Chinese electric vehicle maker Xpeng has announced impressive financial results for the fourth quarter of 2023. The company reported record revenue of RMB 13.05 billion, marking a significant increase of 153.9 percent compared to the previous year.
Despite the strong revenue performance, Xpeng did report a net loss of RMB 1.35 billion in the fourth quarter, although this was a decrease of 42.90 percent year-on-year. The company also saw a record number of vehicle deliveries in the fourth quarter, reaching 60,158 units, a 170.93 percent increase from the same period last year.
One of the most significant milestones for Xpeng was the achievement of a positive gross margin of 6.2 percent in the fourth quarter, reversing the trend of two consecutive negative quarters. Looking ahead, Xpeng has provided delivery guidance for the first quarter of 2023, estimating between 21,000 and 22,500 units to be delivered.
Based on their delivery numbers for January and February, Xpeng is expected to deliver 8,205-9,705 units just in March alone. The company also anticipates first-quarter revenue to be in the range of RMB 5.8 billion to RMB 6.2 billion, signaling a significant year-on-year increase.
These strong financial results reflect Xpeng’s continued growth and success in the competitive electric vehicle market. The company’s focus on innovation, vehicle delivery, and improving financial performance is clearly paying off as they establish themselves as a key player in the industry.
