Xiaopeng Motors releases' strongest financial report in history ', performance poster mentions' swimming in a sea of blood'
On the evening of November 19th, Xiaopeng Motors released its strongest financial report in history, showing a record high gross profit margin of 15.3% for the third quarter of 2024; The operating revenue increased by 24.5% month on month, reaching 10.1 billion yuan.
He Xiaopeng, Chairman and CEO of Xiaopeng Motors, believes that this reflects the comprehensive improvement of the company's system capabilities after the transformation and is entering the big product cycle.
In the past two years, Xiaopeng Motors has been moving forward against the wind. The performance poster of Xiaopeng Motors states, 'Swimming in the sea of blood until the sea turns blue.'.
On the same day, He Xiaopeng posted on Weibo that Xiaopeng Motors is still far from reaching the blue ocean and "believes that the next big step will come at some point in 2025".
Still in a loss making state
Xiaopeng Motors continues to increase production capacity
The latest financial report shows that Xiaopeng Motors achieved an increase in operating revenue and gross profit margin in the third quarter of 2024, mainly due to the delivery of 46533 vehicles, a year-on-year increase of 16.3%.
Gu Hongdi, Vice Chairman and Co President of Xiaopeng Motors, stated that the comprehensive realization of technology cost reduction and significant growth in scale compared to the previous quarter have become the key reasons driving the company's gross profit margin to increase in the third quarter of 2024.
However, Xiaopeng Motors suffered a net loss of 1.81 billion yuan in the third quarter of 2024. By comparison, the company had a net loss of 3.89 billion yuan in the third quarter of 2023 and 1.28 billion yuan in the second quarter of 2024.
Several executives from car companies have previously stated that the automotive industry is a sector with significant economies of scale, and increasing production and sales to a certain scale will lead to cost reduction and efficiency improvement.
At present, Xiaopeng Motors emphasizes that it has initiated a major product cycle, which will drive continuous sales growth. He Xiaopeng stated that during the major product cycle, Xiaopeng Motors will achieve its sales target and hit a new level, with an expected delivery volume of over 30000 vehicles in November.
Xiaopeng Motors expects to deliver 87000 to 91000 vehicles in the fourth quarter of 2024, a year-on-year increase of 44.6% to 51.3%; The total revenue was 15.3 billion yuan to 16.2 billion yuan, a year-on-year increase of 17.2% to 24.1%.
According to Xiaopeng Motors, currently through a dual shift production plan, the company's two factories in Guangzhou and Zhaoqing have an annual production capacity of approximately 200000 to 300000 vehicles. At the same time, the company has planned production plans before 2026 and is working with suppliers to expand production capacity.
Firmly invest in the AI automotive field
Gu Hongdi stated that Xiaopeng Motors' entry into the big product cycle brings healthier gross profit and cash flow, and it has the confidence to firmly invest in the research and development of AI automotive technology.
The next decade is the era of AI, and Xiaopeng Motors is confident in becoming a global AI automotive company, "He Xiaopeng emphasized during the performance conference call.
He Xiaopeng believes that with the improvement of autonomous driving capabilities and the continuous expansion and integration of AI capabilities, AI capabilities have become the core ability for leading car companies to differentiate and occupy user minds.
Previously, He Xiaopeng disclosed the AI system of Xiaopeng Motors, which consists of three major segments: AI cars, AI robots, and flying cars.
For the key to competition in the AI automotive field, He Xiaopeng points to deep full stack self-developed capabilities. To this end, Xiaopeng Motors will use AI computing power as its data engine, integrate software and hardware research and development, and widen the gap in experience height and optimization speed compared to enterprises that adopt traditional research and development models.
It is reported that Xiaopeng Motors' in car data, cloud computing power, cloud and in car models will grow rapidly in the coming years.
In the next 10 years, half of the sales will come from overseas
In this performance poster, Xiaopeng Motors mentioned that 'in the next 10 years, half of its sales will come from overseas'.
Faced with the continuous fierce competition in the Chinese new energy vehicle market, domestic car companies have turned their attention to overseas markets.
In October 2024, Xiaopeng Motors participated in the Paris Motor Show for the first time and announced its globalization 2.0 strategy. At the same time, the world's first AI car, Xiaopeng P7+, began pre-sales.
Regarding the export volume in the third quarter of 2024, Xiaopeng Motors emphasizes that it ranks first among new forces in the automotive industry.
In the third quarter of 2024, Xiaopeng Motors' overseas market sales increased by 70% month on month, accounting for 15% of its total sales. It is estimated that Xiaopeng Motors' overseas sales in the third quarter of 2024 will be approximately 7000 vehicles.
He Xiaopeng stated that in the next three years, Xiaopeng Motors will maintain a high-speed growth momentum and become the top exporter of new energy high-end products among Chinese car companies.
Xiaopeng Motors has entered more than 30 countries and regions worldwide, with the goal of entering over 60 countries and regions by the end of 2025.
Specifically, by 2025, Xiaopeng Motors plans to expand its sales network to over 90% of the new energy vehicle market outside of North America, with over 300 stores.