XPeng delivered over 60,000 of its flagship P7 electrical sedans in 2021.
XPeng, Inc.
Chinese language electrical car maker XPeng on Monday reported a fourth-quarter loss that used to be narrower than Wall Side road had anticipated as pricing energy helped cushion the hit from provide chain demanding situations and emerging prices.
XPeng stated it misplaced $202 million within the quarter, or 22 cents on an adjusted per-share foundation, on income of $1.34 billion. That used to be much better than anticipated: Seven Wall Side road analysts polled by means of FactSet had projected an adjusted lack of 33 cents in line with percentage, on reasonable.
The gross benefit margin on XPeng’s car trade, a host this is broadly watched by means of analysts, fell to ten.9% within the fourth quarter from 13.6% within the 3rd quarter on upper prices similar to provide chain problems and emerging commodity costs. However as CEO He Xiaopeng famous throughout a decision with analysts Monday morning, that used to be nonetheless a vital development over the three.5% car margin the corporate posted within the fourth quarter of 2020.
The corporate’s U.S.-listed stocks slid in morning buying and selling.
Like maximum automakers, XPeng needed to navigate manufacturing disruptions because of ongoing provide chain demanding situations — specifically, an international scarcity of semiconductor chips — a number of instances throughout 2021. The ones disruptions saved XPeng’s swish EVs in fairly quick provide amid prime call for, giving the corporate some added pricing energy to lend a hand cushion the have an effect on of the emerging prices.
He stated that the corporate is operating to additional ramp up manufacturing additional in 2022. XPeng hopes to quickly ship greater than 10,000 of its flagship P7 sedans in one month, the CEO stated, and he expects its new P5 sedan to succeed in identical manufacturing numbers later this yr.
XPeng delivered 60,569 P7s in 2021. Deliveries of the P5, which went into manufacturing throughout the fourth quarter, totaled 7,865 final yr.
The CEO additionally stated the corporate’s subsequent new type, an upscale electrical SUV known as the G9, is on the right track to go into manufacturing within the 3rd quarter of 2022. He stated that he expects the G9’s efficiency to be “head and shoulders” above Chinese language-made competitors, and that it has the prospective to be a “blockbuster” hit for the corporate.
Two extra new fashions, constructed on a brand new car structure, will observe in 2023, he stated.
The corporate expects to ship between 33,500 and 34,000 cars in overall this quarter, representing expansion of greater than 150% as opposed to the primary quarter of 2021.
That steerage suggests a powerful March for the corporate. XPeng delivered a complete of nineteen,147 cars in January and February, a length that incorporated a number of days of manufacturing facility downtime throughout China’s Lunar New 12 months vacation.