Car stuff (public number: chedongxi)
The author | Earthway Alice Haohan
Edit the | Xiao Han
Just now, Xiaopeng Automobile released the fourth quarter and annual financial report of 2021, and the annual revenue exceeded 20 billion yuan for the first time.
In 2021, Xiaopeng Automobile delivered a total of 98,155 vehicles throughout the year, only 1,845 vehicles away from the annual sales of 100,000 units, it can be said that Xiaopeng Automobile has basically reached the milestone of annual sales of 100,000 units.
In addition to the continuous growth of Xiaopeng P7 orders and the steady increase in Xiaopeng P5 deliveries, the trial production of Xiaopeng Automobile's fourth mass-produced model, Xiaopeng G9, has rolled off the production line and will begin delivery in the third quarter.
In the subsequent conference call, He Xiaopeng, chairman and CEO of Xiaopeng Motors, said that Xiaopeng Motors will launch two new platforms in 2023, and launch a new model based on two new platforms, positioned respectively in B-class cars and C-class cars, and will introduce manufacturing processes such as ultra-large integrated die casting.
▲Key data of Xiaopeng Automobile's 2021 annual report
Up to now, Wei Xiaoli, the head player of the domestic new car, has released its own financial reports for the fourth quarter and the whole year of 2021.
Overall, in 2021, the three cars of Wei Xiaoli are selling very well, basically approaching the mark of 100,000 units per year, and Xiaopeng Automobile has also won the annual sales champion of Wei Xiaoli's three.
From the perspective of net profit, only ideal cars in the whole of 2021 achieved a short profit in the fourth quarter, but from the perspective of the whole year, Wei Xiaoli's three companies are still in a state of loss in 2021.
Che Dongxi first collected the key data on the unaudited financial report of Xiaopeng Automobile in the fourth quarter of fiscal 2021 and the whole year into a table, and compared the delivery volume, revenue, cost, marketing and R&D expenditure scale of the three Wei Xiaoli companies horizontally, so that you can systematically see the development of the three Wei Xiaoli in 2021.
First, the annual delivery of more than 98,000 units revenue of nearly 21 billion yuan
In terms of car deliveries, Xiaopeng Automobile delivered a total of 98,155 vehicles in 2021, while the delivery volume for the whole year of 2020 was 27,041 vehicles, and the delivery volume in 2021 increased by 263% compared with the same period in 2020.
Of the 98,155 vehicles delivered throughout the year, including 29,721 G3/G3i models, 60,569 P7s and 7,865 P5s, the delivery of P7 models in 2021 soared by 302% year-on-year compared to 2020, still the most delivered models.
▲Xiaopeng model delivery data on sale
In terms of revenue, the total revenue of Xiaopeng Motors in 2021 was 20.9881 billion yuan, an increase of 259.1% compared with 5.8443 billion yuan in the same period of 2020.
Among them, automobile sales were 20.042 billion yuan, compared with 5.5468 billion yuan in 2020, an increase of 261.3% year-on-year.
Xiaopeng Automobile's net loss in 2021 was 4.8631 billion yuan, compared with a net loss of 2.732 billion yuan in 2020. Net loss increased by 78% compared to the same period in 2020.
In terms of R&D expenses, Xiaopeng Automobile's R&D expenses for the whole year of 2021 were 4.1143 billion yuan, an increase of 138.4% compared with 1.7259 billion yuan in the same period of 2020.
Xiaopeng Motors said that the increase in R&D expenses was mainly due to the increase in employee compensation caused by the expansion of the R&D team, as well as the increase in expenses related to the development of new models.
In terms of marketing and administrative expenditure, Xiaopeng Automobile invested a total of 5.3054 billion yuan in 2021, compared with 2.9206 billion yuan in 2020, an increase of 81.7% year-on-year. Xiaopeng Automobile said that the main reason for the increase is the increase in marketing, promotion and advertising expenses of automobile sales, and the increase in related personnel costs due to the expansion of the sales network.
▲Comparison of key data in Wei Xiaoli's 2021 annual report
Second, Wei Xiao Financial Report is all out Xiaopeng revenue has reached a new high
In terms of total revenue, the total revenue of Xiaopeng Motors in the fourth quarter of 2021 was 8.56 billion yuan, an increase of 200.1% year-on-year and 49.6% month-on-month.
Compared with the third quarter of 2021, Xiaopeng Motors' total revenue has increased. However, compared with Weilai and Ideal, the total revenue of Xiaopeng Automobile has been the lowest for three for 6 consecutive quarters, of course, this is also related to the relatively low price of Xiaopeng Automobile's models on sale.
▲Quarterly total revenue comparison chart
From the current wei xiaoli three models of all the models, the price of the ideal ONE and the ideal L9 is between 300,000 and 500,000 yuan, the average price of the models currently on sale in Weilai is also about 400,000 yuan, and the price of some top models has exceeded 500,000 yuan. Among the three models currently on sale, only the average price of Xiaopeng P7 can reach more than 200,000 yuan, such as Xiaopeng G3 series and Xiaopeng P5, the average price is basically within 200,000 yuan.
Moreover, He Xiaopeng, chairman and CEO of Xiaopeng Motors, also recently said that in the layout of new models, Xiaopeng Motors has not considered launching models below 150,000, and has not considered doing more high-end brands, that is to say, the price of Xiaopeng Motors' future new cars will not change significantly compared with now.
Then, in the case of the average price of the model is relatively low, in order to make money, Xiaopeng can only rely on sales.
Compared with Weilai and Ideal, Xiaopeng Automobile's delivery volume in the fourth quarter of 2021 reached 41,751 units, an increase of 63% month-on-month and a year-on-year increase of 222%, the highest of the three, and the advantage is more obvious.
▲Quarterly comparison chart of delivery data
The reason why the total revenue of Xiaopeng Automobile in the fourth quarter of 2021 can achieve a substantial increase, and the gap with Weilai and Ideal has gradually narrowed, the hot sales of Xiaopeng Automobile's various models are indispensable. Just recently, the 100,000th vehicle of the Xiaopeng P7 officially rolled off the production line, and it became the first pure electric new power model to break through the mass production of 100,000.
Simply put, the more cars are sold, the total revenue naturally increases.
However, at the beginning of 2022, due to the impact of the continuous sharp rise in the price of upstream raw materials, Xiaopeng Automobile adjusted the price of the models on sale, and the price increase before the subsidy ranged from 10,100 to 20,000 yuan, involving Xiaopeng P7, P5 and G3i models.
The rise in raw materials is not overnight, from 2021, the price of the core raw materials of power batteries will continue to rise, and this will make the gross profit of Xiaopeng Automobile, which is already close to the people, once again compressed.
Therefore, in the fourth quarter of 2021, the gross profit margin of Xiaopeng Motors was 10.9%, down 2.7% from 13.6% in the third quarter of 2021. Thanks to the relatively high price of its models, the gross profit margin of NIO and Ideal in the fourth quarter of last year basically remained at about 20%.
▲Quarterly comparison chart of gross profit margin of automobile business
In terms of net profit, although Xiaopeng Automobile handed over a good delivery report card in the fourth quarter of 2021, Xiaopeng Automobile still did not achieve profitability this quarter.
In the fourth quarter of 2021, Xiaopeng Automobile's net loss was 1,278.2 million yuan, which was lower than the third quarter of 2021.
▲Quarterly net profit comparison chart
Looking at the three Wei Xiaoli companies, only ideal cars have achieved profitability in the fourth quarter of 2020 and the fourth quarter of 2021, after all, ideal cars are known as "cutting factories", and it is not easy to achieve profitability for a short time. Weilai and Xiaopeng Automobile have always been in a state of loss and have not yet achieved profitability.
In terms of R&D expenditure, Xiaopeng Automobile's R&D expenditure reached a new high in the fourth quarter of 2021, reaching 1.451 billion yuan. In the past six quarters, Xiaopeng Automobile's research and development expenditure has been on par with Weilai Automobile, and the two companies are basically in a state of glue.
▲Quarterly R&D expenditure comparison chart
He Xiaopeng, chairman and CEO of Xiaopeng Motors, said that Xiaopeng Automobile's cumulative R&D investment exceeds 9 billion yuan, and in 2022, the R&D investment in a single year will exceed the sum of the past one or two years, which may mean that Xiaopeng will bring more products and technologies this year and in the next few years.
In addition to R&D expenditure, Xiaopeng Automobile's marketing and administrative management expenditure in the fourth quarter of 2021 also reached a new high, reaching 2.0154 billion yuan, which is close to WEILAI Automobile's expenditure in this regard.
▲Quarterly comparison chart of marketing and administrative expenditures
Third, the launch of urban NGP within the year will not launch sub-brands
Just last weekend, He Xiaopeng attended the China Electric Vehicle 100 Forum, and he also answered questions about the recent increase in the price of raw materials for electric vehicles and the planning of future models.
1. Raw material prices will remain stable in the third quarter of 2022
He Xiaopeng believes that for electric vehicle manufacturers, there are three unfavorable external environments in the near future.
The first is the material, and the most scarce material is the battery cell. The second is the shortage of chips, Xiaopeng Motors predicted in 2021 that the shortage of raw materials in the second half of 2022 will be alleviated. But for now, in the first half of 2022, this situation has not only not eased but also further deteriorated. The third is this year's epidemic factor.
▲Xiaopeng Automobile's explanation of the price adjustment of the model
"For a new company like Xiaopeng, there will be many challenges. Recently, Xiaopeng Automobile has also made the first round of price increases, and overall, there are many manufacturers who have also raised prices. He Xiaopeng said that at the same time, Xiaopeng Automobile will also put the main production capacity into models with larger gross profits.
He Xiaopeng expects that in the third quarter of this year, the price of raw materials will not continue to rise, and the price will reach a stable state, or even stabilize or fall.
2, the city-level NGP effect is no less than Tesla FSD
According to He Xiaopeng, in the test area of Guangzhou's urban area, the P5 test vehicle equipped with the city NGP has appeared many times that there are tens of kilometers that do not need to be taken over, or only once, which is very close to the effect of high-speed NGP.
Judging from the test results, the city-level NGP effect pushed out within this year will be better than the Tesla FSD effect, He Xiaopeng said.
▲Xiaopeng Automobile full-scene intelligent assisted driving demonstration version
"I think intelligent assisted driving will enter the high-level autonomous driving stage from the second half of this year, and may enter the unmanned autonomous driving stage by 2026." The pace of change will be faster than most people think, and much faster. He Xiaopeng said.
In addition, this year, Xiaopeng Motors will gradually open the urban NGP function in China's major cities such as Guangzhou, Shenzhen, Beijing, Shanghai, Hangzhou and other cities according to the order of policy announcement.
In terms of teams, the R&D and data team of Xiaopeng Automobile's intelligent assisted driving is close to 1500 people, which is a considerable scale.
3. High-end sub-brands will not be launched for the time being
In the layout of the new model, Xiaopeng Automobile has not considered launching models below 150,000, and has not considered making a more high-end brand.
"It is enough for an automobile manufacturer to do a good job as a main brand, if you want to do a sub-brand, it is best to do it independently by an independent team, not in the main team." He Xiaopeng said.
4. The rise in the price of power batteries has not affected the sales of Xiaopeng Automobile
He Xiaopeng said that although it is predicted that the price of power batteries will rise this year, the extent of the rise is not expected. However, from the current point of view, the price increase of power batteries has not affected the sales of Xiaopeng Automobile.
"We do not confirm what is the cause of the cause, we probably think that it is possible that the recent rise in gasoline prices, the average price of Xiaopeng is about 250,000 yuan or so, there is no impact, but we think that for the intelligence is not strong, for the number of batteries is relatively large, but the price is relatively cheap car, there will be a certain degree of impact." He Xiaopeng said.
Conclusion: Xiaopeng Car all the way up
Overall, Xiaopeng Automobile's revenue and sales in the fourth quarter and full year of 2021 are growing rapidly, and at the same time, the number of sales stores and charging network of Xiaopeng Automobile are also expanding continuously.
In addition, the loss in the fourth quarter is also expanding slightly, while the annual loss is growing, how to get out of the loss, not only Xiaopeng Automobile needs to solve the problem, but also one of the problems that many new car-making forces need to solve.
At the same time, Xiaopeng Automobile has never skimped on investment in research and development, and in 2022, the research and development investment in a single year will exceed the sum of the past one or two years, and He Xiaopeng is more confident to say that the city-level NGP effect pushed out within this year will be better than the effect of other friends.
Different from the ideal cost control to ensure sales, but also different from Weilai to spend a lot of money to market high-end brands, Xiaopeng Automobile is steady and steady, and has embarked on a moderate road with its own characteristics.
In this way, Xiaopeng Automobile can maintain the upward trend of sales in the dilemma of chip shortage and upstream price increases, and in the fourth quarter and annual financial reports, it will hand out a relatively satisfactory report card to investors and consumers, but how to get out of the loss is still a big problem.