EV Maker XPeng Reports 259% YoY Increase of Revenue in 2021

XPeng, a Chinese smart electric vehicle company, on Monday announced its unaudited financial results for the three months and fiscal year ended December 31, 2021.

Its total deliveries of vehicles were 41,751 in the fourth quarter of 2021, representing an increase of 222% from 12,964 in the corresponding period of 2020. Deliveries exceeded the monthly delivery benchmark of 15,000 units for two consecutive months in November and December 2021.

Deliveries of the P5 smart family sedan sustained solid momentum following its mass-delivery launch in October 2021 and reached 5,030 in December 2021. Deliveries of the P7 smart sports sedan were 21,342 in the fourth quarter of 2021, representing a year-on-year increase of 150%. The official launch of the G9 flagship smart SUV, XPeng’s fourth production model, is expected in the third quarter of 2022.

XPeng’s physical sales network continued its rapid expansion with a total of 357 stores currently in operation. As of December 31, 2021, the company’s nationwide network now covers 129 cities while XPeng-branded supercharging stations expanded to 772, covering 308 cities.

Total revenues were 8.56 billion yuan ($1,342.6 million) for the fourth quarter of 2021, representing an increase of 200.1% from the same period of 2020, while the revenues from vehicle sales were 8.19 billion yuan for the fourth quarter of 2021, representing a year-on-year increase of 199.3%.

XPeng’s net loss was 1.29 billion yuan for the fourth quarter of 2021, compared with 787.4 million yuan for the same period of 2020. Excluding share-based compensation expenses, non-GAAP net loss was 1.2 billion yuan in the fourth quarter of 2021, compared with 712.6 million yuan for the same period of 2020.

As for XPeng’s operational and financial numbers for the fiscal year ended December 31, 2021, the company showed some strength.

Total deliveries of vehicles were 98,155 in 2021, representing an increase of 263% from 27,041 in 2020, generating vehicle sales of 20.04 billion yuan. Total revenues were 20.99 billion yuan for the fiscal year of 2021, representing an increase of 259.1% from 5.84 billion yuan for the prior year. Its net loss reached 4.86 billion yuan for the fiscal year of 2021, compared with 2.73 billion yuan for the prior year.

Moreover, XPeng continued to expand its presence in Europe. In February 2022, the company announced partnerships with two renowned European automobile players for retail collaborations in the Netherlands and Sweden. At the same time, XPeng’s first branded overseas retail experience store opened in Stockholm, Sweden.

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For the first quarter of 2022, the company expects deliveries of vehicles to be between 33,500 and 34,000, and total revenues to be between 7.2 billion yuan and 7.3 billion yuan.