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%. Its US stock price now sits at $7.34 per share, up 6.53%.
The company’s net loss was 2.38 billion yuan for the third quarter, compared with 1.59 billion yuan for the same period of 2021. Gross margin was 13.5% for the third quarter, compared with 14.4% for the third quarter of 2021.
Total deliveries reached 5,101 vehicles in October, consisting of 2,104 P7 smart sports sedans, 1,665 P5 smart family sedans and 709 G3i compact smart SUVs, and 623 G9 flagship SUVs. Mass deliveries of the G9 began on October 27, reaching customers in over 100 cities across China. As of October 31, year-to-date total deliveries reached 103,654 units, representing a 56% increase year-over-year.
The company’s physical sales network continued expansion with a total of 407 stores, covering 143 cities as of September 30. Its self-operated charging station network further expanded to 1,011 stations, including 806 self-operated supercharging stations and 205 destination charging stations as of September 30.
For the fourth quarter of 2022, the company expects deliveries of vehicles to be between 20,000 and 21,000, and total revenues to be between 4.8 billion yuan and 5.1 billion yuan.
In October, XPeng carried out an organizational structure adjustment, and established five committees and three product matrix organizations. The marketing, sales and after-sales were integrated together, and the charging division became the first-level department within the company.
“We have already carried out organization restructuring and changed some of our strategies. I am confident that our smart and electrification technologies will allow us to build competitive products appealing to a broad customer base,” said He Xiaopeng, Chairman and CEO of XPeng.
In other news, Henry Xia, co-founder and president of XPeng, is to resign as an executive director of the board of directors, according to an announcement today. In the future, Xia will strive to further enhance the competitiveness of products driven by customer value.
As China’s new energy vehicle subsidy is coming to an end, the company today released a note, saying that consumers who completed the deposit payment before midnight on December 31, 2022 can still receive the subsidy, and price difference caused by the license plate registration will be assumed by the company.