Categories
China Earnings Electric eMobility eV Research Note XPeng

XPeng Q4 earnings: Deutsche Bank’s first look

delivered weak 4Q results, accompanied by a muted 1Q outlook that shows March demand still under pressure, Deutsche Bank said.  |  XPeng US | XPeng HK

XPeng (NYSE: XPEV) reported weaker-than-expected fourth-quarter earnings today, and as usual, Deutsche Bank analyst Edison Yu's team provided their first impressions.

Here's the full text of the note the team sent to investors today.

XPeng delivered weak 4Q results (even softer than our preview), accompanied by a muted 1Q outlook that shows March demand still under pressure.

Deliveries for 4Q were already reported at 22,204 units, leading to revenue of 5.1bn RMB, below our 5.4bn and consensus 5.7bn on lower vehicle pricing and "other sales."

Total gross margin declined 480bps QoQ to 8.7%, missing our 11.5% estimate (consensus 12.1%), driven by much lower vehicle margin (5.7% vs. our 8.5% due to increased promotional activity; lowest since 2H20).

Opex of 2,986m RMB essentially matched our model as lower R&D offset higher SG&A.

All together, EPS of (2.57) came in worse than our (2.33) forecast. Management provided a slightly worse 1Q23 volume guidance than expected, calling for 18,000-19,000 deliveries, vs. our 19,500 forecast (translating into 4.0-4.2bn RMB in revenue).

This would imply March improving MoM to low 7,000 units at the mid-point.

ASP will continue to worsen following price cuts and unfavorable mix (G9 volume struggling).

XPeng Q4 revenue misses estimates, gross margin falls to single digit

The post XPeng Q4 earnings: Deutsche Bank's first look appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
Baojun Baojun Yep China Electric Electric cars eMobility eV SGMW

Baojun Yep EV made by General Motors’s JV spotted without camo in China

It's a 4-seater, but look even more like a toy in real than on official pictures

The post Baojun Yep EV made by General Motors’s JV spotted without camo in China appeared first on CarNewsChina.com.

Categories
Electric eMobility eV

Tesla Shows How Prefabricated Supercharger Units Save Time, Costs

The fully assembled Supercharger sites come with stalls mounted on a concrete slab and grid connectivity-ready electrical components.
Categories
charging Charging infrastructure Charging Stations

Tesla Shows How Prefabricated Supercharger Units Save Time, Costs

The fully assembled Supercharger sites come with stalls mounted on a concrete slab and grid connectivity-ready electrical components.
Categories
Electric eMobility eV

Kenya Signs Deals To Import Fossil Fuels On Credit For 6 Months To Relieve Pressure On Demand For Foreign Currency

Kenya recently signed some deals with firms from Saudi Arabia and the United Arab Emirates (UAE) to supply diesel, petrol, and jet fuel on credit for the next 6 months to ease mounting  pressure on the demand for foreign currency as well as to try to stem the Kenya shillings slide vs. the US dollar […]
Categories
Electric eMobility eV

Tesla Prepping Fremont For Huge End-Of-Quarter Delivery Frenzy

It's only mid-month, and Tesla is already lining up cars in every direction and loading up car carriers to open parking spots for more.
Categories
Campers camping RVs RVs/Campers

Eunorau Flash E-Bike Unveiled With Up To 200 Miles Of Range

The Flash can be outfitted with two motors and up to three batteries.
Categories
China Electric eMobility eV XPeng

XPeng Q4 earnings call: G6 deliveries to begin around end of Q2

This article is being updated, please refresh later for more content.

(NYSE: XPEV) today announced its fourth-quarter earnings results and subsequently held a conference call with analysts.

Below are the key highlights of the call.

Through drastic organizational optimization, XPeng's strategic and organizational adjustments have achieved significant results in the first quarter.

Currently, all XPeng R&D, production and supply chain systems report directly to He Xiaopeng, and president Wang Fengying has taken full responsibility for product planning and sales and service systems.

In the next two years, XPeng will further strengthen the network layout and improve the effectiveness of frontline sales staff by flattening the management of the sales network.

In the future in product planning and design, XPeng will innovate more around user-perceivable value and differentiation, with great changes in subsequent model configuration combinations, overall vehicle modular design and intelligence consistency.

Currently, Mr. He himself has directly managed the styling team and created three styling front-end teams for creative competition, which will significantly improve the styling, space and other design performance of XPeng's future models.

With the launch of the P7i, the number of visitors and test drives at XPeng stores reached a new high in recent months.

XPeng stores saw a 100 percent increase in the number of visitors in February compared to January, and a significant increase in March compared to February.

The XPeng G6 will be unveiled at the Shanghai auto show and will be officially launched and delivered around the end of the second quarter with a price range of RMB 200,000 ($29,050) - 300,000.

The company's monthly sales target for the G6 is 2-3 times that of the P7.

The monthly sales of XPeng in the second half of this year will have several times more room for improvement than the level at the beginning of the year.

XPeng will launch a new pure EV model in the second half of the year, which will be a 7-seat MPV.

XPeng has developed a clear roadmap, through technological innovation, configuration optimization and other means, the cost of autonomous driving is expected to drop by more than 50 percent between this year and next year, and the cost of vehicle hardware, including power systems, will drop by 25 percent.

The company will move from selling hardware and software as a whole to selling hardware and software separately, making fully autonomous driving a standard feature.

The artificial intelligence represented by GPT has a huge future. It will have a new interpretation of how autonomous driving can be implemented and will enable L4 autonomous driving to move to L5 much faster.

XPeng expects more coupling between GPT-related technologies and various parts of the company's business.

XPeng Q4 revenue misses estimates, gross margin falls to single digit

The post XPeng Q4 earnings call: G6 deliveries to begin around end of Q2 appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Categories
charging Electric Electric cars eMobility eV

7-Eleven wants its EV charging network to be among the largest

7-Eleven 7Charge EV fast-charging stationConvenience store chain 7-Eleven has ambitious plans for EV charging. The company on Thursday announced 7Charge, an EV charging network that it aims to make one of the largest in North America. The plan includes DC fast-charging stations at 7-Eleven locations in the U.S. and, eventually, Canada, with access via a proprietary app. While light on...
Categories
China Earnings Electric eMobility eV XPeng

XPeng Q4 revenue misses estimates, gross margin falls to single digit

This article is being updated, please refresh later for more content.

reported revenue of RMB 5.14 billion in the fourth quarter, below market expectations of RMB 5.732 billion.

This represents a 39.95 percent year-on-year decline and a 24.63 percent decline from the third quarter.

XPeng generated RMB 4.66 billion of automotive sales revenue in the fourth quarter, down 43.1 percent from the same period in 2021 and down 25.3 percent from the third quarter of 2022.

It reported a gross margin of 8.7 percent in the fourth quarter compared to 12.0 percent in the same period of 2021 and 13.5 percent in the third quarter of 2022.

It had an automotive margin of 5.7 percent in the fourth quarter compared to 10.9 percent in the same period in 2021 and 11.6 percent in the third quarter of 2022. For the full year, the auto margin was 9.4 percent, compared to 11.5 percent in 2021.

The company reported a net loss of RMB 2.36 billion in the fourth quarter, compared to market expectations of a loss of RMB 2.076 billion and a loss of RMB 1.29 billion in the same period last year.

XPeng expects first-quarter vehicle deliveries to be in the range of 18,000 to 19,000 units, a decrease of about 45.0 percent to 47.9 percent year-on-year.

The company expects total revenue for the first quarter to range from RMB4.0 billion to RMB4.2 billion, a decrease of about 43.7 percent to 46.3 percent year-on-year.

XPeng delivered 22,204 vehicles in the fourth quarter, above the upper end of the previously provided guidance range of 20,000 to 21,000, but down 46.82 percent year-on-year and down 24.91 percent from the third quarter.

XPeng's previous revenue guidance for the fourth quarter was RMB 4.8 billion to RMB 5.1 billion, representing a decrease of about 40.4 percent to 43.9 percent year-on-year.

XPeng earnings preview: Q4 to be soft with promotions hitting margins

The post XPeng Q4 revenue misses estimates, gross margin falls to single digit appeared first on CnEVPost.

For more articles, please visit CnEVPost.