Xpeng Q4 earnings call live updates: Deliveries of new brand's 1st model to start in Q3
Xpeng today reported fourth-quarter 2023 financial results and held an analyst call afterward.
Here are the key takeaways from the call, with the most recent at the top.
The first model of the Mona program will be sold in Xpeng stores, with a separate distribution network established as more models are added.
Xpeng and Huawei each have their own strengths in autonomous driving. There are a lot of people in China who like autonomous driving, but no one has yet done a very good job of full-domain autonomous assisted driving, as well as controling the costs well.
Xpeng will not provide full-year guidance on deliveries, but is optimistic about this year.
Starting with the new model to be launched later this year, Xpeng plans to adopt a new technology solution that can reduce the hardware cost of the XNGP by 50%.
This will allow Xpeng's cost competitiveness to increase dramatically, and the popularity of high-level intelligence to accelerate.
Xpeng will significantly accelerate its entry into overseas markets in 2024, with plans to launch an internationalized left-hand drive version of the G6 for the global market in the second quarter, and a right-hand drive version of the G6 in the second half of the year.
The G6 has the potential to be a bigger seller than the G9 in the global market and will be a global hit.
In terms of sales channels, Xpeng will work with quality dealers to gain more efficient access to key global markets, including Western Europe, the Middle East, Southeast Asia and the Commonwealth.
Later this year, Xpeng will deliver an all-new model under the Xpeng main brand.
During next month's Beijing auto show, Xpeng will officially launch its new brand for the RMB 100,000 to RMB 150,000 segment.
This price range has huge market potential, but to do well in this range, equip vehicles with autonomous driving capabilities and still be profitable is extremely difficult and requires strong scaling systemization capabilities.
After preparing for the past decade, Xpeng is ready to launch a new brand dedicated to creating the first AI autonomous driving car for young people. This brand will be a new species with disruptive innovation.
The first model of the new brand is expected to be launched and start delivery in the third quarter of this year, and Xpeng is confident that it will be a hot- new model in the A-class battery electric vehicle (BEV) market this year.
After this model, Xpeng will launch several new models based on this platform and start deliveries in China and global markets.
Xpeng will launch more than 10 new models over the next three years, plus left-hand drive and right-hand drive models for the global market, as well as upgraded facelifted models, bringing the total number of SOP (start of production) models to nearly 30.
Xpeng will further expand its sales network in 2024, with plans to increase the number of stores to 600 by the third quarter of this year, and continue to expand after the launch of the new brand.
Xpeng and Volkswagen have already begun joint purchasing to achieve strategic synergies. From 2024, platform and software service revenues will continue to improve Xpeng's gross margins.
X9 meets the demand for larger four- and seven-seaters and appeals to potential customers of SUVs and MPVs. Xpeng expects X9 sales to grow next month.
Xpeng will let dealers build short-term inventory for half a month to boost their motivation and delivery speed. The company will also test inventory levels to avoid the drawbacks of the traditional distribution model.
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