Financial Performance - Total revenue for Q1 2024 was RMB 6.55 billion (USD 910 million), a year-over-year increase of 62.3% but a quarter-over-quarter decrease of 49.8%[6] - Vehicle sales revenue for Q1 2024 was RMB 5.54 billion (USD 770 million), a year-over-year increase of 57.8% but a quarter-over-quarter decrease of 54.7%[6] - Service and other revenue for Q1 2024 was RMB 1.00 billion (USD 140 million), a 93.1% increase year-over-year from RMB 0.52 billion[12] - Total revenue for Q2 2024 is projected to be between RMB 7.5 billion and RMB 8.3 billion, reflecting a year-over-year increase of approximately 48.1% to 63.9%[17] - Total revenue for the three months ended December 31, 2023, was RMB 13,050,430, an increase from RMB 4,033,420 for the same period in 2023, representing a growth of approximately 223%[27] Vehicle Deliveries - Total vehicle deliveries in Q1 2024 reached 21,821 units, representing a 19.7% increase from 18,230 units in Q1 2023[5] - In April 2024, total vehicle deliveries were 9,393 units, bringing the cumulative total for the year to 31,214 units[10] - For Q2 2024, the company expects vehicle deliveries between 29,000 and 32,000 units, representing a year-over-year increase of approximately 25.0% to 37.9%[17] Profitability Metrics - The gross margin for Q1 2024 was 12.9%, up 11.2 percentage points year-over-year and 6.7 percentage points quarter-over-quarter[8] - The net loss for Q1 2024 was RMB 1.37 billion (USD 190 million), a decrease of 41.5% compared to RMB 2.34 billion in Q1 2023[8] - Operating loss for Q1 2024 was RMB 1.65 billion (USD 230 million), improved from RMB 2.59 billion in Q1 2023[14] - The company reported a basic and diluted net loss per American depositary share of (1.45) for the three months ended March 31, 2024[28] Cash and Assets - As of March 31, 2024, cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 41.4 billion (USD 5.73 billion) compared to RMB 45.7 billion as of December 31, 2023[7] - The total current assets decreased to RMB 50,277,572 from RMB 54,521,629, reflecting a decline of 7.3%[25] - The company's total assets as of March 31, 2024, were RMB 79,895,393, down from RMB 84,162,541, representing a decrease of 5.0%[25] - The total liabilities as of March 31, 2024, were RMB 44,773,361, down from RMB 47,834,014 as of December 31, 2023, indicating a reduction in total liabilities by approximately 6%[26] Research and Development - R&D expenses for Q1 2024 were RMB 1.35 billion (USD 190 million), a 4.2% increase year-over-year from RMB 1.30 billion[13] - Research and development expenses for the three months ended December 31, 2023, were RMB 1,307,745, compared to RMB 1,295,854 for the same period in 2023, indicating a slight increase in R&D investment[27] Strategic Initiatives - The company announced a strategic cooperation framework agreement with Volkswagen Group for electronic and electrical architecture technology on April 17, 2024[10] - The company aims to improve its operational efficiency and reduce losses in the upcoming quarters through strategic initiatives and cost management[29] - XPeng Inc. continues to focus on expanding its market presence and developing new technologies to enhance its product offerings[29] - The company is actively pursuing new strategies, including potential mergers and acquisitions, to strengthen its competitive position in the electric vehicle market[29] Non-GAAP Metrics - The company reported a non-GAAP operating loss, which is used to identify potential business trends and enhance understanding of past performance and future outlook[21] - The company emphasizes the importance of non-GAAP financial metrics in assessing operational performance, which may differ from GAAP metrics used by other companies[21] - The company encourages investors to review comprehensive financial data rather than relying solely on any single financial metric[21] Forward-Looking Statements - Forward-looking statements are subject to inherent risks and uncertainties, which may cause actual results to differ significantly from those projected[23]
小鹏汽车(09868) - 2024 Q1 - 季度业绩