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Form 6-K XPENG INC. For: May 23

May 23, 2022 6:40 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

May 2022

 

 

Commission File Number: 001-39466

 

 

XPENG INC.

 

 

No. 8 Songgang Road, Changxing Street

Cencun, Tianhe District, Guangzhou

Guangdong 510640

People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐            No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

 

 

 


TABLE OF CONTENTS

 

Exhibit 99.1   

XPeng Reports First Quarter 2022 Unaudited Financial Results

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

XPENG INC.
By:  

/s/ Xiaopeng He

Name:       Xiaopeng He
Title:   Chairman and Chief Executive Officer

Date: May 23, 2022

 

3

Exhibit 99.1

XPeng Reports First Quarter 2022 Unaudited Financial Results

 

   

Quarterly total revenues reached RMB7,454.9 million, a 152.6% increase year-over-year

 

   

Quarterly vehicle deliveries reached 34,561, a 159% increase year-over-year

 

   

Quarterly gross margin reached 12.2%, an increase of 100 basis points year-over-year

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 March 31, 2022.

Operational and Financial Highlights for the Three Months Ended March 31, 2022

 

     2022Q1      2021Q4      2021Q3      2021Q2      2021Q1      2020Q4  

Total deliveries

     34,561        41,751        25,666        17,398        13,340        12,964  

P7 deliveries

     19,427        21,342        19,731        11,522        7,974        8,527  

P5 deliveries

     10,486        7,621        244        —          —          —    

 

   

Total deliveries of vehicles were 34,561 in the first quarter of 2022, representing an increase of 159% from 13,340 in the corresponding period of 2021.

 

   

Deliveries of the P7 smart sports sedan were 19,427 in the first quarter of 2022, representing an increase of 144% from 7,974 in the corresponding period of 2021. Monthly delivery of the P7 smart sports sedan exceeded 9,000 in March 2022 for the first time.

 

   

Deliveries of the P5 smart family sedan sustained ramp-up momentum following its mass- delivery launch in October 2021 and reached 10,486 in the first quarter of 2022, among which over 50% can support XPILOT 3.0 or XPILOT 3.5.

 

   

XPeng’s physical sales network continued expansion with a total of 366 stores, covering 138 cities as of March 31, 2022.

 

   

XPeng self-operated charging station network further expanded to 933 stations, including 757 XPeng self-operated supercharging stations and 176 destination charging stations as of March 31, 2022.

 

   

Total revenues were RMB7,454.9 million (US$1,176.0 million) for the first quarter of 2022, representing an increase of 152.6% from the same period of 2021, and a decrease of 12.9% from the fourth quarter of 2021.

 

   

Revenues from vehicle sales were RMB6,998.8 million (US$1,104.0 million) for the first quarter of 2022, representing an increase of 149.0% from the same period of 2021, and a decrease of 14.5% from the fourth quarter of 2021.

 

   

Gross margin was 12.2% for the first quarter of 2022, compared with 11.2% for the same period of 2021 and 12.0% for the fourth quarter of 2021.

 

1


   

Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 10.4% for the first quarter of 2022, compared with 10.1% for the same period of 2021 and 10.9% for the fourth quarter of 2021.

 

   

Net loss was RMB1,700.8 million (US$268.3 million) for the first quarter of 2022, compared with RMB786.6 million for the same period of 2021 and RMB1,287.2 million for the fourth quarter of 2021. Excluding share-based compensation expenses, non-GAAP net loss was RMB1,528.2 million (US$241.1 million) in the first quarter of 2022, compared with RMB696.3 million for the same period of 2021 and RMB1,198.3 million for the fourth quarter of 2021.

 

   

Net loss attributable to ordinary shareholders of XPeng was RMB1,700.8 million (US$268.3 million) for the first quarter of 2022, compared with RMB786.6 million for the same period of 2021 and RMB1,287.2 million in the fourth quarter of 2021. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of XPeng was RMB1,528.2 million (US$241.1 million) for the first quarter of 2022, compared with RMB696.3 million for the same period of 2021 and RMB1,198.3 million for the fourth quarter of 2021.

 

   

Basic and diluted net loss per American depositary share (ADS) were both RMB2.00 (US$0.32) for the first quarter of 2022. Non-GAAP basic and diluted net loss per ADS were both RMB1.80 (US$0.28) for the first quarter of 2022. 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 RMB41,714.0 million (US$6,580.2 million) as of March 31, 2022, compared with RMB43,543.9 million as of December 31, 2021.

Key Financial Results

 

     For the Three Months Ended     % Changei        
(in RMB millions, except for percentage)   

March 31,

2021

   

December 31,

2021

   

March 31,

2022

    YoY     QoQ  

Vehicle sales

     2,810.3       8,187.2       6,998.8       149.0     -14.5

Vehicle margin

     10.1     10.9     10.4     30bp       -50bp  

Total revenues

     2,950.9       8,556.0       7,454.9       152.6     -12.9

Gross profit

     329.8       1,023.3       910.7       176.1     -11.0

Gross margin

     11.2     12.0     12.2     100bp       20bp  

Net loss

     786.6       1,287.2       1,700.8       116.2     32.1

Non-GAAP net loss

     696.3       1,198.3       1,528.2       119.5     27.5

Net loss attributable to ordinary shareholders

     786.6       1,287.2       1,700.8       116.2     32.1

Non-GAAP net loss attributable to ordinary shareholders

     696.3       1,198.3       1,528.2       119.5     27.5

 

 

i 

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

 

2


Management Commentary

“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 Mr. 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.”

“Our strategic goal is to make advanced driver-assistant system (“ADAS”) more affordable and available to broader customers. We therefore resolve to develop full-scenario ADAS with optimized strong performance and a high level of safety at affordable cost, aiming to create greater value for our customers and shareholders.” concluded Mr. He.

“We are pleased to begin the year with a strong quarter. Our total revenues grew rapidly by 152.6% year-over-year in the first quarter of 2022 and our gross margin held up well,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and President of XPeng. “We will continue to manage supply chain uncertainties and we remain confident in our exciting product pipeline planned for 2022 and beyond. In addition, we expect to further leverage our economies of scale and continue to improve our operating efficiency.”

Recent Developments

Deliveries in April 2022

 

   

Total deliveries reached 9,002 vehicles in April 2022, representing a 75% increase year-over- year. The deliveries consisted of 3,714 P7 smart sports sedans, 3,564 P5 smart family sedans and 1,724 G3 and G3i compact smart SUVs.

 

   

As of April 30, 2022, year-to-date total deliveries reached 43,563, representing a 136% increase year-over-year.

Unaudited Financial Results for the Three Months Ended March 31, 2022

Total revenues were RMB7,454.9 million (US$1,176.0 million) for the first quarter of 2022, representing an increase of 152.6% from RMB2,950.9 million for the same period of 2021 and a decrease of 12.9% from RMB8,556.0 million for the fourth quarter of 2021.

Revenues from vehicle sales were RMB6,998.8 million (US$1,104.0 million) for the first quarter of 2022, representing an increase of 149.0% from RMB2,810.3 million for the same period of 2021 and a decrease of 14.5% from RMB8,187.2 million for the fourth quarter of 2021. The year- over-year increase was mainly attributable to higher vehicle deliveries, especially for the P7 and P5, while the quarter-over-quarter decrease was associated with less vehicle deliveries affected by seasonal factors related to the Chinese New Year holiday.

 

3


Revenues from services and others were RMB456.1 million (US$72.0 million) for the first quarter of 2022, representing an increase of 224.5% from RMB140.6 million for the same period of 2021 and an increase of 23.7%from RMB368.8 million for the fourth quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly attributed to more service, parts and accessory sales in line with higher accumulated vehicle sales.

Cost of sales was RMB6,544.2 million (US$1,032.3 million) for the first quarter of 2022, representing an increase of 149.7% from RMB2,621.1 million for the same period of 2021 and a decrease of 13.1% from RMB7,532.7 million for the fourth quarter of 2021. The year-over-year and the quarter- over-quarter changes were mainly in line with vehicle deliveries as described above.

Gross margin was 12.2% for the first quarter of 2022, compared with 11.2% and 12.0% for the first quarter of 2021 and the fourth quarter of 2021, respectively.

Vehicle margin was 10.4% for the first quarter of 2022, compared with 10.1% for the same period of 2021 and 10.9% for the fourth quarter of 2021. The quarter-over-quarter decrease was primarily attributable to increase in raw material costs.

Research and development expenses were RMB1,221.3 million (US$192.7 million) for the first quarter of 2022, representing an increase of 128.2% from RMB535.1 million for the same period of 2021 and a decrease of 15.9% from RMB1,451.4 million for the fourth quarter of 2021. The year-over-year increase was 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 new vehicles models to support future growth. The quarter-over-quarter decrease was mainly explained by less design and development expenses which were affected by seasonal factors related to the Chinese New Year holiday.

Selling, general and administrative expenses were RMB1,641.6 million (US$259.0 million) for the first quarter of 2022, representing an increase of 127.7% from RMB720.8 million for the same period of 2021 and a decrease of 18.5% from RMB2,015.4 million for the fourth quarter of 2021. The year-over-year increase was 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. The quarter-over-quarter decrease was mainly associated with seasonal factors mentioned above.

Loss from operations was RMB1,920.5 million (US$302.9 million) for the first quarter of 2022, compared with RMB903.9 million for the same period of 2021 and RMB2,429.7 million for the fourth quarter of 2021. The lower quarter-over-quarter loss was mainly attributable to less operating expenses.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB1,747.9 million (US$275.7 million) for the first quarter of 2022, compared with RMB813.7 million for the same period of 2021 and RMB2,340.8 million for the fourth quarter of 2021.

Net loss was RMB1,700.8 million (US$268.3 million) for the first quarter of 2022, compared with RMB786.6 million for the same period of 2021 and RMB1,287.2 million for the fourth quarter of 2021.

 

4


Non-GAAP net loss, which excludes share-based compensation expenses, was RMB1,528.2 million (US$241.1 million) for the first quarter of 2022, compared with RMB696.3 million for the same period of 2021 and RMB1,198.3 million for the fourth quarter of 2021.

Net loss attributable to ordinary shareholders of XPeng was RMB1,700.8 million (US$268.3 million) for the first quarter of 2022, compared with RMB786.6 million for the same period of 2021 and RMB1,287.2 million for the fourth quarter of 2021.

Non-GAAP net loss attributable to ordinary shareholders of XPeng, which excludes share- based compensation expenses, was RMB1,528.2 million (US$241.1 million) for the first quarter of 2022, compared with RMB696.3 million for the same period of 2021 and RMB1,198.3 million for the fourth quarter of 2021.

Basic and diluted net loss per ADS were both RMB2.00 (US$0.32) for the first quarter of 2022, compared with RMB0.99 for the first quarter of 2021 and RMB1.51 for the fourth quarter of 2021.

Non-GAAP basic and diluted net loss per ADS were both RMB1.80 (US$0.28) for the first quarter of 2022, compared with RMB0.88 for the first quarter of 2021 and RMB1.41 for the fourth quarter of 2021.

Balance Sheets

As of March 31, 2022, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB41,714.0 million (US$6,580.2 million), compared with RMB43,543.9 million as of December 31, 2021.

Business Outlook

For the second quarter of 2022, the Company expects:

 

   

Deliveries of vehicles to be between 31,000 and 34,000, representing a year- over-year increase of approximately 78.2% to 95.4%.

 

   

Total revenues to be between RMB6.8 billion and RMB7.5 billion, representing a year-over-year increase of approximately 80.8% to 99.4%.

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.

 

5


Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 23, 2022 (8:00 PM Beijing/Hong Kong time on May 23, 2022.)

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

 

United States:    +1-833-350-1333
United Kingdom:    +44-203-547-8612
International:    +1-236-389-2427
Hong Kong, China:    +852-3012-6671
China Mainland:    400-820-9391
Conference ID:    7028829

Participants please dial-in 5 minutes prior to 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 May 30, 2022, by dialing the following telephone numbers:

 

United States:    +1-800-585-8367
International:    +1-416-621-4642
Replay Access Code:    7028829

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://heyxpeng.com/.

 

6


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, 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 RMB6.3393 to US$1.00, the exchange rate on March 31, 2022, 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.

 

7


Contacts:

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: [email protected]

Jenny Cai

The Piacente Group

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: [email protected]

For Media Enquiries

Marie Cheung

XPeng Inc.

Tel: +852-9750-5170/+86-1550-7577-546

E-mail: [email protected]

 

8


XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

 

    

December 31,

2021

(audited)

RMB

    

March 31,

2022

(unaudited)

RMB

    

March 31,

2022

(unaudited)

US$

 

ASSETS

        

Current assets

        

Cash and cash equivalents

     11,024,906        9,320,455        1,470,266  

Restricted cash

     609,975        494,232        77,963  

Short-term deposits

     25,858,007        23,809,894        3,755,918  

Short-term investments

     2,833,763        2,160,274        340,775  

Accounts and notes receivable, net

     2,673,494        3,079,059        485,710  

Current portion of installment payment receivables, net

     887,202        1,040,019        164,059  

Inventory

     2,661,921        3,670,513        579,009  

Amounts due from related parties

     32,785        50,675        7,994  

Prepayments and other current assets

     2,248,683        2,397,726        378,232  
  

 

 

    

 

 

    

 

 

 

Total current assets

     48,830,736        46,022,847        7,259,926  
  

 

 

    

 

 

    

 

 

 

Non-current assets

        

Property, plant and equipment, net

     5,424,776        6,163,984        972,345  

Right-of-use assets, net

     1,561,175        1,776,485        280,234  

Intangible assets, net

     878,724        883,541        139,375  

Land use rights, net

     595,471        2,200,302        347,089  

Installment payment receivables, net

     1,863,492        2,023,234        319,157  

Other non-current assets

     1,730,486        339,833        53,607  

Long-term investments

     1,549,176        1,645,034        259,498  

Long-term deposits

     3,217,266        5,929,127        935,297  
  

 

 

    

 

 

    

 

 

 

Total non-current assets

     16,820,566        20,961,540        3,306,602  
  

 

 

    

 

 

    

 

 

 

Total assets

     65,651,302        66,984,387        10,566,528  
  

 

 

    

 

 

    

 

 

 

 

9


XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

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

 

    

December 31,

2021

(audited)

RMB

   

March 31,

2022

(unaudited)

RMB

   

March 31,

2022

(unaudited)

US$

 

LIABILITIES

      

Current liabilities

      

Accounts and notes payable

     12,362,186       13,850,126       2,184,804  

Amounts due to related parties

     24,919       22,126       3,490  

Current portion of lease liabilities

     373,488       423,847       66,860  

Current portion of deferred revenue

     418,227       475,413       74,995  

Current portion of long-term borrowings

     —         477,425       75,312  

Accruals and other liabilities

     4,811,107       4,790,609       755,700  

Income taxes payable

     22,737       26,058       4,111  
  

 

 

   

 

 

   

 

 

 

Total current liabilities

     18,012,664       20,065,604       3,165,272  
  

 

 

   

 

 

   

 

 

 

Non-current liabilities

      

Long-term borrowings

     1,675,106       2,256,740       355,992  

Lease liabilities

     1,189,754       1,362,866       214,987  

Deferred revenue

     479,061       564,684       89,077  

Other non-current liabilities

     2,148,139       2,214,455       349,322  
  

 

 

   

 

 

   

 

 

 

Total non-current liabilities

     5,492,060       6,398,745       1,009,378  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     23,504,724       26,464,349       4,174,650  
  

 

 

   

 

 

   

 

 

 

Commitments and contingencies

      

SHAREHOLDERS’ EQUITY

      

Class A Ordinary shares

     87       87       14  

Class B Ordinary shares

     25       25       4  

Additional paid-in capital

     59,980,534       60,153,073       9,488,914  

Statutory reserves

     6,047       6,047       954  

Accumulated deficit

     (16,191,566     (17,892,333     (2,822,447

Accumulated other comprehensive loss

     (1,648,549     (1,746,861     (275,561
  

 

 

   

 

 

   

 

 

 

Total shareholders’ equity

     42,146,578       40,520,038       6,391,878  
  

 

 

   

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     65,651,302       66,984,387       10,566,528  
  

 

 

   

 

 

   

 

 

 

 

10


XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)

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

 

     Three Months End  
    

March 31,

2021

RMB

   

December 31,

2021

RMB

   

March 31,

2022

RMB

   

March 31,

2022

US$

 

Revenues

        

Vehicle sales

     2,810,347       8,187,181       6,998,815       1,104,036  

Services and others

     140,579       368,827       456,123       71,952  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     2,950,926       8,556,008       7,454,938       1,175,988  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of sales

        

Vehicle sales

     (2,525,808     (7,296,930     (6,271,499     (989,305

Services and others

     (95,277     (235,768     (272,710     (43,019
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     (2,621,085     (7,532,698     (6,544,209     (1,032,324
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     329,841       1,023,310       910,729       143,664  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses

        

Research and development expenses

     (535,114     (1,451,389     (1,221,278     (192,652

Selling, general and administrative expenses

     (720,821     (2,015,425     (1,641,575     (258,952
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (1,255,935     (3,466,814     (2,862,853     (451,604
  

 

 

   

 

 

   

 

 

   

 

 

 

Other income, net

     22,161       13,837       31,659       4,994  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (903,933     (2,429,667     (1,920,465     (302,946
  

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

     135,102       264,015       227,944       35,957  

Interest expenses

     (1,142     (13,841     (19,834     (3,129

Fair value loss on derivative liabilities

     (1,808     (26,910     (18,249     (2,879

Fair value gain (loss) on long-term investments

     —         591,506       (17,249     (2,721

Other non-operating (loss) income, net

     (14,780     353,419       49,510       7,810  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income tax expenses

     (786,561     (1,261,478     (1,698,343     (267,908
  

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expenses

     —         (25,687     (2,424     (382
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (786,561     (1,287,165     (1,700,767     (268,290
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to ordinary shareholders of XPeng Inc.

     (786,561     (1,287,165     (1,700,767     (268,290
  

 

 

   

 

 

   

 

 

   

 

 

 

 

11


XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME/(LOSS) (CONTINUED)

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

 

     Three Months End  
    

March 31,

2021

RMB

   

December 31,

2021

RMB

   

March 31,

2022

RMB

   

March 31,

2022

US$

 

Net loss

     (786,561     (1,287,165     (1,700,767     (268,290

Other comprehensive loss

        

Foreign currency translation adjustment, net of nil tax

     101,092       (568,659     (98,312     (15,508
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive loss attributable to XPeng Inc.

     (685,469     (1,855,824     (1,799,079     (283,798
  

 

 

   

 

 

   

 

 

   

 

 

 

Comprehensive loss attributable to ordinary shareholders of XPeng Inc.

     (685,469     (1,855,824     (1,799,079     (283,798
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of ordinary shares used in computing net loss per share

        

Basic and diluted

     1,586,718,206       1,700,956,007       1,702,708,311       1,702,708,311  

Net loss per share attributable to ordinary shareholders

        

Basic and diluted

     (0.50     (0.76     (1.00     (0.16

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

        

Basic and diluted

     793,359,103       850,478,004       851,354,156       851,354,156  

Net loss per ADS attributable to ordinary shareholders

        

Basic and diluted

     (0.99     (1.51     (2.00     (0.32

 

12


XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP

AND NON-GAAP RESULTS

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

 

     Three Months End  
    

March 31,

2021

   

December 31,

2021

   

March 31,

2022

   

March 31,

2022

 
     RMB     RMB     RMB     US$  

Loss from operations

     (903,933     (2,429,667     (1,920,465     (302,946

Share-based compensation expenses

     90,276       88,846       172,539       27,217  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP loss from operations

     (813,657     (2,340,821     (1,747,926     (275,729
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

     (786,561     (1,287,165     (1,700,767     (268,290

Share-based compensation expenses

     90,276       88,846       172,539       27,217  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net loss

     (696,285     (1,198,319     (1,528,228     (241,073
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss attributable to ordinary shareholders

     (786,561     (1,287,165     (1,700,767     (268,290

Share-based compensation expenses

     90,276       88,846       172,539       27,217  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc.

     (696,285     (1,198,319     (1,528,228     (241,073
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share

        

Basic and diluted

     1,586,718,206       1,700,956,007       1,702,708,311       1,702,708,311  

Non-GAAP net loss per ordinary share

        

Basic and diluted

     (0.44     (0.70     (0.90     (0.14

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

        

Basic and diluted

     793,359,103       850,478,004       851,354,156       851,354,156  

Non-GAAP net loss per ADS

        

Basic and diluted

     (0.88     (1.41     (1.80     (0.28

 

13



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