Category: eV

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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BYD rolls out 1st energy storage system using blade batteries

has been using blade batteries in its full line of passenger cars and released a bus chassis platform using blade batteries in September last year.

BYD is starting to use its signature blade battery in its energy storage systems, marking another major use of the battery technology in the company's business after passenger cars and electric buses.

BYD launched its first energy storage system based on blade batteries, the BYD MC Cube, at a solar-related trade show today, according to a live video replay.

The energy storage system is equipped with blade battery cells that have passed pinprick tests and adopts a technology called CTS (cell to system).

These blade batteries use a module-less, pack-less design and are integrated directly into the system, reducing the number of components by about 36 percent, the company said.

This approach improves space utilization by about 98 percent, allowing for a structural strength improvement of about 30 percent.

In March 2020, BYD officially unveiled its blade battery based on lithium iron phosphate chemistry, and in July 2020 it launched its flagship sedan Han, the first to carry the battery.

To date, the new energy vehicle giant's entire lineup of passenger cars uses the battery.

On September 19, 2022, BYD brought the battery technology to electric buses by debuting what it called the eBus Blade Platform, a bus chassis technology platform that uses the blade battery, at the IAA Transportation event in Hannover, Germany.

It is worth noting that BYD's previously announced 2022 annual report provides more details about this energy storage system.

BYD MC Cube is a new generation energy storage system with ultra-high capacity density, ultra-safety, ultra-long life and ultra-low cost built by BYD to gain the No. 1 share of the global energy storage market, according to the report.

BYD had already been developing four models of that energy storage system in February 2022, and they would all begin mass production in March 2023, the report said.

When assembled into 20-foot containers, the energy storage system can have a capacity of 5.36 MWh per unit.

BYD's MC Cube highlights the technical capabilities of BYD's energy storage system innovation, which is expected to accelerate the world's energy revolution process, the annual report said.

BYD's installed power and energy storage battery capacity in April was about 9.954 GWh, up 59.47 percent from 6.242 GWh in the same month last year and up 0.64 percent from 8.952 GWh in March, according to data it announced on May 2.

Tesla to build new Megafactory in Shanghai to produce Megapack energy storage system

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LiDAR maker Hesai posts record Q1 revenue

Hesai began trading on the Nasdaq on February 9 and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.

LiDAR maker Hesai posts record Q1 revenue-CnEVPost

Chinese LiDAR maker Hesai Group (NASDAQ: HSAI) posted record revenue in the first quarter and improved gross margins compared to the fourth quarter of last year.

Hesai reported a net income of RMB 429.9 million ($62.6 million) in the first quarter, up 73.0 percent year-on-year, according to the company's earnings report, which was released after the US stock market closed on May 23.

The company reported product revenue of RMB 424.1 million in the first quarter, up 77.7 percent from RMB238.7 million in the first quarter of 2022.

This was due to increased demand for autonomous mobility and ADAS LiDAR products as volume production of the AT128 began in the third quarter of 2022, Hesai said.

Hesai shipped 28,195 ADAS LiDAR units in the first quarter, compared to 222 units in the same period in 2022.

It shipped a total of 34,834 LiDAR units in the first quarter, up 402.9 percent year-on-year.

Hesai's gross margin for the first quarter was 37.8 percent, up from 30.0 percent in the fourth quarter, but down from 50.9 percent in the first quarter of last year.

LiDAR maker Hesai posts record Q1 revenue-CnEVPost

The decline was due to increased shipments of lower-priced ADAS LiDAR products during the ramp-up stage with a lower in-house plant capacity utilization rate.

It reported a cost of revenue of RMB 267.3 million in the first quarter, up 119.2 percent year-on-year, caused by higher shipments of LiDAR products, partially offset by a decrease in unit costs.

Hesai's sales and marketing expenses for the first quarter were RMB 35.4 million, an 83.1 percent increase from RMB 9.3 million in the first quarter of last year.

The company's general and administrative expenses for the first quarter were RMB49.5 million, an increase of 10.8 percent from RMB 44.7 million for the same period in 2022.

Hesai's research and development expenses for the first quarter were RMB 208.5 million, an increase of 99.2 percent from RMB 104.7 million for the same period in 2022.

This year-on-year increase was primarily due to the recognition of one-time stock compensation expense of RMB 66.7 million related to stock options granted under the performance conditions of the IPO and increased payroll expenses of RMB 28.3 million due to an increase in R&D staff, Hesai said.

Hesai reported a net loss of RMB 118.9 million for the first quarter, compared with RMB 25.1 million for the same period in 2022.

Excluding stock-based compensation expense, it reported non-GAAP net income of RMB 1.6 million in the first quarter, compared with RMB 2.1 million in the same period in 2022.

It reported basic and diluted net loss per common share of RMB 0.98 for the first quarter, and non-GAAP basic net income per share and non-GAAP diluted net income per share of RMB 0.01.

Cash and cash equivalents and short-term investments were RMB 3,141.4 million as of March 31, 2023, compared to RMB 1,859.1 million as of December 31, 2022.

Hesai expects second-quarter net income to be in the range of RMB 410 million to RMB 430 million, an increase of about 94.3 percent to 103.8 percent year-on-year.

Hesai began trading on the Nasdaq on February 9 under the ticker HSAI and has suffered a prolonged sell-off since then, with a cumulative decline of more than 60 percent to date.

The company closed down 2.8 percent to $9.37 on Tuesday, with a total market capitalization of about $1.18 billion. It was down 1.28 percent in Tuesday's after-hours trading.

LiDAR maker Hesai posts record Q1 revenue-CnEVPost

Hesai unveils ultra-thin LiDAR ET25 that can be placed behind windshield

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As Debt Ceiling Negotiations Continue, Renewable Energy Groups Urge Congress to Enact Bipartisan Transmission Permitting Legislation

WASHINGTON, D.C. — With permitting reform discussions occurring in Congress this week and debt ceiling negotiations continuing, leading national renewable energy organizations sent a letter to House and Senate leadership urging the enactment of bipartisan transmission permitting legislation that builds on the transformational clean energy policies included in the Inflation Reduction Act. “Research shows that […]
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