Chinese electric vehicle maker XPeng released its annual report on April 12, revealing that in the 2022 fiscal year, it generated a total revenue of 26.86 billion yuan ($3.9 billion), representing a growth of 28% compared to the previous year. However, the company also reported an increase in net loss by 88.01% YoY, reaching 9.143 billion yuan. Additionally, XPeng completed a phased organizational restructuring and appointed Wang Fengying as president while retaining other core executives in their original positions.
Several media outlets had previously reported that XPeng was undergoing personnel changes. The Vice President of Powertrain, Liu Minghui, had resigned and the Chief Talent Officer and Vice President of Sales, Liao Qinghong, was reportedly about to resign. There were also rumors that two core founders of XPeng, Henry Xia and He Tao, would be affected by the shakeup. However, according to an insider at XPeng cited in a report from Yicai, Xia, He and Liao are still employed by the company.
In October of last year, XPeng underwent an internal organizational restructuring. On January 30 of this year, Wang Fengying, the former president of Great Wall Motors, was appointed as XPeng‘s new president. She is now fully responsible for the company’s product planning, product matrix and sales system. Additionally, in early February, Yi Han joined XPeng as a former executive from Geely Group.
Following the organizational restructuring, XPeng‘s research and development, production, and supply chain leaders now report directly to Chairman He Xiaopeng. Additionally, he personally oversees the styling team and has established three front-end teams for creative competition. This approach is expected to enhance XPeng‘s design capabilities for future models. In addition, a clear roadmap has been developed to reduce costs for software and hardware systems.
Wang is fully responsible for product planning and sales service system, which has greatly improved the efficiency of sales services and strengthened brand marketing. During the financial report conference call in March, He Xiaopeng announced that the company will focus on strengthening sales network management and enhancing frontline sales personnel’s effectiveness over the next two years.
XPeng‘s ESG report, released on the same day, reveals that their smart EVs delivered in 2022 will reduce carbon emissions by approximately 1.72 million metric tons over their entire life cycle when compared to conventional gasoline vehicles. In addition, XPeng‘s annual charging capacity reached 322 million kWh in 2022 with a cumulative reduction of approximately 577,200 tons of carbon emissions. Furthermore, XPeng achieved a year-on-year growth of 23% in its full-year delivery volume for 2022 with around 120,800 vehicles delivered.