Recently, Guangdong Xiaopeng Automobile Technology Co., Ltd. (hereinafter referred to as "Xiaopeng Automobile", 09868.HK) can be described as a hot spot, january 2022 car sales reached a new high year-on-year, new car deliveries reached 8085 units, an increase of 434% year-on-year, to achieve delivery for ten consecutive months year-on-year growth of more than 200%. However, under the gorgeous robe, Xiaopeng Automobile was complained by consumers "prospective owners" on the official website of Black Cat Complaints because they did not deliver the P7, 480E/N models of cars on the prescribed date.
Prior to this, the Enterprise Inspection App showed that on December 14, 2021, Xiaopeng Automobile was fined 100,000 yuan by the Xuhui District Market Supervision and Administration Bureau, because from January 2021 to June 2021, Xiaopeng Automobile collected and uploaded more than 430,000 face photos into the store without the consent of consumers, violating the relevant provisions of the Consumer Rights and Interests Protection Law of the People's Republic of China. In this regard, netizens joked, "A piece of two cents is still cheap." In addition, in the third quarter of 2021, Xiaopeng Automobile's revenue was 5.72 billion yuan, an increase of 187.4% over the same period in 2020, an increase of 52.1% over the second quarter, but the net loss still reached 1.595 billion yuan, compared with the net loss of 1.149 billion yuan in the same period of 2020, the net loss expanded, and its gross profit margin was lower than that of companies in the same industry.
I paid the deposit with joy, but I couldn't wait for the car. The delay in delivery of Xiaopeng Automobile may also make consumers feel helpless. Xiaopeng Automobile was founded in 2014 and is headquartered in Guangzhou. For more than two months since 2022, Xiaopeng Automobile has not delivered P5, P7 480E/N and other models of cars on the prescribed date, and the number of complaints on the official website of Black Cat Complaint has exceeded 33 times, and the complaints are mainly due to the delay in delivery time, non-fulfillment of promises, and sales fraud.
In fact, in response to the problem of delayed delivery, Xiaopeng Automobile explained as early as December 2021: "Due to the impact of the epidemic, the industry is facing an extreme shortage of lithium iron phosphate battery supply, which has also brought great uncertainty to the production of Xiaopeng P7 480E/N models, resulting in 480E/N model orders can not be delivered in time within the next timed expected delivery cycle, for which Xiaopeng apologizes." "But according to the complaint consumers on the black cat, the same order Xiaopeng car, not only P7 but also P5 models, the same period or later booking the higher price of the 550 version and 600 version of the electric car has been delivered, but their own booking of P5 460 models has not yet been delivered, this is a difference.
Regarding the delay in delivery, Xiaopeng Automobile gave three options: (1) continue to wait for the car to be picked up; (2) re-equipped with other models; (3) worry-free cancellation. In this regard, consumers said on the black cat complaint that the "worry-free cancellation" proposed by Xiaopeng customer service was only 5,000 yuan when booking. The car purchase contract signed on October 10, 2021, waited for nearly 4 months, during which car insurance, national new energy subsidies, and car purchase electricity rights and interests have been cancelled or increased. There is no other compensation for the loss of the owner during this period. On February 7, the official website of Xiaopeng Automobile showed that in January 2022, Xiaopeng Automobile delivered 12,922 units, an increase of 115% year-on-year, of which in the delivery of single models, Xiaopeng P5 delivered 4,029 units, delivering more than 4,000 units for two consecutive months, and Xiaopeng P7 delivered 6,707 units, with a cumulative delivery of more than 80,000 units in history.
As of February 14, 2022, there are still netizens under the Weibo of He Xiaopeng, the founder of Xiaopeng Motors, asking about the delivery time of the Xiaopeng P7480 series models. On December 14, 2021, the Qicha App showed that Shanghai Xiaopeng Automobile Sales service Co., Ltd., a subsidiary of Xiaopeng Automobile, was fined 100,000 yuan by the Xuhui District Market Supervision and Administration Bureau. According to the "Shanghai Xuhui District Market Supervision and Administration Bureau Administrative Punishment Decision", Xiaopeng Automobile purchased 22 camera equipment with face recognition functions, all of which were installed in its stores, involving 5 directly operated stores and 2 franchise stores, and opened 8 system accounts.
From January to June 2021, the customer flow statistics and passenger flow analysis of stores, including the number of people entering the store, the proportion of men and women, age analysis, etc., did not obtain the consent of consumers, nor did they explicitly or inform consumers of the purpose of collection and use, violating the relevant provisions of the Law of the People's Republic of China on the Protection of Consumer Rights and Interests. Subsequently, Xiaopeng Automobile publicly said, "Specific rectification measures have been made for related problems, and the company will reduce the frequency of information collection, ensure procedural security, and supplement the Privacy Policy." In this regard, Ping An Securities said that Xiaopeng Automobile is relatively ideal and Weilai, the lower selling price is conducive to rapid expansion of scale, the gross profit margin is relatively low but in the rising period, and the company's gross profit margin is expected to improve with the increase of delivery volume.
Compared with Weilai and Ideal, the net loss of Xiaopeng Automobile is larger, mainly due to low unit price, low superimposed gross profit margin and large investment in research and development. It is estimated that in 2021, 2022 and 2023, Xiaopeng Automobile's operating income will be 20.8 billion yuan, 39 billion yuan and 64.7 billion yuan, and its net profit will be -5.6 billion yuan, -5 billion yuan and -1.5 billion yuan, and it is expected to achieve a turnaround in 2024.