In the first three months of the year, Xpeng significantly increased its vehicle deliveries compared to the same quarter last year. In total, the Chinese electric car manufacturer delivered 34,561 vehicles in this period.
The vehicles delivered in the first quarter represent an increase of 159 per cent compared to the same quarter last year. Specifically, the manufacturer delivered 19,427 units of the P7 sports sedan to customers in the first quarter of the current year – an increase of 144 per cent compared to 7,974 vehicles in the same period in 2021. In March, more than 9,000 P7 vehicles were delivered for the first time.
Following the launch of the P5 family sedan in October 2021, the manufacturer delivered nearly 10,500 units of this vehicle model in the first quarter of 2022. The company has also expanded its distribution network, which reportedly comprised a total of 366 shops in 138 cities as of 31 March 2022. The network of charging stations operated by Xpeng itself had expanded to 933 stations, including 757 fast-charging stations and 176 destination-charging stations as of 31 March 2022.
Quarterly revenue was approximately 7.45 billion yuan (US$1.18 billion), an increase of 152.6 per cent over the same period in 2021 and a decrease of 12.9 per cent over Q4 2021. Revenue from vehicle sales was 6,999 million yuan (1,104.0 million US dollars) in the first quarter of 2022, an increase of 149.0 per cent from the same period in 2021 and a decrease of 14.5 per cent from the fourth quarter of 2021. The bottom line was a net loss of 1.7 billion yuan (268.3 million US dollars), compared with 786.6 million yuan in the same quarter last year and 1.29 billion yuan in the fourth quarter of 2021.
“Our first quarter performance marked a strong start to 2022. Demand for our high-quality EV products was robust and our proprietary suite of technologies continue to lead the industry,” said He Xiaopeng, Chairman and CEO of Xpeng. “Superior in-house technology development capability and proactive supply chain management enabled us to address supply chain challenges more efficiently. We remain confident in expanding our market share despite the impact of semi-conductor shortage and COVID-19.”
In the whole of last year, Xpeng shipped 98,155 electric cars, 263 per cent more than in 2020. Sales in 2021 were 20.99 billion yuan (2.99 billion euros), 259.1 per cent higher than in 2020. Net loss for the year was 4.86 billion yuan (690 million euros), up from 2.73 billion yuan (390 million euros) in 2020, meaning the loss had increased by 78 per cent.
Only a few days ago, it was announced that Xpeng would receive a credit line of up to 7.5 billion yuan, equivalent to 1.08 billion euros, from the Agricultural Bank of China for the further expansion of its business activities. The money is to be used to support the manufacturer’s growth, according to a Chinese press release from the Agricultural Bank of China (ABC), from which the CN EV Post quoted. The growth is also to take place increasingly abroad. Only in March, Xpeng had pushed its expansion in Europe with the market launch of its P5 electric sedan in Denmark, the Netherlands, Norway and Sweden.
With reporting by Domenico Sciurti, Germany.
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