Vehicle Deliveries and Revenue - Total vehicle deliveries in 2023 reached 141,601 units, a 17.3% increase from 120,757 units in 2022[2] - Total revenue for 2023 was RMB 30.68 billion, up 14.2% from RMB 26.86 billion in 2022[2] - Automotive sales revenue for 2023 was RMB 28.01 billion, a 12.8% increase from RMB 24.84 billion in 2022[2] - XPeng's delivery volume in January and February 2024 was 8,250 units and 4,545 units, respectively, with a cumulative total of 12,795 units for the year[5] - 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%[11] - Total revenue for Q1 2024 is expected to be between RMB 5.8 billion and RMB 6.2 billion, representing a year-over-year increase of approximately 43.8% to 53.7%[11] - Revenue from car sales reached RMB 28,010,857 thousand in 2023, compared to RMB 24,839,637 thousand in 2022, showing a 12.8% growth[44] - Service and other sales revenue increased to RMB 1,725,706 thousand in 2023 from RMB 1,286,804 thousand in 2022, a 34.1% rise[44] - Total revenue for 2023 was RMB 30,676,067 thousand, up from RMB 26,855,119 thousand in 2022, reflecting a 14.2% increase[44] Financial Performance and Losses - Gross margin for 2023 was 1.5%, compared to 11.5% in 2022[2] - Automotive gross margin for 2023 was -1.6%, compared to 9.4% in 2022[2] - Net loss for 2023 was RMB 10.38 billion, compared to RMB 9.14 billion in 2022[3] - Operating loss for the 2023 fiscal year was RMB 10.89 billion, compared to RMB 8.71 billion in the previous year[8] - Net loss for the 2023 fiscal year was RMB 10.38 billion, compared to RMB 9.14 billion in the previous year[8] - Gross profit for 2023 was RMB 451,155 thousand, a significant decrease from RMB 3,088,391 thousand in 2022[36] - Operating loss for 2023 was RMB 10,889,434 thousand, compared to RMB 8,705,523 thousand in 2022[36] - Comprehensive loss attributable to XPeng Inc. for 2023 was RMB 10,089,161 thousand, compared to RMB 5,946,399 thousand in 2022[37] - Basic and diluted net loss per ordinary share for 2023 was RMB 5.96, compared to RMB 5.34 in 2022[37] - Basic and diluted net loss per ADS for 2023 was RMB 11.92, compared to RMB 10.67 in 2022[37] - Non-GAAP operating loss widened to RMB 10,368,238 thousand in 2023 from RMB 7,995,037 thousand in 2022[56] - Non-GAAP net loss increased to RMB 9,444,162 thousand in 2023 from RMB 8,428,486 thousand in 2022[56] - Non-GAAP basic and diluted net loss per share rose to RMB 5.42 in 2023 from RMB 4.92 in 2022[56] - Non-GAAP basic and diluted net loss per ADS increased to RMB 10.85 in 2023 from RMB 9.84 in 2022[56] Cash and Investments - Cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 45.7 billion as of December 31, 2023[3] - Cash and cash equivalents, restricted cash, short-term investments, and time deposits as of December 31, 2023, were RMB 45.7 billion, compared to RMB 38.25 billion as of December 31, 2022[10] - Cash and cash equivalents rose significantly to RMB 21,127,163 thousand in 2023, up from RMB 14,607,774 thousand in 2022, marking a 44.6% increase[38] - Short-term deposits decreased to RMB 9,756,979 thousand in 2023 from RMB 14,921,688 thousand in 2022, a 34.6% decline[38] - Long-term deposits dropped to RMB 3,035,426 thousand in 2023 from RMB 6,926,450 thousand in 2022, a 56.2% decrease[38] R&D and Expenses - R&D expenses for the 2023 fiscal year were RMB 5.28 billion, a 1.2% increase from RMB 5.21 billion in the previous year, primarily due to the timing and progress of new vehicle development projects[8] - Sales, general, and administrative expenses for the 2023 fiscal year were RMB 6.56 billion, a 1.9% decrease from RMB 6.69 billion in the previous year, mainly due to reduced marketing, promotion, and advertising expenses[8] - R&D expenses for 2023 were RMB 5,276,574 thousand, slightly up from RMB 5,214,836 thousand in 2022[36] - Sales, general, and administrative expenses for 2023 were RMB 6,558,942 thousand, down from RMB 6,688,246 thousand in 2022[36] Strategic Partnerships and New Launches - XPeng launched the X9 smart large seven-seater MPV on January 1, 2024, with deliveries starting in the same month[6] - XPeng signed a strategic technical cooperation joint development agreement with Volkswagen Group and established a joint procurement plan[6] Loans and Financial Liabilities - As of December 31, 2023, the company had short-term bank loans totaling RMB 3.89 billion with an effective annual interest rate of 2.62%[13] - As of December 31, 2023, the company had long-term bank loans totaling RMB 780 million with an effective annual interest rate of 4.98%[14] - Bank loans for Zhaoqing Xiaopeng Motors Co., Ltd. increased to RMB 1.4 billion in 2023 from RMB 770 million in 2022, with an actual annual interest rate of 3.14% and 3.35% respectively[16] - Bank loans for Zhaoqing Xiaopeng New Energy Investment Co., Ltd. rose to RMB 1.25 billion in 2023 from RMB 400 million in 2022, with an actual annual interest rate of 3.06% and 3.35% respectively[16] - Guangzhou Xiaopeng Motors Leasing Co., Ltd. secured a credit line of RMB 200 million in 2023, with RMB 170 million drawn and an actual annual interest rate of 3.80%[16] - Guangzhou Pengyue Auto Development Co., Ltd. obtained a credit line of RMB 2.35 billion in 2023, with RMB 20 million drawn and an actual annual interest rate of 3.75%[16] - Asset-backed securities (ABS) issued by Guangzhou Xiaopeng Motors Leasing Co., Ltd. in 2022 amounted to RMB 1.5 billion, with the current portion of ABS at RMB 180 million and non-current portion at zero as of December 31, 2023[16] - Asset-backed notes (ABN) issued by Guangzhou Xiaopeng Motors Leasing Co., Ltd. in 2023 totaled RMB 840 million, with the current portion of ABN at RMB 240 million and non-current portion at RMB 90 million as of December 31, 2023[16] - The company's leverage ratio increased to 30.0% in 2023 from 21.1% in 2022[18] Acquisitions and Investments - The company acquired Xiaoju Smart Auto Co., Ltd. and its subsidiaries, integrating their financial performance into the consolidated financial statements[21] - The company acquired Dogotix Inc. for approximately USD 98.96 million, gaining full ownership and control to focus on the development of general-purpose humanoid intelligent robots[21] Employee and Corporate Structure - Total number of employees as of December 31, 2023, is 13,550, with 5,401 in R&D, 4,755 in sales and marketing, 2,879 in production, 91 in general and administrative, and 424 in operations[25] - The company has adopted a training policy with internal instructors and third-party consultants providing regular training on technology, corporate culture, and leadership[25] - The company provides competitive compensation and a dynamic work environment, along with government-mandated employee benefits and additional commercial health insurance[25] - The company's chairman and CEO roles are not separated, currently held by Mr. He Xiaopeng, to ensure unified leadership and efficient strategic planning[28] Tax and Financial Reporting - XPeng Limited is exempt from paying income tax on foreign income in the British Virgin Islands, and there is no withholding tax in the British Virgin Islands[45] - The applicable income tax rate for XPeng's significant subsidiaries in the US for the years ended December 31, 2023 and 2022 is 27.98% (combined state and federal rate)[46] - Guangzhou XPeng Motors Technology Co., Ltd. was approved as a high-tech enterprise in December 2022 and is entitled to a preferential tax rate of 15% from 2022 to 2024[46] - Zhaoqing XPeng Motors Co., Ltd. was approved as a high-tech enterprise in December 2020 and renewed in December 2023, entitled to a 15% preferential tax rate from 2023 to 2025[47] - Beijing XPeng Motors Co., Ltd. was approved as a high-tech enterprise in December 2020, but its qualification expired in 2023, resulting in a 25% tax rate for 2023[47] - Shanghai XPeng Motors Technology Co., Ltd. was approved as a high-tech enterprise in December 2022 and is entitled to a 15% preferential tax rate from 2022 to 2024[47] - Shenzhen Pengxing Intelligent Research Co., Ltd. was approved as a high-tech enterprise in October 2023 and is entitled to a 15% preferential tax rate from 2023 to 2025[47] - The total income tax expense for the year ended December 31, 2023, was RMB 36,810 thousand, compared to RMB 24,731 thousand for the year ended December 31, 2022[49] - The company's 2023 annual report will be published on the Hong Kong Stock Exchange website and the company's website[31] - The company's audit committee reviewed the unaudited consolidated financial statements and full-year results for the year ended December 31, 2023[31] - No dividends were declared for the years ended December 31, 2023, and 2022[55] Assets and Liabilities - Total assets increased to RMB 84,162,541 thousand in 2023 from RMB 71,491,006 thousand in 2022, reflecting a growth of 17.7%[38] - Total liabilities grew to RMB 47,834,014 thousand in 2023 from RMB 34,580,341 thousand in 2022, an increase of 38.3%[39] - Inventory increased to RMB 5,526,212 thousand in 2023 from RMB 4,521,373 thousand in 2022, a 22.2% rise[38] - Shareholders' equity slightly decreased to RMB 36,328,527 thousand in 2023 from RMB 36,910,665 thousand in 2022, a 1.6% decline[40] - The company's restricted cash and deposits increased to RMB 3.94 billion in 2023 from RMB 110 million in 2022, with the total assessed value of mortgaged assets at RMB 4.26 billion[17] Accounts Receivable and Payable - The total accounts receivable and notes receivable, net, as of December 31, 2023, was RMB 2,716,216 thousand, compared to RMB 3,872,846 thousand as of December 31, 2022[51] - Accounts receivable decreased to RMB 2,706,480 thousand in 2023 from RMB 3,876,103 thousand in 2022, with a significant drop in the 3 to 6 months category from RMB 341,293 thousand to RMB 7,290 thousand[53] - Accounts payable and notes increased to RMB 22,210,431 thousand in 2023 from RMB 14,222,856 thousand in 2022, with a notable rise in the 0 to 3 months category from RMB 6,011,186 thousand to RMB 11,953,357 thousand[53][54] Share Issuance and Dividends - The company issued a total of 58,164,217 Class A ordinary shares to Didi as the initial consideration shares on November 13, 2023[26] - The company issued 94,079,255 Class A ordinary shares to Volkswagen Finance Luxemburg S.A. on December 6, 2023[26] - The company did not recommend the distribution of a final dividend for the year ended December 31, 2023[31] Corporate Mission and Vision - The company's mission is to lead the future of mobility through technology-driven smart electric vehicles, with headquarters in Guangzhou and major offices in Beijing, Shanghai, Silicon Valley, San Diego, and Amsterdam[33]
小鹏汽车-W(09868) - 2023 - 年度业绩