Text/Leju Finance Li Shanshan
On March 28, "Wei Xiaoli" was late to disclose its 2021 financial report.
In the past year, Xiaopeng Automobile can be described as a triumphant progress. Its annual delivery volume reached 981.55 million units, an increase of 263% year-on-year, higher than Weilai Automobile's 914.29 million units and ideal car's 90491 vehicles, winning the "sales championship" of the new car-making forces.
But at the same time, it sells more and loses more. Xiaopeng Automobile became the one with the highest net loss in 2021 among the three "Wei Xiaoli" families.
According to the financial report, in 2021, the operating income of Xiaopeng Automobile was 20.988 billion yuan, an increase of 259.1% year-on-year; the net loss was 4.863 billion yuan, an increase of 78% year-on-year. In 2021, THE NET LOSS OF WEILAI AUTOMOBILE WAS 4.016 BILLION YUAN, AND THE NET LOSS OF IDEAL AUTOMOBILE WAS 321 MILLION YUAN.
In terms of gross profit margin reflecting corporate profitability, Xiaopeng Automobile recorded 12.5% in 2021, although it increased by 7.9 percentage points year-on-year, but it was lower than the gross profit margin of 18.9% and the ideal 21.3% of Weilai, which was at the bottom.
On the night of the release of the financial report, a Xiaopeng G3 caught fire in a residential area in Longhua District, Shenzhen. On March 29, Xiaopeng Automobile officially responded, confirming that the model involved is the 2019 Xiaopeng G3, and will fully cooperate with the relevant departments to investigate the cause of the accident and continue to follow up the follow-up results.
Sales champion, bottom revenue
According to the financial report data, in 2021, the operating income of Xiaopeng Automobile was 20.988 billion yuan, up 259.12% year-on-year. Although the annual revenue exceeded the 20 billion mark for the first time, it was also lower than the revenue of 36.136 billion yuan of Weilai Automobile and 27.01 billion yuan of Ideal Automobile.
In its total revenue composition, automobile sales revenue was 20.042 billion yuan, an increase of 261.3% year-on-year, and services and other revenue recorded was 946 million yuan, an increase of 218% year-on-year.
The increase in revenue was mainly due to the increase in sales. In 2021, the total delivery volume of Xiaopeng Automobile was 98,155 units, an increase of 263% from 27,041 units in 2020, becoming the sales champion in "Wei Xiaoli".
In terms of segments, the number of P7 deliveries of the best-selling model was 60,569 units, up 302% year-on-year, and the number of P5 models mass-produced in October 2021 reached 7,865 units.
In the fourth quarter of 2021, Xiaopeng Motors sold 41,751 units, up 222% year-on-year and 63% sequentially.
At the earnings performance conference, He Xiaopeng, chairman and CEO of Xiaopeng Automobile, said that nearly 80% of the increase in the fourth quarter came from non-first-tier cities, which is related to the sinking of Xiaopeng's layout channels in 2021.
At the same time as sales soared, Xiaopeng Automobile was also facing the problem of delivery difficulties due to the tight supply of power batteries. Since the end of last year, some P5 models have not been delivered according to the promised time, and the delivery has been postponed many times, and Xiaopeng Automobile has been collectively complained by the owners. In this regard, the relevant person in charge of Xiaopeng responded that users who postponed delivery can choose to unsubscribe, reassign or continue to wait, and there is no compensation plan.
At the performance meeting, He Xiaopeng revealed that the current supply of lithium iron phosphate is improving, and in the second half of this year and next year, the shortage of the entire supply chain can be alleviated to a certain extent.
From January to February this year, Xiaopeng Automobile delivered 19,147 vehicles, higher than Weilai and slightly lower than ideal. For sales expectations, Xiaopeng officials said that in the first quarter of 2022, the guidance delivery volume was about 335,500-34,000 vehicles, with revenue of 7.3 billion yuan; for the sales target for the whole year of 2022, He Xiaopeng expected to hit 300,000 vehicles under the premise of ensuring 250,000 vehicles.
The financial report shows that the physical sales network of Xiaopeng Automobile is expanding rapidly. At present, it has 357 sales stores, covering 129 cities, while the Xiaopeng Automobile brand super charging station has expanded to 772 seats, covering 308 cities.
In addition, Xiaopeng Motors' fourth production model, the G9, debuted at the Guangzhou International Auto Show on November 19, 2021 and is expected to be officially launched in the third quarter of this year. Impacting the market segment of medium and large SUVs, Xiaopeng Automobile, as a latecomer in "Wei Xiaoli", can successfully catch up with multiple challenges.
High spending, the king of losses
The rapid expansion and layout have also brought high losses.
According to the financial report data, the net loss of Xiaopeng Automobile in 2021 was 4.863 billion yuan, an increase of 78.01% year-on-year, becoming the most loss-making company in "Wei Xiaoli". Among them, the net loss in the fourth quarter was 1.29 billion yuan, an increase of 63.47% over the fourth quarter of 2020.
It is understood that from 2018 to 2021, Xiaopeng's net profit attributable to the mother was -1.399 billion yuan, -3.692 billion yuan, -2.732 billion yuan and -4.863 billion yuan, respectively. In 2021, it set a new four-year loss.
The increase in losses is closely related to the increase in Xiaopeng Automobile's high sales and management expenses and research and development expenses. According to the financial report, Xiaopeng Automobile's research and development expenses in 2021 reached 4.114 billion yuan, an increase of 138.4% year-on-year, and sales, general and administrative expenses were 5.305 billion yuan, up 81.7% year-on-year.
The high salaries of top management are one of the reasons for the rise in administrative expenses of Xiaopeng Motors.
Previously, in the list of executive compensation of Chinese high-tech companies, Gu Hongdi, vice chairman and president of Xiaopeng Motors, surpassed Tencent, JD.com, Ali and other CEOs with an annual salary of 435 million yuan, and jumped to the first place in the ranking. The news once appeared in the front row of the Weibo hot search list, triggering heated discussion among netizens.
Within the new car-making forces, their personal salaries are also far superior to those of their peers. It is several times higher than the 0.36 billion yuan of Shen Yanan, the president of Ideal Automobile, and the 0.26 billion yuan of Li Tie, CFO of Ideal Automobile, which are also on the list.
In this regard, Xiaopeng Automobile responded, "Gu Hongdi's annual salary of more than 400 million yuan is not all cash, but also includes equity and options. More than 90% of the 400 million years of salary this time is the sum of equity incentives accumulated in several years. ”
In addition, the sharp increase in the number of employees has also "added a handful of firewood" to the increase in Xiaopeng's expenses. According to the financial report, as of the end of 2021, Xiaopeng had a total of 13,978 employees, an increase of 175% compared with 5,084 at the beginning of the year.
Nowadays, high-end has become a new synonym for the new energy vehicle market, in order to compete upstream, Xiaopeng Automobile has also invested a lot of real money and silver in high-end technology and product research and development, and high investment has also been exchanged for intelligent continuous iteration.
More than 50% of the Xiaopeng P5 models delivered in the fourth quarter of 2021 can support XPILOT 3.0 or XPILOT 3.5 (XPILOT is an intelligent assistance system for Xiaopeng Motors).
At the performance meeting, He Xiaopeng revealed that Xiaopeng Automobile plans to officially launch XPIRAT4.0 in 2023 to achieve high-speed and all-scenario intelligent assisted driving in the city; and plans to carry out robotaxi (unmanned rental) tests on the G9 at the end of this year to complete the transition to unmanned driving in 2026.
In terms of gross profit margin reflecting corporate profitability, Xiaopeng Automobile recorded 12.5% in 2021, the lowest in "Wei Xiaoli". This is related to the fact that its products are more inclined to mid-range consumers, and the price is lower than that of Weilai and the ideal products, so the gross profit performance is not prominent.
In this regard, He Xiaopeng said that the next step will be to improve the gross profit margin through the model platform and the technological improvement of the factory, and its target will increase the gross profit margin of the new model to more than 25% in the future.
Frequent failures and spontaneous combustion many times
On the night of the release of Xiaopeng Automobile's financial report, a Xiaopeng G3 in a community in Longhua District, Shenzhen Suddenly caught fire.
Online video showed the train cars wrapped in flames and accompanied by explosions. Subsequently, the firefighters rushed to the scene to carry out a lot of fire extinguishing work, using water guns and foam fire extinguishing agents to control the fire, but the whole vehicle was still burned and scrapped, fortunately no one was injured.
In this regard, Xiaopeng Automobile's official response on March 29 said that it confirmed that the model involved was the 2019 Xiaopeng G3, saying that "it 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." ”
It is understood that this is the fifth fire incident publicly reported by Xiaopeng Automobile's products since December 2019, including 4 times in the G3 series and 1 time in the P7 series.
In April last year, a Xiaopeng G3 in Guangzhou's Metropolitan Plaza spontaneously combusted while charging next to a charging pile.
In February of the same year, a Xiaopeng P7 on the street of Zhaoqing, Guangdong Province, caught fire and burned, and smoke rose at the scene, which was also the first spontaneous combustion accident after the Xiaopeng P7 was listed.
In August 2020, a Xiaopeng G3 in Guangzhou was on fire, and Xiaopeng Automobile responded that it found that there were obvious serious bumps and injuries at the bottom of the battery box, resulting in serious damage to the battery, and the preliminary judgment was the cause of the accident.
In December 2019, a Xiaopeng G3 in Guangzhou spontaneously combusted, and Xiaopeng officially responded that "spontaneous combustion" was not true, but an open flame appeared in the tail. According to the statement of Xiaopeng Automobile, after testing the accident vehicle, the battery pack was found to be intact and still working normally. Through the investigation of the accident scene, more charcoal and lighters were found on the ground at the rear of the car, and it was judged that the accident was caused by an external fire source.
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Source: Automotive V-line