Xpeng annual figures show increased losses
Shortly after Nio, another Chinese electric car manufacturer, Xpeng, has now presented its business figures for 2021. Xpeng was able to outperform its competitor Nio in terms of deliveries. However, while Nio was able to stem its losses over the year, the situation is different for Xpeng.
Xpeng delivered 98,155 electric cars last year, 263 per cent more than in 2020, while Nio came in at 91,429 electric cars, up 109.1 per cent, as reported on Monday. The delivery figures are not directly comparable, however, as Nio prioritises more expensive models such as the large ES8 SUV. At Xpeng, however, the SUV model G3 is positioned much lower. The P7 electric sedan is more on the same level as Nio, but is still cheaper.
This is also reflected in the turnover: although Xpeng was able to deliver more vehicles, the company does not come close to Nio’s 36 billion yuan in turnover. Xpeng’s 2021 sales were 20.99 billion yuan (2.99 billion euros), 259.1 per cent higher than in 2020.
The bottom line was a net loss of 4.86 billion yuan (690 million euros), compared with 2.73 billion yuan (390 million euros) in 2020, so the loss increased by 78 per cent, while Nio’s net loss of 4.0 billion yuan (570 million euros) decreased by 24.3 per cent.
Unlike Nio, however, Xpeng was able to significantly increase deliveries and gross margin in the final quarter. Nio’s 41,751 vehicles in Q4 were 222 per cent higher than the same period last year, and also significantly surpassed the 25,666 vehicles delivered in Q3 – meaning 42.5 per cent of all Xpeng in 2021 were delivered between October and December. This is also due to the launch of the smaller P5 sedan, which has already seen 5,030 deliveries.
The gross margin was 12.0 per cent for Q4 2021, compared to 7.4 per cent for the same period in 2020, but Q4 saw the impact of the additional costs around the launch of the P5: In Q3, the margin was already 14.4 per cent.
“2021 was marked by impressive growth with record-breaking fourth quarter deliveries led by our blockbuster P7 model and our newly launched P5 family sedan,” says CEO He Xiaopeng. “For both the full year and fourth quarter, our total deliveries more than tripled year-over-year, fueled by the fast-growing EV penetration in China and our competitive Smart EV products.”
The CEO is encouraged by “recent developments”, as Xpeng describes deliveries in January and February – a total of 19,147 electric cars were delivered, although February was slightly weaker due to the Chinese New Year holiday. With a rapid expansion of the sales and service network as well as more models and fast charging stations, Xiaopeng wants to achieve “even deeper penetration of the mid- to high-end market segment in China”, “where robust demand for our products continues to outstrip supply”.
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