Q2 2023.

The company logged a net loss of 3.89 billion yuan (US$0.53 billion) for Q3 2023, versus the loss of 2.38 billion yuan for Q3 2022 and 2.80 billion yuan for Q2 2023.

As of September 30, 2023, XPeng's total value of cash and cash equivalents, restricted cash, short-term investments, and time deposits amounted to 36.48 billion yuan (US$5.00 billion), marking an increase from the 33.74 billion yuan reported as of June 30, 2023. It should be clarified that time deposits encompass restricted short-term deposits, short-term deposits, restricted long-term deposits, as well as the current and non-current portions of long-term deposits.

In Q3 2023, XPeng's R&D expenses amounted to 1.31 billion yuan (US$0.18 billion), indicating a 12.9% decline from the corresponding period in 2022 and a 4.5% decrease from Q2 2023. The YoY and QoQ reductions primarily align with the timing and progress of new vehicle programs, said the company.