XPENG Reports Second Quarter 2023 Unaudited Financial Results

  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB33.74 billion (US$4.65 billion) as of June 30, 2023
  • Quarterly total revenues were RMB5.06 billion, a 25.5% increase quarter-over-quarter
  • Quarterly gross margin was negative 3.9%, a decrease of 5.6 percentage points quarter-over-quarter

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 June 30, 2023.

Operational and Financial Highlights for the Three Months Ended June 30, 2023

2023Q2

2023Q1

2022Q4

2022Q3

2022Q2

2022Q1

Total deliveries

23,205

18,230

22,204

29,570

34,422

34,561

  • Total deliveries of vehicles were 23,205 for the second quarter of 2023, representing an increase of 27.3% from 18,230 for the first quarter of 2023.
  • XPENG’s physical sales network had a total of 411 stores as of June 30, 2023.
  • XPENG self-operated charging station network reached 1,024 stations, including 824 XPENG self-operated supercharging stations and 200 destination charging stations as of June 30, 2023.
  • Total revenues were RMB5.06 billion (US$0.70 billion) for the second quarter of 2023, representing a decrease of 31.9% from the same period of 2022, and an increase of 25.5% from the first quarter of 2023.
  • Revenues from vehicle sales were RMB4.42 billion (US$0.61 billion) for the second quarter of 2023, representing a decrease of 36.2% from the same period of 2022, and an increase of 25.9% from the first quarter of 2023.
  • Gross margin was negative 3.9% for the second quarter of 2023, compared with 10.9% for the same period of 2022 and 1.7% for the first quarter of 2023.
  • Vehicle margin, which is gross profit or loss of vehicle sales as a percentage of vehicle sales revenue, was negative 8.6% for the second quarter of 2023, compared with 9.1% for the same period of 2022 and negative 2.5% for the first quarter of 2023.
  • Net loss was RMB2.80 billion (US$0.39 billion) for the second quarter of 2023, compared with RMB2.70 billion for the same period of 2022 and RMB2.34 billion for the first quarter of 2023. Excluding share-based compensation expenses, non-GAAP net loss was RMB2.67 billion (US$0.37 billion) for the second quarter of 2023, compared with RMB2.46 billion for the same period of 2022 and RMB2.21 billion for the first quarter of 2023.
  • Net loss attributable to ordinary shareholders of XPENG was RMB2.80 billion (US$0.39 billion) for the second quarter of 2023, compared with RMB2.70 billion for the same period of 2022 and RMB2.34 billion for the first quarter of 2023. Excluding share-based compensation expenses, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB2.67 billion (US$0.37 billion) for the second quarter of 2023, compared with RMB2.46 billion for the same period of 2022 and RMB2.21 billion for the first quarter of 2023.
  • Basic and diluted net loss per American depositary share (ADS) were both RMB3.25 (US$0.45) and basic and diluted net loss per ordinary share were both RMB1.63 (US$0.22) for the second quarter of 2023. Each ADS represents two Class A ordinary shares.
  • Non-GAAP basic and diluted net loss per ADS were both RMB3.10 (US$0.43) and non-GAAP basic and diluted net loss per ordinary share were both RMB1.55 (US$0.21) for the second quarter of 2023.
  • Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB33.74 billion (US$4.65 billion) as of June 30, 2023, compared with RMB38.25 billion as of December 31, 2022. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.

Key Financial Results

(in RMB billions, except for percentage)

 

 

For the Three Months Ended

% Changei

 

June 30,

March 31,

June 30,

 

 

2023

2023

2022

YoY

QoQ

 

 

 

 

 

 

Vehicle sales

4.42

3.51

6.94

-36.2%

25.9%

Vehicle margin

-8.6%

-2.5%

9.1%

-17.7pts

-6.1pts

Total revenues

5.06

4.03

7.44

-31.9%

25.5%

Gross (loss) profit

(0.20)

0.07

0.81

-124.4%

-394.5%

Gross margin

-3.9%

1.7%

10.9%

-14.8pts

-5.6pts

Net loss

2.80

2.34

2.70

3.8%

20.0%

Non-GAAP net loss

2.67

2.21

2.46

8.3%

20.7%

Net loss attributable to ordinary

   shareholders

 

2.80

 

2.34

 

2.70

3.8%

20.0%

Non-GAAP net loss attributable

   to ordinary shareholders

 

2.67

 

2.21

 

2.46

 

8.3%

20.7%

Comprehensive loss attributable

   to ordinary shareholders

 

1.93

 

2.58

 

0.78

 

147.8%

-25.3%

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

Management Commentary

“XPENG G6, our first strategic model built on SEPA 2.0, has quickly become one of the best-selling models following its official launch in June, turbocharging our sales growth momentum. I believe the success of the G6 is just the beginning and moving forward, a wider range of SEPA2.0-enabled models will be brought to our customers,” said Mr. He Xiaopeng, Chairman and CEO of XPENG. “Along with our unwavering commitment to advancing technology innovation over the past 9 years since our establishment, we’ve created meaningful breakthroughs in commercializing our industry-leading full-stack EV platform and smart technologies, both developed in-house. This is clearly evidenced by the increasing ADAS adoption among our customers and our strategic partnership with Volkswagen, a world-leading carmaker.”

“Benefitting from the new products and supported by more efficient sales channels, our vehicle deliveries have posted sequential growth for six consecutive months,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG. “With the G6 and other new products accelerating sales growth, we expect gross margin to gradually recover while operating efficiency continues to improve and free cash flow to substantially improve.”

Recent Developments

Deliveries in July 2023

  • Total deliveries were 11,008 vehicles in July 2023.
  • As of July 31, 2023, year-to-date total deliveries were 52,443 vehicles.

Appointment of Vice President

Mr. Jiaming Wu (“Mr. Wu”) has been appointed as the vice president of finance and accounting of the Company. Prior to joining the Company, Mr. Wu served as the vice president and chief financial officer of SAIC-GM-Wuling Automotive Co., Ltd. from July 2022 to May 2023. Mr. Wu served as the vice president and chief financial officer of PT SGMW Motor Indonesia from July 2019 to June 2022. From April 2017 to June 2019, Mr. Wu worked as a finance manager at the US headquarters of General Motors Company. From July 2012 to March 2017, Mr. Wu worked as a regional finance manager at General Motors International Operations (GMIO). Mr. Wu received his master’s degree in business administration from Yale University in 2012, and his bachelor’s degree in economics from Shanghai University of International Business and Economics in 2006.

Launch of the G6

On June 29, 2023, XPENG announced the official launch of its G6 Ultra Smart Coupe SUV, the Company’s inaugural model based on its next-generation technology architecture, SEPA2.0, in China. Deliveries of the G6 commenced in July 2023 for customers in China.

Forming Strategic Partnership with the Volkswagen Group

On July 26, 2023, XPENG and the Volkswagen Group (“Volkswagen”) entered into a framework agreement on strategic technical collaboration and a share purchase agreement for a strategic minority investment by Volkswagen in the Company for an expected total consideration of approximately US$700 million in cash. For details, please refer to the announcement of the Company dated July 26, 2023.

Unaudited Financial Results for the Three Months Ended June 30, 2023

Total revenues were RMB5.06 billion (US$0.70 billion) for the second quarter of 2023, representing a decrease of 31.9% from RMB7.44 billion for the same period of 2022 and an increase of 25.5% from RMB4.03 billion for the first quarter of 2023.

Revenues from vehicle sales were RMB4.42 billion (US$0.61 billion) for the second quarter of 2023, representing a decrease of 36.2% from the same period of 2022, and an increase of 25.9% from the first quarter of 2023. The year-over-year decrease was mainly attributable to lower vehicle deliveries and discontinuation of new energy vehicle subsidy, while the quarter-over-quarter increase was mainly due to higher vehicle deliveries of the P7i.

Revenues from services and others were RMB0.64 billion (US$0.09 billion) for the second quarter of 2023, representing an increase of 28.2% from RMB0.50 billion for the same period of 2022 and an increase of 22.8% from RMB0.52 billion for the first quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly attributable to the increase of parts and services sales, which was in line with higher accumulated vehicle sales.

Cost of sales was RMB5.26 billion (US$0.73 billion) for the second quarter of 2023, representing a decrease of 20.6% from RMB6.63 billion for the same period of 2022 and an increase of 32.6% from RMB3.97 billion for the first quarter of 2023. The year-over-year decrease and the quarter-over-quarter increase were mainly in line with vehicle deliveries as described above. Additionally, for the second quarter of 2023, the Company recorded the inventory write-downs and losses on inventory purchase commitments amounting to RMB0.20 billion related to the model G3i as management lowered its forecasted sales due to stronger-than-expected market demands for newly launched vehicle models, resulting in the quarter-over-quarter increase.

Gross margin was negative 3.9% for the second quarter of 2023, compared with 10.9% for the same period of 2022 and 1.7% for the first quarter of 2023.

Vehicle margin was negative 8.6% for the second quarter of 2023, compared with 9.1% for the same period of 2022 and negative 2.5% for the first quarter of 2023. The year-over-year and quarter-over-quarter decreases were explained by (i) the inventory write-downs and losses on inventory purchase commitments related to the G3i, with a negative impact of 4.5 percentage points on vehicle margin for the second quarter of 2023, and (ii) increased sales promotions, and the expiry of new energy vehicle subsidies mentioned above.

Research and development expenses were RMB1.37 billion (US$0.19 billion) for the second quarter of 2023, representing an increase of 8.1% from RMB1.26 billion for the same period of 2022 and an increase of 5.5% from RMB1.30 billion for the first quarter of 2023. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB1.54 billion (US$0.21 billion) for the second quarter of 2023, representing a decrease of 7.3% from RMB1.66 billion for the same period of 2022 and an increase of 11.3% from RMB1.39 billion for the first quarter of 2023. The year-over-year decrease was primarily attributable to the reduction in commission paid to the franchised stores and lower marketing and advertising expenses. The quarter-over-quarter increase was mainly resulting from higher marketing and advertising expenses to support new product launches.

Loss from operations was RMB3.09 billion (US$0.43 billion) for the second quarter of 2023, compared with RMB2.09 billion for the same period of 2022 and RMB2.59 billion for the first quarter of 2023.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB2.96 billion (US$0.41 billion) for the second quarter of 2023, compared with RMB1.85 billion for the same period of 2022 and RMB2.46 billion for the first quarter of 2023.

Net loss was RMB2.80 billion (US$0.39 billion) for the second quarter of 2023, compared with RMB2.70 billion for the same period of 2022 and RMB2.34 billion for the first quarter of 2023.

Non-GAAP net loss, which excludes share-based compensation expenses, was RMB2.67 billion (US$0.37 billion) for the second quarter of 2023, compared with RMB2.46 billion for the same period of 2022 and RMB2.21 billion for the first quarter of 2023.

Net loss attributable to ordinary shareholders of XPENG was RMB2.80 billion (US$0.39 billion) for the second quarter of 2023, compared with RMB2.70 billion for the same period of 2022 and RMB2.34 billion for the first quarter of 2023.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses, was RMB2.67 billion (US$0.37 billion) for the second quarter of 2023, compared with RMB2.46 billion for the same period of 2022 and RMB2.21 billion for the first quarter of 2023.

Basic and diluted net loss per ADS were both RMB3.25 (US$0.45) for the second quarter of 2023, compared with RMB3.16 for the second quarter of 2022 and RMB2.71 for the first quarter of 2023.

Non-GAAP basic and diluted net loss per ADS were both RMB3.10 (US$0.43) for the second quarter of 2023, compared with RMB2.88 for the second quarter of 2022 and RMB2.57 for the first quarter of 2023.

Balance Sheets

As of June 30, 2023, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB33.74 billion (US$4.65 billion), compared with RMB38.25 billion as of December 31, 2022 and RMB34.12 billion as of March 31, 2023.

Business Outlook

For the third quarter of 2023, the Company expects:

  • Deliveries of vehicles to be between 39,000 and 41,000, representing a year-over-year increase of approximately 31.9% to 38.7%.
  • Total revenues to be between RMB8.5 billion and RMB9.0 billion, representing a year-over-year increase of approximately 24.6% to 31.9%.

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 August 18, 2023 (8:00 PM Beijing/Hong Kong Time on August 18, 2023).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:

XPENG Second Quarter 2023 Earnings Conference Call

Pre-registration link:

https://s1.c-conf.com/diamondpass/10032444-7wgtf6.html

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 an hour after the conclusion of the call until August 25, 2023, by dialing the following telephone numbers:

United States:

 

+1-855-883-1031

International:

 

+61-7-3107-6325

Hong Kong, China:

 

800-930-639

Mainland China:

 

400-120-9216

Replay Access Code:

 

10032444

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. Its mission is to drive Smart EV transformation with technology, 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 electrical/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 plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://heyXPENG.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, 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 RMB7.2513 to US$1.00, the exchange rate on June 30, 2023, 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, 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 ADS/ordinary share and per ADS/ordinary share data)

 

December 31,

June 30,

June 30,

2022

2023

2023

RMB

RMB

US$

 

ASSETS

Current assets

Cash and cash equivalents

14,607,774

11,010,447

1,518,410

Restricted cash

106,272

675,872

93,207

Short-term deposits

14,921,688

11,220,840

1,547,425

Restricted short-term deposits

-

1,010,000

139,285

Short-term investments

1,262,129

462,598

63,795

Long-term deposits, current portion

427,466

4,887,318

673,992

Accounts and notes receivable, net

3,872,846

3,593,413

495,554

Installment payment receivables, net, current portion

1,294,665

1,533,143

211,430

Inventory

4,521,373

3,572,087

492,613

Amounts due from related parties

47,124

25,562

3,525

Prepayments and other current assets

2,466,084

2,364,098

326,026

 

Total current assets

43,527,421

40,355,378

5,565,262

 

Non-current assets

Long-term deposits

6,926,450

3,927,324

541,603

Restricted long-term deposits

-

550,000

75,848

Property, plant and equipment, net

10,606,745

11,364,376

1,567,219

Right-of-use assets

1,954,618

1,776,965

245,055

Intangible assets, net

1,042,972

1,085,643

149,717

Land use rights, net

2,747,854

2,811,804

387,766

Installment payment receivables, net

2,188,643

2,262,552

312,020

Long-term investments

2,295,032

2,455,199

338,587

Other non-current assets

201,271

95,423

13,159

 

Total non-current assets

27,963,585

26,329,286

3,630,974

 

Total assets

71,491,006

66,684,664

9,196,236

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(CONTINUED)

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

 

December 31,

June 30,

June 30,

2022

2023

2023

RMB

RMB

US$

 

LIABILITIES

Current liabilities

Short-term borrowings

2,419,210

 

4,259,210

 

587,372

 

Accounts and notes payable

14,222,856

 

11,306,075

 

1,559,179

 

Amount due to related parties

91,111

 

30,468

 

4,202

 

Operating lease liabilities, current portion

490,811

 

450,129

 

62,076

 

Finance lease liabilities, current portion

128,279

 

98,997

 

13,652

 

Deferred revenue, current portion

389,243

 

429,348

 

59,210

 

Long-term borrowings, current portion

761,859

 

622,607

 

85,861

 

Accruals and other liabilities

5,583,829

 

6,203,300

 

855,474

 

Income taxes payable

27,655

 

32,289

 

4,453

 

 

Total current liabilities

24,114,853

 

23,432,423

 

3,231,479

 

 

Non-current liabilities

Long-term borrowings

4,613,057

 

5,388,395

 

743,094

 

Operating lease liabilities

1,854,576

 

1,731,421

 

238,774

 

Finance lease liabilities

797,743

 

802,685

 

110,695

 

Deferred revenue

694,006

 

698,206

 

96,287

 

Other non-current liabilities

2,506,106

 

1,958,571

 

270,099

 

 

Total non-current liabilities

10,465,488

 

10,579,278

 

1,458,949

 

 

Total liabilities

34,580,341

 

34,011,701

 

4,690,428

 

 

SHAREHOLDERS’ EQUITY

Class A Ordinary shares

92

 

92

 

13

 

Class B Ordinary shares

21

 

21

 

3

 

Additional paid-in capital

60,691,019

 

60,950,227

 

8,405,421

 

Statutory and other reserves

6,425

 

18,812

 

2,594

 

Accumulated deficit

(25,330,916

)

(30,472,526

)

(4,202,354

)

Accumulated other comprehensive income

1,544,024

 

2,176,337

 

300,131

 

 

Total shareholders' equity

36,910,665

 

32,672,963

 

4,505,808

 

 

Total liabilities and shareholders’ equity

71,491,006

 

66,684,664

 

9,196,236

 

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS

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

 

Three Months Ended

June 30,

March 31,

June 30,

June 30,

2022

2023

2023

2023

RMB

RMB

RMB

US$

 

Revenues

Vehicle sales

6,938,497

 

3,513,767

 

4,424,537

 

610,172

 

Services and others

497,848

 

519,653

 

638,159

 

88,006

 

Total revenues

7,436,345

 

4,033,420

 

5,062,696

 

698,178

 

 

Cost of sales

Vehicle sales

(6,309,727

)

(3,600,529

)

(4,804,535

)

(662,576

)

Services and others

(317,258

)

(365,859

)

(455,552

)

(62,823

)

 

Total cost of sales

(6,626,985

)

(3,966,388

)

(5,260,087

)

(725,399

)

 

Gross profit (loss)

809,360

 

67,032

 

(197,391

)

(27,221

)

 

Operating expenses

Research and development expenses

(1,264,959

)

(1,295,854

)

(1,367,107

)

(188,533

)

Selling, general and administrative

   expenses

(1,664,513

)

(1,386,620

)

(1,543,625

)

(212,876

)

Total operating expenses

(2,929,472

)

(2,682,474

)

(2,910,732

)

(401,409

)

 

Other income, net

29,328

 

30,065

 

17,940

 

2,474

 

Loss from operations

(2,090,784

)

(2,585,377

)

(3,090,183

)

(426,156

)

 

Interest income

267,506

 

299,741

 

303,637

 

41,873

 

Interest expense

(22,311

)

(62,667

)

(67,007

)

(9,241

)

Fair value gain on derivative assets or

   derivative liabilities

84,211

 

-

 

-

 

-

 

Fair value gain (loss) on long-term

   investments

15,869

 

8,440

 

(38,704

)

(5,338

)

Exchange (loss) gain from foreign currency

   transactions

(938,327

)

2,083

 

42,663

 

5,883

 

Other non-operating (loss) income, net

(1,948

)

 

6,002

 

4,286

 

591

 

Loss before income tax expenses and

   share of results of equity method

   investees

(2,685,784

)

(2,331,778

)

(2,845,308

)

(392,388

)

 

Income tax expenses

(11,735

)

(6,157

)

(8,217

)

(1,133

)

Share of results of equity method investees

(3,363

)

977

 

48,873

 

6,740

 

 

Net loss

(2,700,882

)

(2,336,958

)

(2,804,652

)

(386,781

)

Net loss attributable to ordinary

   shareholders of XPeng Inc.

(2,700,882

)

(2,336,958

)

(2,804,652

)

(386,781

)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE LOSS (CONTINUED)

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

 

Three Months Ended

June 30,

March 31,

June 30,

June 30,

2022

2023

2023

2023

RMB

RMB

RMB

US$

 

Net loss

(2,700,882

)

(2,336,958

)

(2,804,652

)

(386,781

)

Other comprehensive income (loss)

Foreign currency translation adjustment, net

   of tax

1,922,801

 

(243,953

)

876,266

 

120,843

 

 

 

 

 

Total comprehensive loss

   attributable to XPeng Inc.

(778,081

)

 

(2,580,911

)

 

(1,928,386

)

 

(265,938

)

 

Comprehensive loss attributable to

   ordinary shareholders of XPeng Inc.

(778,081

)

 

(2,580,911

)

 

(1,928,386

)

 

(265,938

)

 

 

 

 

 

Weighted average number of ordinary

   shares used in computing net loss per

   ordinary share

Basic and diluted

1,708,557,461

 

1,722,080,453

 

1,723,369,664

 

1,723,369,664

 

 

Net loss per ordinary share attributable

   to ordinary shareholders

Basic and diluted

(1.58

)

(1.36

)

(1.63

)

(0.22

)

 

Weighted average number of ADS used

   in computing net loss per share

Basic and diluted

854,278,731

 

861,040,227

 

861,684,832

 

861,684,832

 

 

Net loss per ADS attributable to

   ordinary shareholders

Basic and diluted

(3.16

)

(2.71

)

(3.25

)

(0.45

)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP

AND NON-GAAP RESULTS

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

 

Three Months Ended

June 30,

March 31,

June 30,

June 30,

2022

2023

2023

2023

RMB

RMB

RMB

US$

 

Loss from operations

(2,090,784)

(2,585,377)

(3,090,183)

(426,156)

Share-based compensation expenses

236,469

124,638

134,570

18,558

 

Non-GAAP loss from operations

(1,854,315)

(2,460,739)

(2,955,613)

(407,598)

 

Net loss

(2,700,882)

(2,336,958)

(2,804,652)

(386,781)

Share-based compensation expenses

236,469

124,638

134,570

18,558

 

Non-GAAP net loss

(2,464,413)

(2,212,320)

(2,670,082)

(368,223)

 

Net loss attributable to ordinary

   shareholders

(2,700,882)

(2,336,958)

(2,804,652)

(386,781)

Share-based compensation expenses

236,469

124,638

134,570

18,558

 

 

 

 

 

 

 

 

Non-GAAP net loss attributable to

   ordinary shareholders of XPeng

   Inc.

(2,464,413)

 

(2,212,320)

 

(2,670,082)

 

(368,223)

 

Weighted average number of

   ordinary shares used in calculating

   Non-GAAP net loss per share

Basic and diluted

1,708,557,461

1,722,080,453

1,723,369,664

1,723,369,664

 

Non-GAAP net loss per ordinary

   share

Basic and diluted

(1.44)

(1.28)

(1.55)

(0.21)

 

Weighted average number of ADS

   used in calculating Non-GAAP net

   loss per share

Basic and diluted

854,278,731

861,040,227

861,684,832

861,684,832

 

Non-GAAP net loss per ADS

Basic and diluted

(2.88)

(2.57)

(3.10)

(0.43)

 

Contacts

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: ir@xiaopeng.com

Jenny Cai

Piacente Financial Communications

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

E-mail: xpeng@tpg-ir.com

For Media Enquiries

PR Department

XPeng Inc.

E-mail: pr@xiaopeng.com

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