Tag: XPeng

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China Earnings Electric eMobility eV XPeng

XPeng Q1 earnings miss expectations, gross margin falls to 1.7%

reported a negative 2.5 percent vehicle margin for the first quarter, a decline attributed to increased sales promotions and the expiration of the NEV subsidy.

XPeng (NYSE: XPEV) today reported weaker-than-expected first quarter results, with gross margins falling sharply to low single digits due to sales promotions.

The company reported first-quarter revenue of RMB 4.03 billion ($590 million), down 45.9 percent year-on-year and down 21.5 percent from the fourth quarter, according to its unaudited earnings report released today.

This was below Wall Street analysts' estimates of RMB 4.22 billion and lies near the lower end of the guidance range it previously provided of RMB 4 billion to RMB 4.2 billion.

XPeng reported first-quarter vehicle sales revenue of RMB 3.51 billion, down 49.8 percent year-on-year and down 24.6 percent from the fourth quarter of 2022.

The decreases were mainly due to lower vehicle deliveries and the discontinuation of new energy vehicle (NEV) subsidies in China, XPeng said.

Previously published figures have shown that XPeng delivered 18,230 vehicles in the first quarter, slightly above the lower end of the guidance range of 18,000 to 19,000 vehicles.

XPeng's gross margin was 1.7 percent in the first quarter, compared with 12.2 percent and 8.7 percent in the same period last year and the fourth quarter of 2022, respectively.

It reported a negative 2.5 percent vehicle margin in the first quarter compared to 10.4 percent in the same period in 2022 and 5.7 percent in the fourth quarter of 2022.

That decline was due to increased sales promotions and the expiration of the NEV subsidy, XPeng said.

XPeng's R&D expenses in the first quarter were RMB 1.30 billion, up 6.1 percent year-on-year and up 5.3 percent from the fourth quarter of 2022.

These increases were mainly due to higher expenses related to the development of new models to support future growth.

It reported selling, general and administrative expenses of RMB 1.39 billion in the first quarter, a decrease of 15.5 percent year-on-year and a decrease of 21.0 percent from the fourth quarter of 2022.

This was mainly due to lower commissions to franchisees and lower marketing and advertising expenses, XPeng said.

XPeng reported a net loss of RMB 2.34 billion in the first quarter, compared with RMB 1.70 billion in the same period last year and RMB 2.36 billion in the fourth quarter of 2022.

Non-GAAP net loss, excluding stock-based compensation expense, was RMB 2.21 billion in the first quarter compared to RMB 1.53 billion in the same period in 2022 and RMB 2.21 billion in the fourth quarter of 2022.

XPeng reported both basic and diluted net loss per ADS of RMB 2.71 in the first quarter, compared to RMB 2.00 in the same period last year and RMB 2.74 in the fourth quarter of 2022.

It reported a non-GAAP basic and diluted net loss per ADS of RMB 2.57 for the first quarter, compared to RMB 1.80 for the same period last year and RMB 2.57 for the fourth quarter of 2022.

As of March 31, XPeng had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB 34.12 billion.

This compares to RMB 41.71 billion as of March 31, 2022 and RMB 38.25 billion as of December 31, 2022.

XPeng expects second-quarter vehicle deliveries to be in the range of 21,000 to 22,000 units, a decrease of about 36.1 percent to 39.0 percent year-on-year.

It expects total revenue for the second quarter to be between RMB 4.5 billion and RMB 4.7 billion, a decrease of about 36.8 percent to 39.5 percent year-on-year.

Considering XPeng delivered 7,079 vehicles in April, the guidance implies that the company expects it will deliver a total of 13,921 to 14,921 vehicles in May and June.

XPeng's deliveries have continued to be weak since the second half of last year, with the G9 launch failing to generate consumer enthusiasm.

The company's sales now appear to be dampened again by the G6 as potential consumers wait for the model, whose launch and delivery is expected by the end of June.

XPeng sees 1st G6 production vehicle off line

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China Deliveries Electric eMobility eV EV Data Insurance Registrations Li Auto Neta Nio Tesla Weekly Data XPeng

China NEV insurance registrations for week ending May 21: Li Auto 7,100, XPeng 1,500, NIO 1,400

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

vehicles registered 10,200 insurance units in China last week, bringing the number to 26,118 for the first three weeks of May.

founder, chairman and CEO Li Xiang said last week that they had been complained about by some of their peers and therefore could not continue to share the weekly insurance registration numbers.

Interestingly, however, the company resumed sharing those numbers today to continue to show that it leads the pack among Chinese new energy vehicle (NEV) startups.

For the week of May 15 to May 21, Li Auto sold 7,100 units, far outpacing other new car brands and reigning as the weekly sales leader for new automaking brands in the Chinese market, the company said today on Weibo.

Li Auto did not explain on what basis the sales were counted, but apparently, they were insurance registrations.

Li Auto surpassed all other traditional luxury brands except Mercedes-Benz, BMW and Audi to remain in the top five luxury brands in the Chinese market in terms of sales, the highest-ranked Chinese brand on the list, it said.

In the first two weeks of May, Li Auto vehicles had 4,543 and 6,670 insurance registrations, respectively. This means that from May 1 to May 21, Li Auto sold about 18,313 vehicles.

The tables Li Auto shared today show that vehicles had 1,400 insurance registrations last week. This means that NIO had 3,700 insurance registrations for the first three weeks of May.

NIO deliveries continue to be curbed by the upcoming launch of the new ES6, with insurance registration figures of 1,100 and 1,200 in the first and second weeks of May, respectively.

NIO will officially launch the new ES6 on May 24, and its deliveries will start on May 25.

The company is getting the ES6 to market with unprecedented delivery efficiency, and as of May 20, the new ES6 show cars were available at nearly 300 NIO stores in 92 cities.

registered 1,500 insurance units last week, the same as the previous week. In the first three weeks of May, XPeng vehicles had 3,870 insurance registrations.

XPeng deliveries were also dampened by the new model G6, which is expected to officially launch and begin deliveries at the end of next month.

Insurance registrations for Tesla vehicles in China were 10,200 last week, bringing the figure to 26,118 for the first three weeks of May. The number was 5,928 and 9,990 in the first two weeks of May.

Data table: China NEV weekly insurance registrations

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China Deliveries Electric eMobility eV EV Data Insurance Registrations Li Auto Neta Nio Tesla Weekly Data XPeng

China NEV insurance registrations for week ending May 21: Li Auto 7,100, XPeng 1,500, NIO 1,400

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

vehicles registered 10,200 insurance units in China last week, bringing the number to 26,118 for the first three weeks of May.

founder, chairman and CEO Li Xiang said last week that they had been complained about by some of their peers and therefore could not continue to share the weekly insurance registration numbers.

Interestingly, however, the company resumed sharing those numbers today to continue to show that it leads the pack among Chinese new energy vehicle (NEV) startups.

For the week of May 15 to May 21, Li Auto sold 7,100 units, far outpacing other new car brands and reigning as the weekly sales leader for new automaking brands in the Chinese market, the company said today on Weibo.

Li Auto did not explain on what basis the sales were counted, but apparently, they were insurance registrations.

Li Auto surpassed all other traditional luxury brands except Mercedes-Benz, BMW and Audi to remain in the top five luxury brands in the Chinese market in terms of sales, the highest-ranked Chinese brand on the list, it said.

In the first two weeks of May, Li Auto vehicles had 4,543 and 6,670 insurance registrations, respectively. This means that from May 1 to May 21, Li Auto sold about 18,313 vehicles.

The tables Li Auto shared today show that vehicles had 1,400 insurance registrations last week. This means that NIO had 3,700 insurance registrations for the first three weeks of May.

NIO deliveries continue to be curbed by the upcoming launch of the new ES6, with insurance registration figures of 1,100 and 1,200 in the first and second weeks of May, respectively.

NIO will officially launch the new ES6 on May 24, and its deliveries will start on May 25.

The company is getting the ES6 to market with unprecedented delivery efficiency, and as of May 20, the new ES6 show cars were available at nearly 300 NIO stores in 92 cities.

registered 1,500 insurance units last week, the same as the previous week. In the first three weeks of May, XPeng vehicles had 3,870 insurance registrations.

XPeng deliveries were also dampened by the new model G6, which is expected to officially launch and begin deliveries at the end of next month.

Insurance registrations for Tesla vehicles in China were 10,200 last week, bringing the figure to 26,118 for the first three weeks of May. The number was 5,928 and 9,990 in the first two weeks of May.

Data table: China NEV weekly insurance registrations

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China Electric eMobility eV Tesla XPeng XPeng G6

XPeng sees 1st G6 production vehicle off line

management previously said that the G6 will be officially launched and delivered by the end of the second quarter, with a price range of RMB 200,000 - 300,000.  |  XPeng US | XPeng HK

XPeng (NYSE: XPEV) has seen the first production vehicle of the G6 roll off the assembly line, as the new SUV gets closer to its official launch.

The development was revealed in a leaked image on Chinese social media of XPeng production line employees celebrating the moment, and XPeng has not released any official content about it.

On March 17, XPeng management said during the company's fourth-quarter earnings call that the G6 will be officially launched and delivered by the end of the second quarter, with a price range of 200,000 yuan ($28,450) to 300,000 yuan.

XPeng's monthly sales target for the G6 is two to three times that of the P7, the company's chairman and CEO He Xiaopeng said in the call.

XPeng gave several previews of the model in early April and unveiled the SUV's exterior ahead of its official debut.

On April 16, the electric vehicle (EV) maker unveiled a new architecture, called SEPA (Smart Electric Platform Architecture) 2.0, at a technology conference in Shanghai, saying the G6 would be the first model built on it.

XPeng officially unveiled the G6 on the first day of the Shanghai auto show on April 18, saying that the G6 is the ultimate form of car before full autonomous driving is achieved.

The model is based on the 800 V high-voltage platform and can get a 300-kilometer range in as little as 10 minutes on a charge, XPeng said at the time. The company's other 800 V-based model is the flagship G9 SUV.

XPeng did not release specific specs or pricing information for the G6, which they expect to know at a future official launch event.

The company appears to be ramping up production preparations for the G6 so that it can deliver it quickly after its official launch, as its local counterparts have proven that strategy to be effective in China's competitive EV market.

XPeng sees the Model Y as the G6's main competitor. The vehicle is positioned as an all-electric midsize SUV with a length, width and height of 4,753 mm, 1,920 mm and 1,650 mm, respectively, and a wheelbase of 2,890 mm, a regulatory filing in March showed.

For comparison, the Tesla Model Y has a length, width and height of 4,750 mm, 1,921 mm, 1,624 mm and a wheelbase of 2,890 mm.

G6 will need to be successful for XPeng to be truly relevant again in the marketplace, Deutsche Bank analyst Edison Yu's team said in a research note sent to investors on May 17.

XPeng will report its unaudited first-quarter financial results on Wednesday, May 24, before the US markets open, when its earnings call is expected to provide more information on the model.

($1 = RMB 7.0295)

XPeng Q1 earnings preview: Counting down to G6

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China Electric eMobility eV Nio NIO ES6

NIO’s new ES6 launch event to begin at 7:00 pm Beijing time on May 24

Show cars of the new ES6 are already available at stores, and those interested can visit NIO Houses to check out the model, NIO said.

(Image credit: CnEVPost)

NIO (NYSE: NIO) announced earlier this week that the new ES6 would be officially launched on May 24, but no specific time was announced, and now they've been known.

The launch of the new ES6 will begin at 7:00 pm Beijing time on May 24 (7:00 am US Eastern time on May 24), and viewers will be able to watch a live video stream on channels including the NIO App, NIO.com and NIO Weibo, the electric vehicle (EV) maker announced today.

The new ES6 show cars are already available in NIO stores, and those interested can visit NIO Houses to check out the model, NIO said.

Of note for China EV trio watchers, (NYSE: XPEV) will report its first-quarter financial results on May 24 before the US markets open, with its earnings call starting at 8:00 pm Beijing time that day.

NIO announced on May 16 that the new ES6 will be officially launched on May 24, test drives will be available on the same day and deliveries will begin on May 25.

This will be NIO's fastest model from official launch to delivery, as its local peers, including (NASDAQ: LI), have proven that efficient delivery is critical to success in the highly competitive Chinese EV market.

NIO launched the first-generation ES6 in December 2018 and began delivering the model in China in June 2019.

From 2019 to 2021, NIO delivered 155,722 vehicles, of which the ES6 contributed 80,852, or 52 percent, data monitored by CnEVPost shows.

Available data for 2022 show that from January to August, the ES6 delivered 32,877 units, contributing 46 percent of NIO's total deliveries of 71,556 units for the period.

NIO pins high hopes on new ES6 with unprecedented delivery efficiency and marketing campaign

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charging China Electric eMobility eV Li Auto Li Auto Chargers

Li Auto puts 2nd batch of 6 supercharging stations into operation

To date, Li Auto has 13 supercharging stations and aims to have more than 300 by the end of the year.  |  Li Auto US | Li Auto HK

(Image credit: Li Auto)

Li Auto (NASDAQ: LI) is continuing to build out its charging system, bringing a second batch of supercharging stations into operation.

The automaker's six 4C supercharging stations went live today, and they're all located in highway service areas in Hangzhou, Zhejiang, Jinan, Shandong and Dongguan, Guangdong, it said today on Weibo.

Li Auto opened the first seven 4C supercharging stations for trial operation on April 20. As of now, the company's supercharging stations reach 13.

All of Li Auto's currently available models are extended-range electric vehicles (EREVs), which are essentially plug-in hybrids.

The company unveiled its all-electric solution on April 18, the first day of the Shanghai auto show, which is based on an 800 V high-voltage platform capable of giving a battery electric vehicle (BEV) a 400 km range on a 10-minute charge.

By 2025, Li Auto's product array will include a super flagship model, five EREVs, and five BEVs, the company said.

Li Auto's first all-electric model will be the world's first to feature 's 4C Qilin Battery, it previously said.

C refers to the battery's charge multiplier, and 4C means that the pack could theoretically be fully charged in a quarter of an hour.

By the end of May, Li Auto's first 25 supercharging stations will open for trial operation and be available to all electric vehicle owners, it announced on April 18.

Each station will be equipped with three regular fast-charging piles and one 4C super-fast charging post, it said.

These 4C charging piles will have a maximum power of 480 kW and 2C charging piles will have a maximum power of 250 kW. 2C charging piles will allow vehicles to go from 20 percent to 80 percent in 30 minutes, the company said at the time.

By the end of this year, Li Auto will have built more than 300 supercharging stations along highways, it said.

By 2025, Li Auto will have 3,000 charging stations, covering 90 percent of China's highway miles and major cities, the company said.

Earlier today, NIO (NYSE: NIO) announced it had put eight new battery swap stations into operation, bringing the total to 1,403.

As of May 15, NIO also had 2,580 charging stations in China, offering 15,312 charging piles.

As of March 1, 's (NYSE: XPEV) charging network included 1,948 charging stations, of which 1,018 were operated by the company, according to the latest information on its website.

NIO exceeds 1,400 swap stations in China

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China Electric eMobility eV HK Stocks Industry News

New auto index launched in HK stock market with constituents including BYD, NIO, XPeng, Li Auto

The Hang Seng Indexes Company Limited launched the Hang Seng Automobile Index today with a year-to-date return of about 9 percent.

A new index is now available for investors who wish to track the performance of the Chinese auto industry chain in the stock market.

The Hang Seng Indexes Company Limited (HSI) today announced the launch of three new indices, including the Hang Seng Automobile Index.

"The Hang Seng Automobile Index aims to reflect the overall performance of companies that are engaged in the value chain of automobile production, and are listed in Hong Kong," the description on the HSI website reads.

The new index -- calculated and disseminated in real-time at two-second intervals -- had a return of 9.26 percent for the year to last Friday. As of press time, the index was up 0.69 percent today.

The Hang Seng Automobile Index has a fixed component of 30 stocks and will be reviewed every six months.

The index's current constituents include car companies such as BYD, NIO, , , Leapmotor, , Great Wall Motors, and GAC Group, as well as suppliers such as LK Technology and Fuyao Glass.

The description page on the HSI website does not provide information on the weighting of these constituents in the index.

The index has a base period of December 31, 2019, with a base value of 3,000 points and is currently quoted at 3,272.24 points.

At press time, NIO was down 2.3 percent to HK$63.60 in Hong Kong, XPeng down 2.03 percent to HK$38.55, Li Auto down 0.96 percent to HK$113, BYD was flat and Leapmotor was up 1.47 percent to HK$34.55.

Hang Seng Automobile Index

Stock CodeConstituent Name
A SharesB SharesH SharesRed ChipsOthers
1958BAIC MOTOR
9888BIDU - SW
710BOE VARITRONIX
1211BYD COMPANY
285BYD ELECTRONIC
489DONGFENG GROUP
3606FUYAO GL ASS
2238GAC GROUP
1772GANFENG LITHIUM
175GEELY AUTO
2333GREATWALL MOTOR
179JOHNSON ELEC H
148KINGBOARD HLDG
9863LEAPMOTOR
2015LI AUTO - W
558LK TECH
425MINTH GROUP
1316NEXTEER
9866NIO - SW
1478Q TECH
20SENSETIME - W
3808SINOTRUK
2382SUNNY OPTICAL
819TIANNENG POWER
9696TIANQI LITHIUM
3898TIMES ELECTRIC
2338WEICHAI POWER
868XINYI GLASS
9868XPENG - W
1585YADEA

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CalPERS China Electric eMobility eV Hedge Fund Positions Li Auto Nio XPeng

Largest US pension cuts stake in NIO, liquidates Li Auto in Q1

CalPERS liquidated its position in in the third quarter of 2022.

The largest US public pension continued to trim its investment in Chinese electric vehicle (EV) stocks in the first quarter.

The California Public Employees' Retirement System (CalPERS) owned 2,210,446 shares of NIO's US-traded ADRs at the end of the first quarter, according to a 13F report dated May 12.

This is down 390,806 shares, or 15.02 percent, from 2,601,252 at the end of the fourth quarter of 2022.

The pension's holdings in NIO were worth $23.23 million at the end of the first quarter, down 8.4 percent from 25.36 million at the end of the fourth quarter.

CalPERS now has about $440 billion in assets under management and is the largest public pension in the US. It opened a position in NIO in the first quarter of 2019, when it bought 140,451 shares. NIO went public in the US on September 12, 2018.

CalPERS cut its position in NIO by 10.79 percent in the fourth quarter of last year. The value of the pension's holdings in NIO fell 44.85 percent during the fourth quarter due to a large drop in NIO's stock price during the period.

In the third quarter of 2022, CalPERS liquidated its position in XPeng (NYSE: XPEV) while increasing its stake in NIO by 18.20 percent. As of the end of the first quarter, it still did not own any XPeng shares.

The pension liquidated its position in , another Chinese EV company, in the first quarter.  CalPERS held 1,136,298 shares of Li Auto at the end of the fourth quarter last year.

NIO, XPeng and Li Auto all rose in the first quarter, up 7.79 percent, 9.14 percent and 22.3 percent, respectively.

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng-CnEVPost

Several prominent hedge funds reduced their positions in these three Chinese EV companies in the first quarter.

Bridgewater reduced its holdings in NIO by 40.53 percent, XPeng by 25.98 percent and Li Auto by 54.69 percent in the first quarter, according to Friday's Form 13F.

Renaissance cut its position in NIO by 0.16 percent, XPeng by 98.88 percent and Li Auto by 20.44 percent during the first quarter.

Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1

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Bridgewater China Electric eMobility eV Hedge Fund Positions Li Auto Nio XPeng

Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1

Bridgewater reduced its holdings in NIO by 40.53 percent, by 25.98 percent and by 54.69 percent in the first quarter.

Bridgewater Associates, the world's largest hedge fund founded by renowned investor Ray Dalio, reduced its position in the Chinese electric vehicle (EV) trio in the first quarter, the second consecutive quarter it did so.

Bridgewater held 2,526,156 US-traded ADRs of NIO (NYSE: NIO) at the end of the first quarter, down 1,721,751 shares, or 40.53 percent, from 4,247,907 at the end of the fourth quarter, according to a Form 13F it filed with the SEC on Friday.

The value of Bridgewater's holdings in NIO was $26.55 million at the end of the first quarter, down $14.87 million, or 35.90 percent, from $41.42 million at the end of the fourth quarter.

Bridgewater's holdings in NIO decreased by 27.91 percent in the fourth quarter of last year. Prior to that, the fund's position in NIO had grown for five consecutive quarters.

At the end of the first quarter, Bridgewater's holdings in XPeng (NYSE: XPEV) stood at 1,501,493, a decrease of 527,119, or 25.98 percent, from the end of the fourth quarter.

The fund's holdings in XPeng were last valued at $16.68 million, a decrease of 17.27 percent from the end of the fourth quarter.

Bridgewater's holdings in XPeng decreased by 6.15 percent during the fourth quarter of last year. This followed three quarters of increased or unchanged holdings.

Bridgewater's holdings in Li Auto's US-traded ADRs were 792,442 shares at the end of the first quarter, a decrease of 956,375 shares or 54.69 percent from the end of the fourth quarter.

Bridgewater's Li Auto position had a value of $19.77 million at the end of the first quarter, a decrease of 44.58 percent from the end of the fourth quarter.

NIO, XPeng, and Li Auto all gained in the first quarter, up 7.79 percent, 9.14 percent, and 22.3 percent, respectively.

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng-CnEVPost

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

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China Electric eMobility eV Hedge Fund Positions Li Auto Nio XPeng

Renaissance keeps NIO position stable in Q1, nearly liquidates position in XPeng

Renaissance reduced its position in NIO by 0.16 percent, by 98.88 percent and by 20.44 percent during the first quarter.

Renaissance Technologies LLC, one of the world's most prominent hedge funds, held its position in NIO (NYSE: NIO) steady during the first quarter, but reduced its holdings in XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI).

Renaissance held 10,791,394 US-traded ADRs of NIO at the end of the first quarter, down 17,200 shares or 0.16 percent from 10,808,594 at the end of the fourth quarter, according to a Form 13F filing on Friday.

Renaissance's holdings in NIO were worth about $113 million, up $8.03 million, or 7.62 percent, from $105 million at the end of the second quarter, as NIO shares rose in the first quarter.

The fund began its holdings in NIO in the second quarter of 2021, when it bought 5,293,900 shares. It reduced its holdings in NIO by 28.63 percent and 14.77 percent in the third and fourth quarters of last year, respectively.

While maintaining a flat position in NIO, the fund reduced its holdings in XPeng and Li Auto, particularly in XPeng, in the first quarter.

At the end of the first quarter, Renaissance held 81,929 shares of XPeng's US-traded ADRs, down 7,236,771, or 98.88 percent, from 7,318,700 shares at the end of the fourth quarter last year.

The fund's holdings in XPeng were valued at $910,000, down 98.75 percent from $72.75 million at the end of the fourth quarter.

Renaissance first bought XPeng in the third quarter of 2021.

The fund owned 8,111,300 shares of Li Auto at the end of the first quarter, down 2,083,700 shares or 20.44 percent from 10,195,000 at the end of the fourth quarter.

Its holdings in Li Auto were worth $202 million, down 2.69 percent from $208 million at the end of the fourth quarter.

Renaissance first bought Li Auto in the second quarter of 2021 and increased its position in the company in each subsequent quarter until the fourth quarter of last year, when it reduced its stake in the automaker by 17.91 percent.

During the first quarter, NIO gained 7.79 percent, XPeng gained 9.14 percent and Li Auto gained 22.3 percent.

Baillie Gifford trims holdings in NIO, Tesla slightly in Q1

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