XPeng outperforms domestic rivals in EV deliveries, but net loss widens in the first quarter amid supply chain disruptions
Chinese smart electric vehicle (EV) maker XPeng Motors posted mixed first-quarter results, revenue surged 152.6 percent year-over-year, but net losses widened amid continuing supply chain uncertainties facing China’s auto industry.
Alibaba Group-invested XPeng lost 1.7 billion yuan, or $268.3 million in the first quarter of 2022 compared with a loss of 786.6 million yuan a year earlier.
The Guangzhou-based company said the revenue came in at 7.4 billion yuan, representing an increase of 152.6 percent from the same period of 2021.
Gross margin was 12.2% for the first quarter of 2022, compared with 11.2% and 12.0% for the first quarter of 2021 and the fourth quarter of 2021, respectively
China’s auto industry has been hit by Covid lockdowns that have disrupted supply chains.
According to data released by the China Association of Automobile Manufacturers (CAAM), total output by automakers in China including Tesla, General Motors plummeted 46.2 percent to 1.2 million units lost month. Total car sales also plummeted 47.1 percent to 1.18 million units.
We will continue to manage supply chain uncertainties and we remain confident in our exciting product pipeline planned for 2022 and beyond,” XPeng President Brian Gu said in a statement today.
XPeng outperformed its domestic rivals- Nio and Li Auto, delivered 34,561 vehicles in the first quarter of 2022, representing an increase of 159% from 13,340 in the same period of 2021.
Nio’s deliveries rose 28.5 per cent year-on-year to 25,768 vehicles in the first quarter, its production partially affected by temporary shutdown of assembly in Hefei, the capital of Anhui province, as Covid-19 lockdowns in Shanghai, Jiangsu and Jilin disrupted its supply chain.
Li Auto in Beijing handed over 31,716 EVs to buyers in the first quarter, up 152.10% percent year-over-year.
Tesla’s deliveries, which attributed mainly by its Shanghai-made Model 3 and Model Y, stood at 182,200 units in the first quarter, accounting for 58.8% of its total deliveries worldwide.
For the second quarter, XPeng expects to deliver between 31,000 and 34,000 EVs, representing a year-on-year increase of around 78.2 per cent to 95.4 per cent, it said in its earnings report.