Financial Performance - Total revenue for Q4 2023 was RMB 13.05 billion (USD 1.84 billion), representing a 153.9% increase year-over-year and a 53.0% increase quarter-over-quarter [5] - Total revenue for the fiscal year 2023 was RMB 30.68 billion (USD 4.32 billion), an increase of 14.2% compared to RMB 26.86 billion last year [16] - The automotive sales revenue for Q4 2023 was RMB 12.23 billion (USD 1.72 billion), a 162.3% increase year-over-year [7] - Automotive sales revenue for fiscal year 2023 was RMB 28.01 billion (USD 3.95 billion), up 12.8% from RMB 24.84 billion last year, driven by strong sales growth of G6 and G9 models [16] - Q4 2023 service and other revenue was RMB 820 million (USD 120 million), a 71.6% increase year-over-year and a 20.0% increase quarter-over-quarter, attributed to increased sales from used cars and maintenance services [11] Losses and Margins - The net loss for Q4 2023 was RMB 13.5 billion (USD 1.9 billion), a decrease from RMB 23.6 billion in the same period of 2022 [6] - The company reported a non-GAAP net loss of RMB 17.7 billion (USD 2.5 billion) for Q4 2023, compared to RMB 22.1 billion in the same period of 2022 [6] - The gross margin for Q4 2023 was 6.2%, an increase of 8.9 percentage points from the previous quarter [5] - The gross margin for fiscal year 2023 was 1.5%, down from 11.5% last year, with automotive gross margin at -1.6% compared to 9.4% last year, impacted by increased sales promotions and inventory provisions [16] - Operating loss for fiscal year 2023 was RMB 10.89 billion (USD 1.53 billion), compared to RMB 8.71 billion last year [16] Deliveries and Production - Vehicle deliveries in Q4 2023 reached 60,158 units, a 170.9% increase compared to 22,204 units in the same period of 2022 [4] - In January 2024, total deliveries were 8,250 units, followed by 4,545 units in February 2024, bringing the cumulative total for the year to 12,795 units [9] - For Q1 2024, the company expects vehicle deliveries to be between 21,000 and 22,500 units, representing a year-over-year increase of approximately 15.2% to 23.4% [19] Cash and Assets - As of December 31, 2023, cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 45.7 billion (USD 6.44 billion) [6] - The company reported a total asset increase from RMB 71.49 billion in 2022 to RMB 84.16 billion in 2023, representing a growth of approximately 17.5% [27] - Cash and cash equivalents rose significantly from RMB 14.61 billion in 2022 to RMB 21.13 billion in 2023, an increase of about 44.5% [27] - The company’s inventory increased from RMB 4.52 billion in 2022 to RMB 5.53 billion in 2023, reflecting a growth of approximately 22.5% [27] Strategic Initiatives - The company plans to launch over 10 new models in the next three years, aiming to enhance its market presence and technological leadership [8] - The company signed a strategic technology cooperation agreement with Volkswagen Group for joint development and procurement plans to reduce platform costs [10] - The company plans to launch the Xiaopeng X9 super intelligent seven-seater MPV in January 2024 [10] Research and Development - R&D expenses in Q4 2023 were RMB 1.31 billion (USD 180 million), a 6.3% increase year-over-year and stable compared to Q3 2023 [11] - Research and development expenses for fiscal year 2023 were RMB 5.28 billion (USD 0.74 billion), a slight increase of 1.2% from RMB 5.21 billion last year, related to new vehicle model development [16] Shareholder Information - The company reported a total of 1,787,655,242 weighted average ordinary shares for calculating basic and diluted net loss per share as of December 31, 2023 [30] - The basic and diluted net loss per American depositary share for Q4 2023 was $(1.51), compared to $(2.74) in Q4 2022 [30] - The basic and diluted non-GAAP net loss per ordinary share was RMB 5.42 for 2023, compared to RMB 4.92 for 2022, reflecting a decline of approximately 10% [34]
小鹏汽车(09868) - 2023 Q4 - 季度业绩