Red Star Capital Bureau reported on November 19th that Xiaopeng Motors (09868. HK/XPEV. US) released its financial report for the third quarter of 2024 this evening. During the reporting period, Xiaopeng Motors delivered a total of 46533 vehicles, an increase of 16.3% year-on-year and 54% month on month; The total revenue reached 10.1 billion yuan, a year-on-year increase of 18.4% and a month on month increase of 24.5%. As of press time, Xiaopeng Motors' US stock market rose more than 5% before trading.
From the perspective of revenue structure, during the reporting period, automobile sales revenue was 8.8 billion yuan, an increase of 12.1% year-on-year and 29.0% month on month; Service and other revenue amounted to 1.31 billion yuan, a year-on-year increase of 90.7% and a month on month increase of 1.1%. The growth in service and other revenue is mainly due to the increase in revenue from technology research and development services related to platform and software strategy and electronic and electrical architecture technology strategic cooperation with Volkswagen Group.
Due to cost reduction and improved product portfolio, Xiaopeng Motors' gross profit margin has significantly increased to 15.3%, reaching a historic high, compared to -2.7% in the same period last year and 14.0% in the second quarter of this year; The gross profit margin of automobiles was 8.6%, compared to -6.1% in the same period last year, and 6.4% in the second quarter of this year.
The company's loss situation has also improved, with a net loss of 1.81 billion yuan in the third quarter, compared to 3.89 billion yuan in the same period last year, and 1.28 billion yuan in the second quarter of this year; The non GAAP net loss attributable to ordinary shareholders of Xiaopeng Motors in the third quarter was RMB 1.53 billion, compared to RMB 2.79 billion in the same period last year and RMB 1.22 billion in the second quarter of this year.
The R&D expenditure of Xiaopeng Motors in the third quarter was 1.63 billion yuan, an increase of 25.1% year-on-year and 11.3% month on month; Sales, general and administrative expenses amounted to 1.63 billion yuan, a year-on-year decrease of 3.5% and a month on month increase of 3.8%. As of September 30th this year, the company's cash and cash equivalents, restricted cash, short-term investments, and term deposits amounted to 35.75 billion yuan.
Our system capabilities have been comprehensively improved after the transformation, and the successful launch of M03 and P7+marks the beginning of a positive cycle of growth for our large product cycle, "said He Xiaopeng, Chairman and CEO of Xiaopeng Motors." I believe that the next decade will be the era of AI, and I am confident in leading Xiaopeng Motors to become a global AI automotive company, leading the large-scale application of AI in the transportation field
For the fourth quarter of 2024, Xiaopeng Motors expects a total delivery volume of 87000 to 91000 vehicles, an increase of approximately 44.6% to 51.3% year-on-year; The total revenue will range from 15.3 billion yuan to 16.2 billion yuan, with an annual increase of 17.2% to 24.1%.
The delivery volume of Xiaopeng Motors in October was 23917 units. Based on this calculation, 63083 to 67083 units need to be delivered in November and December. Xiaopeng MONA M03 has delivered over 10000 units in two months since its launch, and it is expected that production capacity will increase by 40% in December. The monthly production capacity target before the Spring Festival in 2025 is 20000 units.
As of now, Xiaopeng Motors has entered more than 30 countries and regions around the world, including markets in Europe, the Middle East, and North Africa. By 2025, Xiaopeng Motors plans to further expand its sales network to over 90% of the new energy vehicle market outside of North America, with over 300 stores.