XPeng reports Q3 2021 unaudited financial results

XPeng Inc. (NYSE: XPEV), a Chinese smart electric vehicle (“Smart EV”) company, announced its unaudited financial results for the three months ended September 30, 2021.

Operational Highlights for the Three Months Ended September 30, 2021

  • Deliveries of vehicles were 25,666 in the third quarter of 2021, representing an increase of 199.2% from 8,578 in the corresponding period of 2020 and an increase of 47.5% from 17,398 in the second quarter of 2021.
  • Deliveries of the P7 were 19,731 in the third quarter of 2021, representing an increase of 71.2% from 11,522 in the second quarter of 2021.
  • XPeng’s physical sales network consisted of 271 stores, covering 95 cities as of September 30, 2021.
  • XPeng-branded charging stations expanded to 439, covering 121 cities as of September 30, 2021.

Financial Highlights for the Three Months Ended September 30, 2021

  • Total revenues were RMB5,719.9 million (US$887.7 million) for the third quarter of 2021, representing an increase of 187.4% from the same period of 2020 and an increase of 52.1% from the second quarter of 2021.
  • Revenues from vehicle sales were RMB5,460.1 million (US$847.4 million)for the third quarter of 2021, representing an increase of 187.7% from the same period of 2020 and an increase of 52.3% from the second quarter of 2021.
  • The gross margin was 14.4% for the third quarter of 2021, compared with 4.6% for the same period of 2020 and 11.9% for the second quarter of 2021.
  • Vehicle margin, which is the gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 13.6% for the third quarter of 2021, compared with 3.2% for the same period of 2020 and 11.0% for the second quarter of 2021.
  • Net loss was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB1,148.8 million for the same period of 2020 and RMB1,194.6 million for the second quarter of 2021. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB1,492.1 million (US$231.6 million) in the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021.
  • Net loss attributable to ordinary shareholders of XPeng was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB2,025.8 million for the same period of 2020 and RMB1,194.6 million in the second quarter of 2021. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng was RMB1,492.1 million (US$231.6 million) for the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021.
  • Basic and diluted net loss per American depositary share (ADS) were both RMB1.89(US$0.29) for the third quarter of 2021. Non-GAAP basic and diluted net loss per ADS were both RMB1.77 (US$0.27) for the third quarter of 2021. Each ADS represents two Class A ordinary shares.
  • Cash and cash equivalents, restricted cash, short-term deposits, short-term investments, and long-term deposits were RMB45,357.9 million (US$7,039.4 million)as of September 30, 2021, compared with RMB35,342.1 million as of December 31, 2020, and RMB32,871.2 million as of June 30, 2021.