On November 15th, Xiaopeng Automobile announced that its revenue for the third quarter was 8.53 billion yuan, a 25% increase year-on-year; The net loss in the third quarter was 3.89 billion yuan, compared to 2.38 billion yuan in the same period of 2022 and 2.8 billion yuan in the second quarter of 2023.
After the financial report was released, Xiaopeng Automobile's US stock market dived before the market, now falling nearly 2%, after rising by over 3% previously; As of today's close, Hong Kong stock Xiaopeng Motors has risen by over 7% to HKD 67.8.
According to the announcement, the total delivery volume of automobiles in the third quarter of 2023 was 40008, an increase of 72.4% from 23205 vehicles in the second quarter of 2023. As of September 30, 2023, Xiaopeng Automobile's physical sales network has a total of 395 stores. As of September 30, 2023, the self operated charging station network of Xiaopeng Automobile has reached 1057 charging stations, including 854 Xiaopeng Automobile self operated super charging stations and 203 destination charging stations.
In terms of research and development, the R&D expenditure in the third quarter was 1.31 billion yuan, a decrease of 12.9% from 1.5 billion yuan in the same period of 2022, and a decrease of 4.5% from 1.37 billion yuan in the second quarter of 2023. The annual and quarterly decline is mainly related to the timing and progress of new vehicle development projects.
Looking ahead to the fourth quarter, Xiaopeng Automobile expects that the delivery volume of vehicles in the fourth quarter will range from 59500 to 63500, an increase of approximately 101.2% to 114.7% year-on-year. The total revenue will range from 12.7 billion yuan to 13.6 billion yuan, with an annual increase of approximately 86.1% to 99.3%.
He Xiaopeng, Chairman and CEO of Xiaopeng Automobile, said, "Starting from the third quarter of this year, we have entered a preliminary positive cycle. I believe that the effects of a series of changes starting this year will be more evident in 2024 and beyond, and we will enter a high-speed development positive cycle by the fourth quarter of next year
Our delivery volume has been increasing month on month for 9 consecutive months, and free cash flow has significantly improved, "said Dr. Gu Hongdi, Honorary Vice Chairman and Co President of Xiaopeng Automobile. We expect that with the significant improvement in our gross profit margin driven by new product and technology cost reductions, our free cash flow will significantly improve in the fourth quarter, which is the starting point for us to move towards long-term scale profitability