XPeng Motors Reports Fourth Quarter and Full Year 2023 Financial Results
XPeng Motors announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. The electric vehicle manufacturer highlighted key operational and financial performance metrics for the period.
Fourth Quarter 2023 Highlights
In the fourth quarter of 2023, XPeng Motors reported a total delivery volume of 60,146 vehicles. This figure represents a substantial increase compared to the same period in the previous year, with a year-over-year growth of 51%. The company's revenue for the fourth quarter reached RMB 13.07 billion (approximately $1.84 billion), marking a significant year-over-year increase of 51.7%. This revenue growth was primarily attributed to the increase in vehicle deliveries. Gross margin for the fourth quarter was negative 4.9%, compared to negative 1.7% in the fourth quarter of 2022.
Full Year 2023 Performance
For the full fiscal year 2023, XPeng Motors delivered a total of 141,599 vehicles. This represents a year-over-year increase of 17%. Total revenues for the full year amounted to RMB 32.47 billion (approximately $4.57 billion), up by 14.2% compared to 2022. The company reported a gross margin of negative 1.4% for the full year 2023, a decrease from 1.1% in the full year 2022. Net loss attributable to ordinary shareholders for the fourth quarter of 2023 was RMB 1.34 billion (approximately $188.6 million), compared to RMB 2.32 billion in the fourth quarter of 2022. For the full year 2023, net loss attributable to ordinary shareholders was RMB 6.21 billion (approximately $875.3 million), an improvement from RMB 7.56 billion in 2022.
Key Financial and Operational Metrics
XPeng Motors' financial results for the fourth quarter and full year 2023 indicate a period of significant revenue growth driven by increased vehicle deliveries. While vehicle deliveries saw substantial year-over-year increases, the company's gross margin remained negative, and net losses continued. The company is focused on expanding its delivery volumes and managing its financial performance amidst ongoing market conditions.
In summary, XPeng Motors reported strong year-over-year growth in vehicle deliveries and revenue for both the fourth quarter and full year 2023. Despite these revenue increases, the company's gross margins remained negative, and it continued to report net losses for the periods presented.