China Fund News reporter Yishan
On the evening of March 28, the network rumored that Xiaopeng new energy vehicles burned downstairs in Shenzhen, in response, Xiaopeng Automobile responded on the 29th, confirming that the model involved was the 2019 G3, and said that it would fully cooperate with the investigation of the cause of the accident.
On the same night, Xiaopeng Automobile released its 2021 annual report, and the data showed that the company achieved a total revenue of 20.99 billion yuan in 2021, an increase of 259.1% year-on-year; 98,155 units were delivered throughout the year, surpassing Weilai and Ideal Automobile, ranking first in the new forces of car manufacturing.
Xiaopeng Motors responded to a vehicle fire
According to netizens, on the evening of March 28, a new energy vehicle caught fire and burned under the building of a resident, and an explosion was heard at the scene, and the store information from the picture showed that the place was suspected to be located near Baishilong Village, Longhua District, Shenzhen.
As can be seen from the screenshots transmitted online, the entire car is on fire, but the logo of Xiaopeng Automobile can be clearly seen on the front of the car. After the fire department extinguished the fire, the entire vehicle was almost completely burned.
On March 29, in response to the fire of Xiaopeng Motors on the Internet, Xiaopeng Motors responded that on the evening of March 28, Mr. He's 2019 Xiaopeng G3 had a fire in a community in Longhua District, Shenzhen, and no one was injured. At present, the fire department has completed the disposal of the scene. Xiaopeng Automobile attaches great importance to the rights and interests of users, and will fully cooperate with relevant departments to investigate the cause of the accident, continue to follow up the follow-up results, and assist customers in handling follow-up related matters.
According to the information on the official website, the current G3 series can be ordered as G3i, priced between 168,900-203,900 yuan, equipped with battery types such as lithium iron phosphate batteries and ternary lithium batteries.
Source: Xiaopeng Automobile official website
It is reported that Xiaopeng G3 is the first mass production model of Xiaopeng Automobile, but the sales volume has been tepid since its listing, and last year Xiaopeng Automobile had a mid-term modification of it, but there was no major improvement from the sales data. According to the data, in January 2022, Xiaopeng delivered a total of 12,922 new cars, of which 2,186 units of the Xiaopeng G3 series were delivered. As of the financial report released on March 28, the G3 series delivered 629 units in February.
Deliveries in 2021 "out of the ordinary"
On the evening of March 28, Xiaopeng Automobile disclosed its 2021 performance report, and the financial report showed that the total delivery volume of Xiaopeng Automobile in 2021 was 98,155 units, an increase of 263% year-on-year. This data also makes Xiaopeng Automobile achieve the annual sales crown of the first echelon of the new car-making force with a slight advantage.
Public data show that among the "top three" of new car-making forces, Weilai's annual sales in 2021 were 91,429 units, an increase of 109.1% year-on-year; ideal car sales in 2021 were 90,491 units, an increase of 177.4% year-on-year.
Specifically, the cumulative delivery volume of Xiaopeng P7 in 2021 reached 60,569 vehicles, accounting for 62% of the total delivery volume of the whole year. Among them, the number of deliveries in the fourth quarter was 21,342 units, up 150% from 8,527 units in the same period in 2020. In addition, the delivery of Xiaopeng P5 after mass production began in October last year is also more eye-catching, and the data shows that the P5 reached 5,030 units in December 2021.
Xiaopeng Motors expects vehicle deliveries in the first quarter of this year to be between 33,500 and 34,000 units, up about 151.1 percent to 154.9 percent year-on-year. In addition, Xiaopeng Motors said that this year's delivery volume will exceed 4 times the first quarter delivery guidelines, which means that Xiaopeng Motors will sell more than 130,000 vehicles this year.
He Xiaopeng, chairman of Xiaopeng Motors, said that Xiaopeng Motors will launch two new model platforms and its first model in 2023, namely the C-class car platform and the B-class car platform, which will help the company obtain stronger cost control capabilities and cover a wider range of user groups in the mid-to-high-end market with huge growth potential.
In terms of production capacity, it is reported that in addition to the existing Zhaoqing plant, Xiaopeng Automobile has two factories under construction, of which the Guangzhou plant has entered the equipment installation stage, and the Wuhan plant will be put into operation next year.
According to the financial report, as of December 31, 2021, Xiaopeng Automobile had a total of 357 operating stores, covering 129 cities, and a total of 772 supercharger stations, covering 208 cities.
Medium- and long-term target gross margin of more than 25%
In terms of revenue, the financial report shows that in 2021, the company achieved operating income of 20.99 billion yuan, an increase of 259.1% year-on-year, of which the automobile sales revenue was 20.04 billion yuan, an increase of 261.3% year-on-year. Services & Other Revenue recorded was $946 million, representing a year-on-year increase of 218.0%.
In 2021, the sales cost of Xiaopeng Automobile was 18.366 billion yuan, up 229.2% year-on-year; in terms of research and development expenditure, the company's annual research and development expenditure in 2021 was 4.11 billion yuan, an increase of 138.4% year-on-year.
As of December 31, 2021, the Company's operating loss was RMB6,579 million, compared to RMB4,294 million for the same period last year; net loss was RMB4,863 million, an increase of 78% year-on-year.
From the perspective of gross profit margin, there is still a gap between Xiaopeng Automobile and Weilai and Ideal Automobile.
According to the financial report data, the gross profit margin of Xiaopeng Automobile in 2021 was 12.5%, of which the gross profit margin in the fourth quarter was 12.0%. The gross profit margins of NIO and Ideal Automobile in the fourth quarter were 17.2% and 22.4%, respectively. In addition, in terms of auto gross margin, ideal and NIO's auto gross margin in the fourth quarter were 22.3% and 20.1%, respectively, and Xiaopeng Automobile's was 10.9%.
In this regard, He Xiaopeng, chairman of Xiaopeng Motors, said at the 2021 financial report performance conference that Xiaopeng Motors will adhere to the entrepreneurial spirit and business thinking and continuously improve operational efficiency. The system platform will promote the company's transformation of the power system, manufacturing process and BOM cost system, and the gross profit margin of Xiaopeng's new models and the company's overall gross profit margin will be structurally improved. With the help of scale effects and operating leverage, the expense ratio will continue to decline. "Xiaopeng Motors' medium- and long-term goal is to increase the company's overall gross profit margin to more than 25%."
In addition, in terms of automatic driving, He Xiaopeng said that the current research and development of the core function city navigation system (NGP) of XPILOT3.5 is progressing smoothly, and after obtaining the approval of the relevant competent authorities, it is planned to launch a new urban navigation system in the first batch of cities at the end of the second quarter of 2022. In 2023, Xiaopeng Automobile will officially launch XPIRAT4.0 to achieve intelligent assisted driving at high speed and in all scenarios in the city. At least 4 models will support the system in 2023, and the intelligent assisted driving hardware and software platform of Xiaopeng Motors' new models will be gradually unified.
In terms of stock price, as of press time, Xiaopeng Automobile's U.S. stocks were quoted at $27.13 per share, with a market value of $23.2 billion; Hong Kong stocks were quoted at HK$103.8 per share, with a market value of HK$177.8 billion.
Edit: Joey