Financial Performance - Total revenue for Q1 2023 was RMB 4.03 billion (USD 590 million), a decrease of 45.9% year-over-year and 21.5% quarter-over-quarter[6]. - The net loss for Q1 2023 was RMB 2.34 billion (USD 340 million), compared to RMB 1.70 billion in Q1 2022, marking a 37.4% increase in losses year-over-year[6]. - The gross margin for Q1 2023 was 1.7%, down from 12.2% in Q1 2022 and 8.7% in Q4 2022, representing a decline of 10.5 percentage points year-over-year[8]. - Automotive sales revenue for Q1 2023 was RMB 3.51 billion (USD 510 million), down 49.8% year-over-year and 24.6% quarter-over-quarter[6]. - Service and other revenue for Q1 2023 was RMB 520 million (USD 80 million), an increase of 13.9% year-over-year and an increase of 8.4% from Q4 2022, driven by increased sales of parts and supercharging services[11]. - Operating loss for Q1 2023 was RMB 2.59 billion (USD 380 million), compared to RMB 1.92 billion in Q1 2022 and RMB 2.52 billion in Q4 2022[12]. - The company reported a net loss of RMB 2.34 billion (USD 340 million) for Q1 2023, compared to RMB 1.70 billion in Q1 2022 and RMB 2.36 billion in Q4 2022[12]. - The company expects vehicle deliveries for Q2 2023 to be between 21,000 and 22,000 units, representing a year-over-year decrease of approximately 36.1% to 39.0%[15]. - Total revenue for Q2 2023 is expected to be between RMB 4.5 billion and RMB 4.7 billion, a year-over-year decrease of approximately 36.8% to 39.5%[15]. Vehicle Deliveries - Total vehicle deliveries in Q1 2023 were 18,230 units, a decline of 17.9% from 22,204 units in Q4 2022[5]. - In April 2023, total vehicle deliveries reached 7,079 units, bringing the cumulative total for the year to 25,309 units as of April 30[10]. Cash and Assets - As of March 31, 2023, cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 34.12 billion (USD 4.97 billion), down from RMB 41.71 billion a year earlier[7]. - The company reported cash and cash equivalents of RMB 8,826,056 thousand (approximately USD 1,285,173 thousand) as of March 31, 2023, down from RMB 14,607,774 thousand as of December 31, 2022[23]. - Total assets decreased to RMB 67,459,035 thousand (approximately USD 9,822,795 thousand) as of March 31, 2023, from RMB 71,491,006 thousand as of December 31, 2022[23]. - The company’s total current assets were reported at RMB 38,059,763 thousand (approximately USD 5,541,930 thousand) as of March 31, 2023, down from RMB 43,527,421 thousand[23]. - The company’s inventory as of March 31, 2023, was RMB 4,324,646 thousand (approximately USD 629,717 thousand), slightly down from RMB 4,521,373 thousand[23]. - Total liabilities decreased to RMB 33,004,643 as of March 31, 2023, down from RMB 34,580,341 on December 31, 2022[24]. - Total equity as of March 31, 2023, was RMB 34,454,392, a decrease from RMB 36,910,665 at the end of 2022[24]. Research and Development - R&D expenses for Q1 2023 were RMB 1.30 billion (USD 190 million), an increase of 6.1% year-over-year and an increase of 5.3% from Q4 2022, mainly due to increased spending on new vehicle model development[12]. - XPeng Inc. continues to focus on R&D and new product development to enhance market competitiveness despite current financial losses[25]. - XPeng Inc. continues to focus on expanding its market presence and developing new products and technologies to enhance its competitive position[27]. Strategic Goals and Outlook - The company aims to rapidly expand sales and market share as a primary strategic goal, anticipating significant improvements in operational cash flow with the launch of new models[9]. - The management provided a cautious outlook for the next quarter, emphasizing the need for continued innovation and adaptation to market conditions[27]. - The company aims to improve operational efficiency and reduce losses in the upcoming quarters through strategic initiatives and cost management[27]. - XPeng Inc. is actively exploring potential mergers and acquisitions to accelerate growth and market expansion[27]. Non-GAAP Metrics - The company emphasized the importance of non-GAAP financial metrics to identify business trends and enhance understanding of past performance and future prospects[19]. - The company encourages investors to review its financial information comprehensively rather than relying on any single financial metric[19]. - XPeng Inc. reported a non-GAAP operating loss of RMB 2,460,739 thousand for the three months ended March 31, 2023, compared to RMB 2,368,660 thousand for the same period in 2022, reflecting an increase of 3.9%[27]. - The non-GAAP net loss per ordinary share for the three months ended March 31, 2023, was RMB (1.28), slightly improved from RMB (1.29) for the same period in 2022[27]. - The company incurred share-based compensation expenses of RMB 124,638 thousand for the three months ended March 31, 2023, down from RMB 148,783 thousand for the same period in 2022, indicating a decrease of 16.2%[27].
小鹏汽车-W(09868) - 2023 Q1 - 季度业绩