China Economic Net, Beijing, March 20th - Yesterday, Xiaopeng Motors released its financial reports for the fourth quarter and full year of 2023. In the fourth quarter of 2023, Xiaopeng achieved a revenue of 13.05 billion yuan, a year-on-year increase of 154%; The net loss was 1.348 billion yuan, a significant decrease of 42.9% year-on-year; The gross profit margin has significantly improved to 6.2%, and the gross profit margin of automobiles has increased by about 10 percentage points month on month to 4.1%. Xiaopeng attributes this to platform based research and development, technology cost reduction, and business improvement.
From the full year of 2023, Xiaopeng achieved a revenue of 30.68 billion yuan, an increase of 14.2% compared to 26.86 billion yuan in 2022; The net loss further expanded to 10.38 billion yuan, an increase of 13.6% compared to 9.14 billion yuan in 2022; The gross profit margin has also continued to decline, reaching 1.5% in 2023, while 11.5% and 12.5% in 2022 and 2021, respectively; In addition, Xiaopeng's gross profit margin for automobiles in 2023 was -1.6%.
By comparison, the gross profit margins of Ideal and NIO in 2023 were 22.2% and 5.5%, respectively, indicating a significant gap between Xiaopeng and NIO. At present, Ideal has turned losses into profits, and the losses of NIO and Xiaopeng have further expanded. The trend of differentiation between NIO and Xiaoli has intensified.
In terms of sales, Xiaopeng delivered 60158 vehicles in the fourth quarter of last year, a year-on-year increase of 171%; Delivered 141600 vehicles throughout the year, achieving 70% of the annual target. Xiaopeng expects to deliver 21000 to 22500 vehicles in the first quarter of this year. The total revenue is expected to be between 5.8 billion yuan and 6.2 billion yuan.
Last year, Xiaopeng completed a new round of channel upgrades through the "Jupiter Plan" and introduced more than 160 distributors. Xiaopeng expects the improvement of sales channel capabilities to make a significant contribution to sales from the second quarter of this year. At yesterday's performance press conference, He Xiaopeng, the director and CEO of Xiaopeng Motors, stated that starting from the second quarter of this year, Xiaopeng Motors will launch an innovative dealer cooperation model. By establishing about half a month of channel inventory, it will accelerate terminal delivery speed and fully activate the enthusiasm of dealers, effectively improving sales. It is expected that the total number of sales stores will increase to 600 in the third quarter of this year.
In addition, Xiaopeng Motors has been increasing its long-term investment in AI since 2023, with research and development expenses of 1.31 billion yuan in the fourth quarter, and a total of 5.28 billion yuan in research and development expenses for the entire year of 2023. This year, Xiaopeng Motors will upgrade its AI technology with intelligent driving as its core, with a planned annual investment of 3.5 billion yuan in intelligent research and development and the recruitment of 4000 new employees. He Xiaopeng revealed that in the second quarter of this year, the "AI big model will be launched", and the hardware cost of his new model XNGP (Intelligent Driving Assistance System) will be reduced by 50% in the second half of the year. Advanced intelligence will accelerate its popularization.
Regarding the second brand recently revealed on the forum of the Hundred People Conference, He Xiaopeng stated that it will be launched during the Beijing Auto Show in April this year and named "MONA". The MONA brand targets the 100000 to 150000 yuan market, and the first model will be launched and delivered in the third quarter.
At the same time, Xiaopeng will also usher in a major product cycle, launching more than 10 new models in the next three years. Coupled with globalization and upgraded models, the total number of mass-produced models will reach 30, covering the full price range of 100000 to 400000 yuan. "Xiaopeng will make efforts in multiple dimensions such as scale, intelligence, and internationalization, while filling in the gaps," He Xiaopeng said.
He Xiaopeng emphasized that 2024 is the first year for Chinese automotive brands to enter the "sea of blood" competition. With the continuous upgrading of Xiaopeng's organizational strategy, the intensive launch of new products, the acceleration of its overseas strategy, and the full realization of its technological advantages, Xiaopeng Motors is expected to further improve its revenue and profits, enter a high-speed positive cycle, and achieve long-term and sustainable scale profitability.