XPeng Motors Sees Q1 2023 Revenue Plummet 45.9%, CEO He Xiaopeng Predicts G6 Model will be a Hit
XPeng Motors has announced its financial results for the first quarter of 2023, which reveal a significant drop in revenue of 45.9% to approximately $572 million, lower than the estimated $598 million. The net loss for the company stood at approximately $333 million, exceeding the market’s expected net loss of $269 million. The loss per share after adjustment was $0.18.
In Q1 2023, the total deliveries for XPeng Motors was 18,230 vehicles, marking a 17.9% decrease from the 22,204 vehicles delivered in Q4 2022. As of April 30, 2023, the company’s total deliveries for the year amounted to 25,309 vehicles.
The company’s physical sales network had expanded to 425 stores covering 145 cities as of March 31, 2023. Additionally, XPeng Motors’ self-operated charging station network reached 1,016 stations, including 816 supercharging stations and 200 destination charging stations.
The sales revenue for XPeng Motors in the first quarter of 2023 was approximately $498 million, representing a decline of 49.8% from the same period in 2022 and a 24.6% decrease from Q4 2022.
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Despite the downturn, XPeng’s Chairman and CEO, He Xiaopeng, remains confident. He stated, “In the first quarter of 2023, I made decisive adjustments to the company’s strategy, organization, and management team. I am confident that in the following quarters we will create a positive cycle of product sales, team morale, customer satisfaction, and brand reputation.” He also announced that their new model G6, which is based on the SEPA2.0 technology architecture, is set to be launched in June 2023. He believes that the G6, priced between approximately $28,433 to $42,650 (originally CNY 200,000 to CNY 300,000), will be one of the most anticipated bestsellers in China’s new energy SUV market.
The G6 is the first model built on the Fuyao architecture. It is positioned as a pure electric mid-size SUV and offers both two-wheel and four-wheel drive options. With the support of an 800V + silicon carbide platform, the G6 boasts a very fast charging speed and low energy consumption. Furthermore, the new car is equipped with dual laser radar, the second-generation XNGP, and a high-level intelligent voice system.