Daily Archive: March 17, 2023

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

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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

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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.

Polestar 3 officially unveiled in China, price cut by about $29,080 from previous

Polestar has officially unveiled the Polestar 3 in China today with what it calls a new pricing system.  |  Polestar.US

The first SUV from Polestar, the premium electric vehicle maker owned by and Volvo Cars, has been officially unveiled in China, but at a price reduction of about RMB 200,000 yuan ($29,080) from the model's global debut last year.

Polestar officially introduced the Polestar 3 in China today and announced what it calls a new pricing system, with the long-range dual-motor model starting at RMB 698,000 and the long-range dual-motor with performance pack model at RMB 798,000.

The Polestar 3 is Polestar's first SUV and will be the electric vehicle company's first all-electric model that will be produced in both China and the US.

Polestar gave the Polestar 3 SUV its global debut on October 12, 2022, when it announced its two versions with starting prices in China of RMB 880,000 and RMB 1,030,000, respectively.

The latest prices announced today mean that the starting price for the Polestar 3 regular long-range version has been reduced by RMB 182,000 and the starting price for the performance version has been reduced by RMB 232,000.

Information on Polestar China's website indicates that the expected delivery dates for both versions of the Polestar 3 are the fourth quarter of this year.

The Polestar 3 will be on display at the Shanghai auto show next month, and the model will go into production at Polestar's plant in Chengdu, Sichuan province, in the middle of this year, Polestar said today.

The 20th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2023) will be held from April 18-27, with media days from April 18-19 and professional visitor days from April 20-21, while the general public can visit from April 22-27.

Production is also expected to begin by mid-2024 at Polestar's plant in Ridgeville, South Carolina, the automaker said when it unveiled the Polestar 3 last year.

At that point, the US will serve as the main supply location for North America and other markets. The plant is expected to make its first deliveries in mid-2024.

Polestar was co-founded by Volvo and Geely in 2017, and the first product, the Polestar 1, was only available in limited quantities and has been discontinued.

The Polestar 2, which started deliveries in 2020, is the brand's first real production model on sale and will only be produced at a plant in Taizhou, Zhejiang province, in eastern China.

Despite the Polestar 3's strong performance and configuration, its prices in China appear to be very high, as noted in a previous report by CnEVPost.

The Polestar 3's previous starting price of RMB 880,000 is almost twice the NIO ES7's starting price of RMB 468,000.

Both versions of the ES7 have a 0-100 km/h sprint time of 3.9 seconds, while the Polestar 3 performance version has the figure at 4.7 seconds and the long-range version at 5 seconds.

($1 = RMB 6.8783)

Polestar 3 SUV officially unveiled, but prices may drive away Chinese consumers

The post Polestar 3 officially unveiled in China, price cut by about $29,080 from previous appeared first on CnEVPost.

For more articles, please visit CnEVPost.

Polestar 3 officially unveiled in China, price cut by about $29,080 from previous

Polestar has officially unveiled the Polestar 3 in China today with what it calls a new pricing system.  |  Polestar.US

The first SUV from Polestar, the premium electric vehicle maker owned by and Volvo Cars, has been officially unveiled in China, but at a price reduction of about RMB 200,000 yuan ($29,080) from the model's global debut last year.

Polestar officially introduced the Polestar 3 in China today and announced what it calls a new pricing system, with the long-range dual-motor model starting at RMB 698,000 and the long-range dual-motor with performance pack model at RMB 798,000.

The Polestar 3 is Polestar's first SUV and will be the electric vehicle company's first all-electric model that will be produced in both China and the US.

Polestar gave the Polestar 3 SUV its global debut on October 12, 2022, when it announced its two versions with starting prices in China of RMB 880,000 and RMB 1,030,000, respectively.

The latest prices announced today mean that the starting price for the Polestar 3 regular long-range version has been reduced by RMB 182,000 and the starting price for the performance version has been reduced by RMB 232,000.

Information on Polestar China's website indicates that the expected delivery dates for both versions of the Polestar 3 are the fourth quarter of this year.

The Polestar 3 will be on display at the Shanghai auto show next month, and the model will go into production at Polestar's plant in Chengdu, Sichuan province, in the middle of this year, Polestar said today.

The 20th Shanghai International Automobile Industry Exhibition (Auto Shanghai 2023) will be held from April 18-27, with media days from April 18-19 and professional visitor days from April 20-21, while the general public can visit from April 22-27.

Production is also expected to begin by mid-2024 at Polestar's plant in Ridgeville, South Carolina, the automaker said when it unveiled the Polestar 3 last year.

At that point, the US will serve as the main supply location for North America and other markets. The plant is expected to make its first deliveries in mid-2024.

Polestar was co-founded by Volvo and Geely in 2017, and the first product, the Polestar 1, was only available in limited quantities and has been discontinued.

The Polestar 2, which started deliveries in 2020, is the brand's first real production model on sale and will only be produced at a plant in Taizhou, Zhejiang province, in eastern China.

Despite the Polestar 3's strong performance and configuration, its prices in China appear to be very high, as noted in a previous report by CnEVPost.

The Polestar 3's previous starting price of RMB 880,000 is almost twice the NIO ES7's starting price of RMB 468,000.

Both versions of the ES7 have a 0-100 km/h sprint time of 3.9 seconds, while the Polestar 3 performance version has the figure at 4.7 seconds and the long-range version at 5 seconds.

($1 = RMB 6.8783)

Polestar 3 SUV officially unveiled, but prices may drive away Chinese consumers

The post Polestar 3 officially unveiled in China, price cut by about $29,080 from previous appeared first on CnEVPost.

For more articles, please visit CnEVPost.

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