Xpeng Q1 2024 Revenue down 49.8% QoQ Net Income still negative
$XPeng(XPEV.US$ $Tesla(TSLA.US$ $BYD COMPANY(01211.HK$ $NIO Inc(NIO.US$ Xpeng reported revenue of RMB 6.55 billion ($910 million) in the first quarter, down 49.8 percent from the fourth quarter as vehicle deliveries fell. Xpeng's revenue from vehicle sales in the first quarter was RMB 5.54 billion, down 54.7 percent from the fourth quarter.
Xpeng delivered 21,821 vehicles in the first quarter, down 63.73 percent from the fourth quarter of 2023.
Xpeng's first-quarter gross margin came in at 12.9 percent, 6.2 percent in the fourth quarter of 2023.
Xpeng reported a net loss of RMB 1.37 billion in the first quarter, net loss of RMB 1.35 billion for the fourth quarter.
Xpeng's cash and cash equivalents, restricted cash, short-term investments and time deposits amounted to RMB 41.4 billion as of March 31, compared to RMB 45.7 billion as of December 31, 2023.
My Take: Some media tries to paint a rosy picture but in fact the earnings are still weak due to falling EV demand in China and price cutting triggered by BYD in February and Xpeng followed suit. The increases were mainly attributable to the revenue from technical research and development service recorded in the first quarter, which is related to the platform and software strategic technical collaboration with Volkswagen. $XPENG-W(09868.HK$ closed with -10.51% in HK yesterday amid the market interpreted a weak earnings. EV stocks are very volatile for the past week. Xpeng share price hit 52-wks low 6.551 last month and is still -40% YTD (Tesla -24.89% YTD).
Source:
$BYD COMPANY(01211.HK$ $BYD Co.(BYDDF.US$ $S&P 500 Index(.SPX.US$ $Nasdaq Composite Index(.IXIC.US$ $Tesla(TSLA.US$ $VOLKSWAGEN A G(VWAGY.US$ $NIO Inc(NIO.US$ $Li Auto(LI.US$ $XPeng(XPEV.US$ $General Motors(GM.US$ $Ford Motor(F.US$ $Rivian Automotive(RIVN.US$ $MERCEDES-BENZ GROUP AG(MBGAF.US$ $TOYOTA MOTOR CORP(TOYOF.US$ $GEELY AUTO(00175.HK$ $Stellantis NV(STLA.US$
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I reflected trading experiences by writing journals. My comments are for educational purposes not financial advice.
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102332870 : sold only 20k+ vehicles in 1Q, how to be profitable? Anyway, the fees from Volkswagen really help them narrow the losses. But with the Q2 sales still weak, will the fees income still continue?
ZnWCOP 102332870: No, the fee income from VW will not be available in the next quarter. Xpeng Q2 delivery is expected to be weak.
The delivery guidance was below analysts' expectations of 38,147 units, meaning Xpeng expects it to deliver between 19,607 and 22,607 vehicles in May and June combined, considering it delivered 9,393 vehicles in April.
103263621 : The way this article being written is very negative
ZnWCOP 103263621: I just presented the data.
103263621 ZnWCOP: Suggest u read through the earning transcript before putting comment. Fee income from VW is recurring QoQ ya. Thanks
28282828 : What about the positive data? You only show the negative. But better compare YoY q1, instead q1 vs q4
ZnWCOP 103263621: You need to check if your source of information is accurate. I'm not trying to win an argument here but my source told me the income fee received is one-time.
Quote: The technology fee received by Xpeng from its cooperation with Volkswagen may not be a long-term recurring fee, but a one-time income that lasts for 2-3 years.
ZnWCOP 28282828: As mentioned in my comment, you can read the rosy picture from the media. Comparing QoQ will reflect the current EV demand trend.
ZnWCOP : $XPeng (XPEV.US)$ is down more than 7% as the market interpreted the earnings as poor. This is consistent with $XPENG-W (09868.HK)$ fell more than 10% on Tuesday.