Core Viewpoint - Xiaopeng Motors reported significant growth in Q4 2023 revenue but faced challenges with overall annual performance, including increased net losses and unmet sales targets [1][2][3] Financial Performance - Q4 2023 revenue reached 13.05 billion yuan, a year-on-year increase of 154%, with a net loss of 1.348 billion yuan, narrowing by 42.9% [1] - Annual revenue grew by 14.2% to 30.68 billion yuan, but net loss expanded to 10.38 billion yuan, a 13.6% increase from 2022 [1][2] - Q4 gross margin improved to 4.1%, up from -6.1% in Q3, while the annual gross margin was -1.6%, down from 9.4% in 2022 [1][2] Sales and Delivery - The company delivered over 60,000 vehicles in Q4 2023, but only achieved 70% of its annual target of 200,000 vehicles [1][2] - Sales of key models like the P7 and G6 saw significant declines in early 2024, with P7 retail sales dropping to 836 units in February [3] Cost Control and Operational Efficiency - In Q4 2023, the average cost per vehicle decreased by 11,000 yuan to 191,000 yuan, aided by cost-cutting measures and falling lithium carbonate prices [2] - The company reduced its workforce from 15,829 to 13,550, with R&D personnel decreasing from 6,313 to 5,401, while controlling R&D spending growth to 1.2% [2] Strategic Initiatives - Xiaopeng Motors implemented a series of organizational adjustments and operational optimizations since October 2022, including SKU streamlining and sales area optimization [2] - The introduction of the SEPA 2.0 architecture aims to reduce costs and improve efficiency by integrating various systems into a unified platform [3] Sales Network and Market Strategy - The "Jupiter Plan" led to the addition of over 160 new dealers, expanding coverage to 40 lower-tier cities, expected to boost sales from Q2 2024 [4] - A new dealer cooperation model will be launched to enhance inventory management and accelerate delivery speeds [4] Product Development - The new model, Xiaopeng X9, has shown strong market performance, delivering nearly 4,000 units within two months of launch [4]
小鹏汽车净亏超百亿！业绩销量双重承压下如何破局？