Financial Performance - Total vehicle deliveries for the six months ended June 30, 2023, were 41,435 units, a decrease of 39.9% compared to 68,983 units for the same period in 2022[4]. - Total revenue for the six months ended June 30, 2023, was RMB 9.1 billion, down 38.9% from RMB 14.89 billion for the same period in 2022[9]. - Vehicle sales revenue for the six months ended June 30, 2023, was RMB 7.94 billion, a decrease of 43.0% compared to RMB 13.94 billion for the same period in 2022[4]. - Gross margin for the six months ended June 30, 2023, was -1.4%, compared to 11.6% for the same period in 2022[4]. - Net loss for the six months ended June 30, 2023, was RMB 5.14 billion, compared to RMB 4.4 billion for the same period in 2022[4]. - Operating loss for the six months ended June 30, 2023, was RMB 5.68 billion, compared to RMB 4.01 billion for the same period in 2022[10]. - The net loss for the six months ended June 30, 2023, was RMB 5.14 billion, compared to RMB 4.40 billion for the same period in 2022[11]. - The cumulative loss as of June 30, 2023, amounted to RMB 30.47 billion[11]. - The basic and diluted net loss per American depositary share for the six months ended June 30, 2023, was RMB 5.97, compared to RMB 5.16 for the same period in 2022[11]. - The net loss for the period increased to RMB (30,472,526) thousand compared to RMB (25,330,916) thousand in the previous period[34]. - For the six months ended June 30, 2023, XPeng Inc. reported a net loss of RMB 5,141,610 thousand, compared to a net loss of RMB 4,401,649 thousand for the same period in 2022, representing an increase in loss of approximately 16.8%[195]. - Basic and diluted loss per share for XPeng Inc. was RMB (2.98) for the six months ended June 30, 2023, compared to RMB (2.58) for the same period in 2022, reflecting a deterioration of approximately 15.5%[195]. Cash Flow and Liquidity - The net cash used in operating activities for the six months ended June 30, 2023, was approximately RMB 6.22 billion, compared to RMB 2.29 billion for the same period in 2022[11]. - As of June 30, 2023, cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 33.71 billion, down from RMB 38.23 billion as of December 31, 2022[13]. - The net cash provided by financing activities for the six months ended June 30, 2023, was RMB 2.45 billion, compared to RMB 1.72 billion for the same period in 2022[14]. - As of June 30, 2023, total assets amounted to RMB 66,684,664 thousand, a decrease of 6.4% from RMB 71,491,006 thousand as of December 31, 2022[31]. - The total cash and cash equivalents at the end of June 30, 2023, were RMB 11,686,319 thousand, up from RMB 9,307,570 thousand at the end of June 30, 2022[46]. - The company has been focusing on enhancing market acceptance of its products to increase sales and achieve economies of scale, alongside implementing more effective marketing strategies and cost control measures[62]. - Management believes that the existing cash balance is adequate to meet the company's operational funding requirements and contractual obligations[63]. Research and Development - Research and development expenses for the six months ended June 30, 2023, were RMB 2.66 billion, an increase of 7.1% from RMB 2.49 billion for the same period in 2022[9]. - The company has a strong emphasis on research and development, with subsidiaries dedicated to technology development and vehicle retailing[52]. - Research and development expenses for the six months ended June 30, 2023, amounted to RMB 2,662,961 thousand, compared to RMB 2,486,237 thousand for the same period in 2022, reflecting an increase of approximately 7.1%[106]. Strategic Partnerships and Investments - The company announced a strategic partnership with Volkswagen Group, involving a cash investment of approximately USD 700 million[8]. - The company has established multiple subsidiaries, including Guangzhou XPeng Motors Technology Co., Ltd. and Zhaoqing XPeng New Energy Investment Co., Ltd., with 100% ownership in all major subsidiaries[50][52]. - The company has made significant investments in its subsidiaries, with registered capital amounts reaching RMB 6,126,316 for Guangzhou XPeng Motors Technology Co., Ltd.[50]. - The company acquired 100% equity of Xintu Technology and Jiangsu Zhipeng Spatial Information Technology Co., Ltd. in 2021, enhancing its capabilities in surveying and mapping[57]. - The company holds a 50% stake in Zhipeng Vehicle Networking and Yidian Smart Travel, consolidating their financial performance under ASC 810 accounting standards[59][60]. Inventory and Assets - Inventory decreased to RMB 3,572,087 thousand, down 21.0% from RMB 4,521,373 thousand[31]. - The total amount of receivables from installment payments, after deducting unrealized financial income, was RMB 3,894,314 thousand as of June 30, 2023[144]. - The total current liabilities were RMB 23,432,423 thousand, slightly down from RMB 24,114,853 thousand[33]. - The total prepayments and other current assets as of June 30, 2023, amount to RMB 2,364,098 thousand, a decrease from RMB 2,466,084 thousand as of December 31, 2022[129]. Liabilities and Debt - The total liabilities as of June 30, 2023, were RMB 34,011,701 thousand, down 1.6% from RMB 34,580,341 thousand as of December 31, 2022[33]. - The total amount of asset-backed securities decreased from RMB 821,536,000 as of December 31, 2022, to RMB 447,374,000 as of June 30, 2023[172]. - The company has secured bank loans with interest rates of 3.27% and 3.35% for different loan agreements as of June 30, 2023[169]. - The total accounts payable for marketing activities decreased significantly to RMB 257,367 as of June 30, 2023, from RMB 483,059 as of December 31, 2022, a drop of 46.7%[162]. Revenue Recognition - Revenue is recognized when control of goods or services transfers to the customer, with multiple performance obligations allocated based on relative standalone selling prices[90]. - The group's revenue is derived from electric vehicle sales and a range of products and services embedded in contracts, including free battery charging for 4 years or 100,000 kilometers, lifetime warranty, and vehicle internet connectivity services[92]. - Revenue from embedded services includes free battery charging, extended lifetime warranty, and vehicle internet connectivity services, all recognized under ASC 606[97]. Shareholder Information - As of June 30, 2023, XPeng Motors has issued a total of 1,382,395,427 Class A ordinary shares, with 1,374,675,343 shares outstanding[186]. - The company issued new ordinary shares to Guangdong Yue Financial for RMB 500 million, resulting in a 0.3067% equity stake[176]. - The company’s major shareholders include He Xiaopeng, who is the chairman and CEO, and Gu Hongdi, who is the honorary vice chairman and president[197].
小鹏汽车-W(09868) - 2023 - 中期财报