This weekly dose of compelling EV news focuses on future plans, strategies, partnerships, and more.
Category: eV
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XPeng Q4 earnings call: G6 deliveries to begin around end of Q2
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XPeng (NYSE: XPEV) today announced its fourth-quarter earnings results and subsequently held a conference call with analysts.
Below are the key highlights of the call.
Through drastic organizational optimization, XPeng's strategic and organizational adjustments have achieved significant results in the first quarter.
Currently, all XPeng R&D, production and supply chain systems report directly to He Xiaopeng, and president Wang Fengying has taken full responsibility for product planning and sales and service systems.
In the next two years, XPeng will further strengthen the network layout and improve the effectiveness of frontline sales staff by flattening the management of the sales network.
In the future in product planning and design, XPeng will innovate more around user-perceivable value and differentiation, with great changes in subsequent model configuration combinations, overall vehicle modular design and intelligence consistency.
Currently, Mr. He himself has directly managed the styling team and created three styling front-end teams for creative competition, which will significantly improve the styling, space and other design performance of XPeng's future models.
With the launch of the P7i, the number of visitors and test drives at XPeng stores reached a new high in recent months.
XPeng stores saw a 100 percent increase in the number of visitors in February compared to January, and a significant increase in March compared to February.
The XPeng G6 will be unveiled at the Shanghai auto show and will be officially launched and delivered around the end of the second quarter with a price range of RMB 200,000 ($29,050) - 300,000.
The company's monthly sales target for the G6 is 2-3 times that of the P7.
The monthly sales of XPeng in the second half of this year will have several times more room for improvement than the level at the beginning of the year.
XPeng will launch a new pure EV model in the second half of the year, which will be a 7-seat MPV.
XPeng has developed a clear roadmap, through technological innovation, configuration optimization and other means, the cost of autonomous driving is expected to drop by more than 50 percent between this year and next year, and the cost of vehicle hardware, including power systems, will drop by 25 percent.
The company will move from selling hardware and software as a whole to selling hardware and software separately, making fully autonomous driving a standard feature.
The artificial intelligence represented by GPT has a huge future. It will have a new interpretation of how autonomous driving can be implemented and will enable L4 autonomous driving to move to L5 much faster.
XPeng expects more coupling between GPT-related technologies and various parts of the company's business.
XPeng Q4 revenue misses estimates, gross margin falls to single digit
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Convenience store chain 7-Eleven has ambitious plans for EV charging. The company on Thursday announced 7Charge, an EV charging network that it aims to make one of the largest in North America. The plan includes DC fast-charging stations at 7-Eleven locations in the U.S. and, eventually, Canada, with access via a proprietary app. While light on... Rivian Recalls The R1S Because The Side Airbags Might Be Improperly Fastened
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XPeng Q4 revenue misses estimates, gross margin falls to single digit
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XPeng 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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