XPeng, a Chinese smart electric vehicle company, on Tuesday announced its unaudited financial results for the three months ended September 30, 2021. Its deliveries of vehicles were 25,666 in the third quarter of 2021, setting a new quarterly record and representing a year-on-year increase of 199.2%.
Total revenues were 5,719.9 million yuan ($887.7 million) for the third quarter of 2021, representing an increase of 187.4% from the same period of 2020. Revenues from vehicle sales were 5,460.1 million yuan for the third quarter of 2021, an year-on-year increase of 187.7%, which was mainly attributable to higher vehicle deliveries, especially of the P7, as a result of channel expansion and brand value improvement.
The company’s gross margin was 14.4% for the third quarter of 2021, while its net loss reached 1,594.8 million yuan.
The EV maker delivered 19,731 P7s in the third quarter of 2021, reaching a record quarterly high and representing an increase of 71.2% from 11,522 in the second quarter of 2021. Among the total P7s delivered in the third quarter of 2021, 99% can support XPILOT 2.5 or XPILOT 3.0.
“Our third quarter delivery number approximated 2020’s full-year delivery total and our year-to-date deliveries more than doubled last year’s full-year delivery count,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and President of XPeng.
XPeng also launched its fourth Smart EV model, the G9, at the Auto Guangzhou show held on November 19. The G9 will be the first mass-produced Smart EV that supports XPILOT 4.0.
For the fourth quarter of 2021, the company expects deliveries of vehicles to be between 34,500 and 36,500, while total revenues to be between 7.1 billion yuan and 7.5 billion yuan.
At the telephone conference after the Q3 financial report, He Xiaopeng, Chairman of Xpeng Motors, said that the company’s Zhaoqing factory production capacity grew due to the 20-hour double shifts that workers put in. The Zhaoqing factory, along with the Guangzhou and Wuhan factories under construction, have a total annual capacity of 400,000 vehicles, which will be able to output more than 600,000 vehicles per year if they continue using double shifts. In the second half of 2022, Xpeng Motors will also begin to explore the Robotaxi business.