Chinese electric vehicle maker XPeng sold less than 10,000 units in both October and November, falling behind its rivals. Behind these challenges are reportedly organizational deformities.
The new energy vehicle subsidies issued by the Chinese government for the past 13 years are scheduled to end this year. However, the vast majority of domestic NEV enterprises have not yet achieved profitability, and are still investing in large-scale research and development.
XPeng, a leading Chinese electric vehicle company, on November 30 announced its unaudited financial results for the third quarter of 2022. Its total revenues were 6.82 billion yuan ($0.96 billion) for the third quarter, representing a year-on-year increase of 19.3%.
Reports have surfaced that Chinese electric vehicle maker XPeng Motors recently started a self-developed batteries project. The firm later denied the rumors.
EHang Holdings, a leading autonomous aerial vehicle technology company based in Guangzhou, announced on November 21 its participation in a European Union-funded project called "SBAS (EGNOS) Adoption in Multicopter VTOL Aircraft" (SAMVA).
Chinese electric vehicle maker XPeng has recently made a round of adjustments with its P7, P5 and G3i series by reducing the number of models but retaining current configurations and retail sticker prices.
Chinese electric vehicle maker XPeng Motors delivered 5,101 units in October, an annual decrease of 49.7% and a quarterly decrease of 39.8%. In the capital market, the firm's performance has been even worse.
After Tesla launched its "price reduction promotion" in China, the market began to wait and see whether other new energy vehicle brands would follow suit. Recently, XPeng Motors, a Chinese new energy vehicle manufacturer, seemed to follow the move.
Internal adjustments to the organizational structure of Chinese electric vehicle maker XPeng are nearing an end, and some departments have implemented small-scale layoffs.
On November 8, XPeng Aeroht, a flying car company owned by XPeng, reached a strategic partnership with four banks which will jointly provide credit lines totaling 6 billion yuan ($827 million) to the company to support its R&D and manufacturing of flying cars.
Zhong Yilin, vice president of BYD's automotive engineering research institute, said that the sales volume and penetration rate of intelligent vehicles on L2 and above in China increased rapidly, which was 24.5 times higher than that in 2017.
Henry Xia, President and Co-founder of Chinese electric vehicle maker XPeng, denied rumors on November 6 that the company may be considering adopting an extended-range power system in the future.
As competition in the global electric vehicle industry consolidates, many automotive firms and a host of new startups are eyeing what they see as the next frontier for innovation: the sky.
Chinese electric vehicle maker XPeng initiated its largest organizational restructuring to date in October, and its delivery data that month suffered monthly and annual declines. The chairman of XPeng was given the opportunity to respond to consumer concerns.
On November 1, NETA Auto, Li Auto, NIO, XPeng and other Chinese electric vehicle firms successively announced their delivery data for October. NIO, XPeng and Li Auto have been gradually surpassed by latecomers.
Dong Mingzhu, the chairwoman of Chinese home appliance giant Gree, stated during an online event on October 27 that the company is providing vehicle chassis to Tesla.
Simon Wang, the head of AI algorithms for intelligent driving and the chief scientist for AI at Li Auto, will leave his job in the near future. Wang is mainly responsible for the research and development of AI algorithms for applications such as intelligent driving perception and maps.
During the XPeng Tech Day held on October 24, the Chinese electric vehicle maker revealed its development schedule for intelligent assisted driving and the recent progress of its flying cars and robots.
Chinese electric vehicle maker XPeng is adjusting its organizational structure. The restructuring started about a week ago and is still in progress. It is expected that new appointments will be announced in the next week.
On October 19, SVOLT, a lithium-ion battery system provider, announced that the battery cell modules matching XPeng Motors' P5 models rolled off the production line.