Core Viewpoint - The automotive industry is experiencing an intensified price war, particularly among electric vehicle manufacturers, leading to significant discounts and potential market reshuffling [3][5]. Group 1: Price War Dynamics - BYD initiated the price war by launching a series of discounted models, with prices dropping as low as 79,800 yuan, prompting at least 13 other car manufacturers to follow suit with various discounts [3][4]. - The price cuts are primarily focused on the new energy vehicle sector, with discounts ranging from a few thousand to 50,000 yuan [3][4]. - Major players like Xpeng Motors and Nezha Auto have introduced limited-time price reductions, while Li Auto and NIO have not yet participated in this round of price cuts [3][5]. Group 2: Sales Performance - In February, Xpeng Motors recorded the lowest delivery numbers among new energy vehicle manufacturers, delivering only 4,545 vehicles, which is a 44.9% decrease month-over-month and a 24.3% decrease year-over-year [5][6]. - Despite a year-on-year increase of 13.96% in total deliveries for the first two months of 2023, Xpeng's performance remains below the levels seen in early 2022 [6]. Group 3: Financial Health - Xpeng Motors has been operating at a loss, with a negative gross margin of -2.03% in the first three quarters of 2023, indicating that the company loses money on each vehicle sold [6]. - In contrast, Li Auto has achieved profitability with a gross margin of 22.2%, while NIO and Leap Motor are also facing losses but have shown some improvement in their financial metrics [6]. - The ongoing price war may exacerbate Xpeng's financial struggles, as further price reductions could lead to an even lower gross margin [6].
业绩亏损交付量垫底，小鹏汽车能扛得住价格战吗？