XPeng Announces its Q3 Financial Results, Continues to Post Record EV Sales
Electric carmaker and Tesla challenger XPeng Inc. continues to post record sales in China's growing EV market. The company announced its Q3 financial results for the three months ending Sept 30, 2021 and it's another record breaking quarter.
XPeng said it delivered 25,666 electric vehicles in the third quarter of 2021, setting a new quarterly record and representing an increase of 199.2% from 8,578 in the corresponding period of 2020. In addition, the strong sales are a 47.5% jump from the 17,398 vehicles the company sold in the second quarter of 2021.
Deliveries of XPeng's flagship P7 smart sedan were 19,731 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.
Total revenues were RMB5,719.9 million (US$887.7 million) in Q3, representing an increase of 187.4% from the same period of 2020, and an increase of 52.1% from the second quarter of 2021.
XPeng is also improving its profit margins. Gross margin was 14.4% in Q3, compared with 4.6% for the same period of 2020 and 11.9% for the second quarter of 2021. Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues, was 13.6% in Q3 compared with 3.2% for the same period of 2020 and 11.0% in Q2.
"In the third quarter, we continued record-setting growth with the highest vehicle deliveries among China's startup new energy vehicle automakers," said He Xiaopeng, Chairman and CEO of XPeng. "This outperformance testifies to the market's recognition of the differentiated value our vertically integrated in-house developed software and hardware bring to our vehicles."
In addition to selling cars, Xpeng's is building out its retail sales and Xpeng-branded EV charging network for its customers. The automaker now has 271 retail stores open in 95 cities in China as of Sept 30, 2021.
Xpeng is also building out the largest supercharging network among all Chinese auto brands, with 550 branded supercharging stations and 1,734 free supercharging stations online in China as of Oct 31, 2021.
XPeng just launched its fourth EV, the G9 SUV, at the 2021 Auto Guangzhou last week. The G9 will be the first mass-produced Smart EV that supports the latest version of XPeng's autonomous driving feature XPILOT.
Other innovations in the G9 include an 800V high-voltage SiC platform and XPeng's proprietary X-EEA 3.0 electronic and electrical architecture that adopts domain controllers. The platform integrates hardware and software which can be updated over the air.
The G9 is the first EV in China to implement a Gigabit Ethernet communications architecture, allowing the vehicle to transmit and receive data much faster. The faster data transfers support the G9's advanced driver assistance system and autonomous driving. But it also allows for faster OTA firmware updates.
The G9 was conceived and designed for both the China and international markets as Xpeng continues its expansion outside of its home country.
The G9 is XPeng's first full-size electric SUV and 4th model. The smaller G3 SUV was Xpeng's first EV, which launched in 2018. XPeng followed up the G3 with the P7 smart sedan in 2020.
Deliveries of Xpeng's third model, the P5 fastback, began in September. The P5 is the world's first production car to come with automotive-grade lidar installed at the factory to support XPeng's XPILOT autonomous driving feature.
Xpeng is emerging as a strong competitor to Tesla in China with its advanced electric vehicles. The company's advanced EVs offer the same level of technology as Tesla's vehicles, including autonomous driving capability, but its vehicles cost around half the price of a comparably equipped Tesla model in the China market.
"Looking forward, XPeng will continue to trailblaze new and disruptive advancements that redefine China's automobile industry, transforming future mobility with technology," said Mr. Xiaopeng.
Xpeng is also a U.S. listed company. Its shares trade on the New York Stock Exchange under the symbol "XPEV". The stock was up over 7% on Tuesday at $50.80.
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