XPeng Reports Third Quarter 2021 Unaudited Financial Results

November 23, 2021 5:07 AM EST

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  • Quarterly vehicle deliveries reached 25,666, a 199.2% increase year-over-year
  • Quarterly total revenues reached RMB5,719.9 million, a 187.4% increase year-over-year
  • Quarterly gross margin reached 14.4%

GUANGZHOU, China--(BUSINESS WIRE)-- XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months ended September 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123005688/en/

(Photo: Business Wire)

(Photo: Business Wire)

Operational Highlights for the Three Months Ended September 30, 2021

  • Deliveries of vehicles were 25,666 in the third quarter of 2021, setting a new quarterly record and 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, reaching a record quarterly high and representing an increase of 71.2% from 11,522 in the second quarter of 2021.

 

2021Q3

2021Q2

2021Q1

2020Q4

2020Q3

Total deliveries

25,666

17,398

13,340

12,964

8,578

P7 deliveries

19,731

11,522

7,974

8,527

6,210

  • Among the total P7s delivered in the third quarter of 2021, 99% can support XPILOT 2.5 or XPILOT 3.0.
  • XPeng’s physical sales network consisted of a total of 271 stores, covering 95 cities as of September 30, 2021.
  • XPeng-branded super 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.
  • 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 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.

Key Financial Results

(in RMB millions, except for per ordinary share data and percentages)

 

For the Three Months Ended

% Change1

 

September 30,

June 30,

September 30,

 

2020

2021

2021

YoY

QoQ

Vehicle sales

1,898.0

3,584.4

5,460.1

187.7%

52.3%

Vehicle margin

3.2%

11.0%

13.6%

1,040bp

260bp

 

Total revenues

1,990.1

3,761.3

5,719.9

187.4%

52.1%

Gross profit

91.5

448.6

820.8

796.7%

83.0%

Gross margin

4.6%

11.9%

14.4%

980bp

250bp

 

Net loss

1,148.8

1,194.6

1,594.8

38.8%

33.5%

Non-GAAP net loss

864.9

1,096.4

1,492.1

72.5%

36.1%

 

Net loss attributable to
   ordinary shareholders

 

2,025.8

 

1,194.6

 

1,594.8

 

-21.3%

 

33.5%

Non-GAAP net loss
   attributable to ordinary
   shareholders

 

 

864.9

 

 

1,096.4

 

 

1,492.1

 

 

72.5%

 

 

36.1%

1 Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

Mr. He Xiaopeng, Chairman and CEO of XPeng, said, “In the third quarter, we continued record-setting growth with the highest vehicle deliveries among China’s startup new energy vehicle automakers. This outperformance testifies to the market’s recognition of the differentiated value our vertically integrated in-house developed software and hardware bring to our vehicles.”

Mr. He added, “We are committed to advancing the clear roadmap for our full-stack in-house technology and making high-performance smart products accessible to a broader customer base. Our leading technology is further showcased in the upcoming Navigation Guided Pilot (“NGP”) that expands usage to complex city driving scenarios. The solid progress we’ve made in the NGP fuels greater confidence in our ability to explore autonomous driving enabled mobility solutions in the future, such as robotaxi technologies.”

“Looking forward, XPeng will continue to trailblaze new and disruptive advancements that redefine China’s automobile industry, transforming future mobility with technology,” Mr. He concluded.

“We achieved strong growth momentum in the third quarter despite the challenges of semiconductor shortage. Our third quarter delivery number approximated 2020’s full-year delivery total and our year-to-date deliveries more than doubled last year’s full-year delivery count,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and President of XPeng. “Our record-high deliveries drove significant revenue growth of 187.4% year-over-year in the third quarter with further gross margin expansion. We believe our innovative mindset, outstanding full-stack R&D capabilities and a powerful pipeline of products will continue to drive our future success.”

Recent Developments

Deliveries in October 2021

Total Smart EV deliveries of XPeng reached 10,138 in October 2021, representing a 233% increase year-over-year. The October deliveries consisted of 6,044 P7 smart sports sedans and 3,657 G3 and G3i smart SUVs. The P5, XPeng’s smart family sedan that was officially launched in September 2021, demonstrated strong market appeal with 437 units delivered in October and a solid order backlog. As of October 31, 2021, year-to-date total vehicle deliveries reached 66,542, representing a 289% increase year-over-year. The Company’s cumulative deliveries exceeded 100,000 as at the end of October 2021, reflecting its robust business momentum and customer recognition.

ESG Performance

XPeng released its inaugural Environment Social and Governance Report (https://ir.xiaopeng.com/ESG/default.aspx) on October 15, 2021. XPeng received an “AA” rating from MSCI ESG Research, the highest MSCI ESG rating among automobile companies worldwide in 2021 for the second consecutive year.

XPeng Tech Day 2021: Technology Unveiled

On October 24, 2021, XPeng hosted its third annual 1024 Tech Day event where it unveiled a series of breakthrough innovations, including a mass-production 800V high-voltage SiC platform and lightweight 480kW high-voltage supercharging piles.

Additionally, the Company showcased its XPILOT 3.5 driver assistance system featuring industry-leading capabilities for urban driving scenarios.

The new Smart EV model and 2021 Guangzhou International Automobile Exhibition (“Auto Guangzhou”)

On November 19, 2021, XPeng launched its fourth Smart EV model, the G9, at Auto Guangzhou. The G9 will be the first mass-produced Smart EV that supports XPILOT 4.0. Meanwhile, the G9 will be equipped with an 800V high-voltage SiC platform and XPeng’s new proprietary X-EEA 3.0 electronic and electrical architecture that adopts domain controllers, deeply integrating hardware, software and communications architecture to achieve powerful performance and high flexibility in OTA upgrades.

Flying Vehicle Announces Series A Funding

On October 19, 2021, XPeng’s urban air mobility affiliate, HT Aero, announced that it entered into a definitive agreement with a consortium of investors to raise over US$500 million for its Series A funding, which marked the largest single-tranche fundraising to date in Asia’s low-altitude flying vehicle sector.

Unaudited Financial Results 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 RMB1,990.1 million for the same period of 2020 and an increase of 52.1% from RMB3,761.3 million for 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 RMB1,898.0 million for the same period of 2020 and an increase of 52.3% from RMB3,584.4 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly attributable to higher vehicle deliveries, especially of the P7, as a result of channel expansion and brand value improvement.

Revenues from services and others were RMB259.9 million (US$40.3 million) for the third quarter of 2021, representing an increase of 182.2% from RMB92.1 million for the same period of 2020 and an increase of 46.9% from RMB176.9 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly attributed to more income from service, parts and accessory sales in line with higher accumulated vehicle sales.

Cost of sales was RMB4,899.1 million (US$760.3 million) for the third quarter of 2021, representing an increase of 158.0% from RMB1,898.6 million for the same period of 2020 and an increase of 47.9% from RMB3,312.7 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to the increase of vehicle deliveries as described above.

Gross margin was 14.4% for the third quarter of 2021, compared with 4.6% and 11.9% for the third quarter of 2020 and the second quarter of 2021, respectively.

Vehicle margin 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. The improvement was primarily attributable to better product mix and manufacturing efficiency driven by economies of scale.

Research and development expenses were RMB1,264.2 million (US$196.2 million) for the third quarter of 2021, representing an increase of 99.0% from RMB635.4 million for the same period of 2020 and an increase of 46.4% from RMB863.5 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, and (ii) higher expenses relating to the development of our new models, namely the G9 and the P5, and related software technologies to support future growth.

Selling, general and administrative expenses were RMB1,538.4 million (US$238.8 million) for the third quarter of 2021, representing an increase of 27.8% from RMB1,203.8 million for the same period of 2020 and an increase of 49.3% from RMB1,030.8 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, and (ii) the expansion of our sales network and associated personnel cost, and commission for franchised store sales.

Other income was RMB179.2 million (US$27.8 million) for the third quarter of 2021. The Company received higher government subsidies of approximately RMB312.1 million, offset partially by relocation and disposal cost of approximately RMB132.9 million related to Haima Plant.

Loss from operations was RMB1,802.6 million (US$279.8 million) for the third quarter of 2021, compared with RMB1,744.2 million for the same period of 2020 and RMB1,443.2 million for the second quarter of 2021. The higher year-over-year and quarter-over-quarter losses were mainly attributable to higher operating expenses as described above.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB1,700.0 million (US$263.8 million) for the third quarter of 2021, compared with RMB822.6 million for the same period of 2020 and RMB1,345.0 million 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.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, 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.

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 for the second quarter of 2021.

Non-GAAP net loss attributable to ordinary shareholders of XPeng, which excludes 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, 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 ADS were both RMB1.89 (US$0.29) for the third quarter of 2021, compared with RMB5.07 for the third quarter of 2020 and RMB1.50 for the second 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, compared with RMB2.16 for the third quarter of 2020 and RMB1.38 for the second quarter of 2021.

Balance Sheets

As of September 30, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB45,357.9 million (US$7,039.4 million), compared with RMB35,342.1 million as of December 31, 2020 and RMB32,871.2 million as of June 30, 2021.

Business Outlook

For the fourth quarter of 2021, the Company expects:

  • Deliveries of vehicles to be between 34,500 and 36,500, representing a year-over-year increase of approximately 166.1% to 181.5%.
  • Total revenues to be between RMB7.1 billion and RMB7.5 billion, representing a year-over-year increase of approximately 149.0% to 163.0%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 23, 2021 (9:00 PM Beijing/Hong Kong time on November 23, 2021).

Dial-in details for the earnings conference call are as follows:

United States:

+1-833-654-9168

United Kingdom

+44-208-602-0818

International:

+1-209-313-0576

Hong Kong, China:

+852-5808-6567

China Mainland:

400-682-8629

Conference ID:

2381058

Participants please dial-in at least 5 minutes before the scheduled start time to be connected to the call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until December 3, 2021, by dialing the following telephone numbers:

United States:

+1-855-859-2056

International:

+1-404-537-3406

Replay Access Code:

2381058

About XPeng

XPeng is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPeng develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrification/ electronic architecture. XPeng is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plant in Zhaoqing, Guangdong province. For more information, please visit https://en.xiaopeng.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and/or accretion on preferred shares to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.4434 to US$1.00, the exchange rate on September 30, 2021 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPeng’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services; XPeng’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data)

 

 

 

31 December,

 

As of

30 September,

 

 

30 September,

2020
(audited)
RMB

 

2021
(unaudited)
RMB

 

2021
(unaudited)
USD

Assets

 

 

 

 

 

Current assets
Cash and cash equivalents

 

29,209,388

 

 

15,393,548

 

 

2,389,041

Restricted cash

2,332,145

 

829,652

 

128,760

Short-term deposits

979,897

 

23,201,524

 

3,600,820

Short-term investments

2,820,711

 

3,393,298

 

526,632

Derivative assets-current

105,183

 

5,037

 

782

Accounts receivable, net

1,128,892

 

2,072,972

 

321,720

Current portion of finance lease
   receivables, net

 

156,069

 

 

573,879

 

 

89,065

Inventory

1,343,025

 

2,306,979

 

358,038

Amounts due from related parties

682

 

22,456

 

3,485

Prepayments and other current assets

1,603,286

 

2,467,881

 

383,005

 

Total current assets

 

39,679,278

 

 

50,267,226

 

 

7,801,348

 

 

 

 

 

 

Non-current assets

 

 

 

Property, plant and equipment, net

3,081,502

4,551,409

706,368

Right-of-use assets

461,184

 

1,250,949

 

194,144

Intangible assets, net

607,781

 

856,911

 

132,991

Land use rights, net

249,934

 

598,578

 

92,898

Finance lease receivables, net

397,467

 

1,333,751

 

206,995

Long-term deposits

 

2,539,886

 

394,184

Other non-current assets

228,633

 

152,444

 

23,659

Long-term investments

1,000

 

44,830

 

6,958

 

Total non-current assets

 

5,027,501

 

 

11,328,758

 

 

1,758,197

 

Total assets

 

44,706,779

 

 

61,595,984

 

 

9,559,545

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except for share and per share data)

 

 

 

31 December,

As of

30 September,

 

30 September,

2020
(audited)
RMB

2021
(unaudited)
RMB

2021
(unaudited)
USD

Liabilities

 

 

 

Current liabilities

 

 

 

Short-term borrowings

127,900

57,000

8,846

Accounts and notes payable

5,111,745

8,840,669

1,372,050

Amount due to a related party

12,062

19,371

3,006

Current portion of lease liabilities

119,565

328,604

50,999

Current portion of deferred revenue

163,617

223,473

34,682

Current portion of long-term borrowings

45,000

Accruals and other liabilities

2,256,165

3,516,042

545,681

Income taxes payable

1,209

 

 

 

 

Total current liabilities

7,837,263

12,985,159

2,015,264

 

 

 

 

Non-current liabilities

 

Long-term borrowings

1,645,000

1,323,656

205,428

Lease liabilities — non current

352,501

922,528

143,174

Deferred revenue

144,767

383,089

59,454

Other non-current liabilities

297,439

2,067,996

320,948

 

 

 

 

Total non-current liabilities

2,439,707

4,697,269

729,004

 

 

 

 

Total liabilities

10,276,970

17,682,428

2,744,268

 

 

 

 

Shareholder’s equity

 

 

 

Class A Ordinary shares

63

87

14

Class B Ordinary shares

26

25

4

Class C Ordinary shares

12

Additional paid in capital

46,482,512

59,891,688

9,295,044

Accumulated other comprehensive loss

(730,381)

(1,079,890)

(167,596)

Accumulated deficit

(11,322,423)

(14,898,354)

(2,312,189)

 

 

 

 

Total shareholders’ equity

34,429,809

43,913,556

6,815,277

 

 

 

 

Noncontrolling interests

 

 

 

 

Total shareholders’ equity

34,429,809

43,913,556

6,815,277

 

 

 

 

Total liabilities, mezzanine equity and
   shareholders’ equity

44,706,779

61,595,984

9,559,545

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except for share and per share data)

 

Three Months Ended

September 30,

June 30,

September 30,

September 30,

 

2020
(unaudited)

2021
(unaudited)

2021
(unaudited)

2021
(unaudited)

RMB

RMB

RMB

USD

Revenues

 

 

 

 

— Vehicle sales

1,898,041

 

3,584,364

 

5,460,063

 

847,388

 

— Services and others

92,078

 

176,915

 

259,855

 

40,329

 

 

Total revenues

1,990,119

 

3,761,279

 

5,719,918

 

887,717

 

 

Cost of sales

 

 

 

 

— Vehicle sales

(1,836,756

)

(3,191,489

)

(4,718,809

)

(732,348

)

— Services and others

(61,822

)

(121,210

)

(180,285

)

(27,980

)

 

Total cost of sales

(1,898,578

)

(3,312,699

)

(4,899,094

)

(760,328

)

 

Gross profit

91,541

 

448,580

 

820,824

 

127,389

 

 

Operating expenses

 

 

 

 

Research and development

 

 

 

 

   expenses

(635,373

)

(863,524

)

(1,264,240

)

(196,207

)

Selling, general and administrative

 

 

 

 

   expenses

(1,203,792

)

(1,030,767

)

(1,538,420

)

(238,759

)

 

Total operating expenses

(1,839,165

)

(1,894,291

)

(2,802,660

)

(434,966

)

 

Other income

3,440

 

2,546

 

179,196

 

27,811

 

 

Loss from operations

(1,744,184

)

(1,443,165

)

(1,802,640

)

(279,766

)

 

Interest income

23,216

 

150,029

 

193,888

 

30,091

 

Interest expense

(3,926

)

(24,006

)

(16,347

)

(2,537

)

Fair value gain on derivative

 

 

 

 

   liabilities

620,209

 

77,790

 

30,190

 

4,685

 

Other non-operating (loss)/income,

   net

(44,070

)

44,783

 

411

 

64

 

 

Loss before income taxes

(1,148,755

)

(1,194,569

)

(1,594,498

)

(247,463

)

 

Income tax expenses

(6

)

 

(303

)

(47

)

 

Net loss

(1,148,761

)

(1,194,569

)

(1,594,801

)

(247,510

)

 

Accretion on Preferred Shares to

 

 

 

 

   redemption value

(877,007

)

 

 

 

 

Net loss attributable to ordinary

 

 

 

 

   shareholders of XPeng Inc.

(2,025,768

)

(1,194,569

)

(1,594,801

)

(247,510

)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/(LOSS) (CONTINUED)

(All amounts in thousands, except for share and per share data)

 

Three Months Ended

September 30,

June 30,

September 30,

September 30,

 

2020
(unaudited)

2021
(unaudited)

2021
(unaudited)

2021
(unaudited)

 

RMB

RMB

RMB

USD

Net loss

(1,148,761)

(1,194,569)

(1,594,801)

(247,510)

Other comprehensive loss

 

 

 

 

Foreign currency translation

 

 

 

 

   adjustment, net of nil tax

(143,220)

(424,123)

(26,478)

(4,109)

Total comprehensive loss

(1,291,981)

(1,618,692)

(1,621,279)

(251,619)

 

 

 

 

 

Accretion on Preferred Shares to
   redemption value

(877,007)

 

 

 

 

 

Comprehensive loss attributable
to ordinary shareholders of
   XPeng Inc.

(2,168,988)

(1,618,692)

(1,621,279)

(251,619)

 

 

Weighted average number
   of ordinary shares used in

   computing net loss per share
Basic and diluted

 

799,364,696

 

1,592,387,877

 

1,689,885,370

 

1,689,885,370

 

Net loss per share attributable to
   ordinary shareholders
Basic and diluted

(2.53)

(0.75)

(0.94)

(0.15)

 

Weighted average number of
   ADS used in computing net loss
   per share
Basic and diluted

399,682,348

796,193,938

844,942,685

844,942,685

 

Net loss per ADS attributable to
   ordinary shareholders

 

 

 

 

Basic and diluted

(5.07)

(1.50)

(1.89)

(0.29)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for share and per share data)

   
 

Three Months Ended

 

September 30,

 

June 30,

 

September 30,

 

September 30,

 

 

2020
(unaudited)

 

2021
(unaudited)

 

2021
(unaudited)

 

2021
(unaudited)

 

 

RMB

 

RMB

 

RMB

 

USD

Loss from operations

 

(1,744,184

)

 

(1,443,165

)

 

(1,802,640

)

 

(279,766

)

Share-based compensation

 

 

 

 

 

 

 

 

expenses

 

921,610

 

 

98,153

 

 

102,673

 

 

15,935

 

         

Non-GAAP loss from operations

 

(822,574

)

 

(1,345,012

)

 

(1,699,967

)

 

(263,831

)

Net loss

 

(1,148,761

)

 

(1,194,569

)

 

(1,594,801

)

 

(247,510

)

Fair value gain of convertible

 

 

 

 

 

 

 

 

   redeemable preferred shares

 

(637,779

)

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

 

   expenses

 

921,610

 

 

98,153

 

 

102,673

 

 

15,935

 

         

Non-GAAP net loss

 

(864,930

)

 

(1,096,416

)

 

(1,492,128

)

 

(231,575

)

         

Net loss attributable to ordinary

 

 

 

 

 

 

 

 

   shareholders

 

(2,025,768

)

 

(1,194,569

)

 

(1,594,801

)

 

(247,510

)

Fair value gain of convertible

 

 

 

 

 

 

 

 

   redeemable preferred shares

 

(637,779

)

 

 

 

 

 

 

Share-based compensation

   

 

 

 

 

 

   expenses

 

921,610

 

 

98,153

 

 

102,673

 

 

15,935

 

Accretion on Preferred Shares to

   

 

 

 

 

 

   redemption value

 

877,007

 

 

 

 

 

 

 

 

Non-GAAP net loss attributable

 

 

 

 

 

 

 

 

to ordinary shareholders of

 

 

 

 

 

 

 

 

XPeng Inc.

 

(864,930

)

 

(1,096,416

)

 

(1,492,128

)

 

(231,575

)

         

Weighted average number
   of ordinary shares used in

   calculating Non-GAAP net loss
   per share
Basic and diluted

 

799,364,696

 

 

1,592,387,877

 

 

1,689,885,370

 

 

1,689,885,370

 

         

Non-GAAP net loss per ordinary
   share
Basic and diluted

 

(1.08

)

 

(0.69

)

 

(0.88

)

 

(0.14

)

         

Weighted average number of
   ADS used in calculating
   Non-GAAP net loss per share
Basic and diluted

 

399,682,348

 

 

796,193,938

 

 

844,942,685

 

 

844,942,685

 

         

Non-GAAP net loss per ADS
Basic and diluted

 

(2.16

)

 

(1.38

)

 

(1.77

)

 

(0.27

)

 

For Investor Enquiries
IR Department XPeng Inc.
E-mail: ir@xiaopeng.com

Jenny Cai
The Piacente Group
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: xpeng@tpg-ir.com

For Media Enquiries
Marie Cheung XPeng Inc.
Tel: +852-9750-5170/+86-1550-7577-546
E-mail: mariecheung@xiaopeng.com

Source: XPeng Inc.



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