Chinese smart electric vehicle company XPeng announced its unaudited financial results for the third quarter ended Sept. 30, 2020, showing a 265.8% year-on-year increase in deliveries and a 342.5% year-on-year growth in sales.
“In our first quarter as a public company, we achieved strong operating and financial results, highlighted by the rapid growth in deliveries of our P7 Smart EV,” said XPeng Chairman and CEO Xiaopeng He.
In the third quarter, XPeng delivered 8,578 vehicles, up 265.8% from 2,345 in the third quarter of 2019, and 165.7% from 3,228 in the second quarter of 2020.
XPeng’s total revenues for Q3 2020 were 19.9 billion yuan($3 billion) representing a 342.5% year on year growth, and a 236.9% quarter-on-quarter increase. Revenues from vehicle sales were 1.898 billionyuan ($286.8 million), up 376% from 398.8 million yuan on a year-on-year basis.
Following its official launch in April this year, deliveries of P7, Xpeng’s flagship smart vehicle, helped to more than triple the total Smart EV delivery number in the third quarter, fueling a significant increase in total revenues.
Deliveries of P7 reached 6,210 in the third quarter, compared with 325 in the second quarter of 2020. 98% of P7s delivered in the third quarter can support XPILOT 2.5 or XPILOT 3.0, Xpeng’s advanced autonomous driving system. As of Sept. 30, XPeng’s physical sales and service network consisted of a total of 116 stores and 50 service centers, covering 58 cities, and Xpeng-branded super charging stations expanded to 135, covering 50 cities.
“The robust results we achieved in the third quarter, from delivery numbers, production ramp-up, and advancement in R&D, to expansion plans for the new factory and overseas business, reflect the strong market appeal of our products, the resonance of our strategy, and our ability to adeptly execute our operational plan,” said Xpeng vice chairman and president Brian Gu.
The company closed its initial public offering of 114,693,333 American depositary shares (ADS) on Aug. 31. The total offering size was over $1.72 billion at a price to the public of $15 per ADS. The sterling stock performance anticipated XPeng’s recent development.
In October, total smart EV deliveries reached 3,040 units, representing a 229% increase year-over-year. The deliveries consisted of 2,104 P7s, XPeng’s smart sports sedan, and 936 G3s, XPeng’s compact smart SUV. As of Oct. 31, a cumulative total of 8,639 P7s were delivered.
In addition, XPeng has been striving to expand and form partnerships.
The company announced in September a cooperation agreement with Guangzhou GET Investment Holdings for developing and building a new smart EV manufacturing base for XPeng in Guangzhou. The deal included a 4-billion-yuan investment.
The smart EV manufacturing base is expected to commence production by December 2022 and will provide a comprehensive range of facilities for research and development, manufacturing, vehicle testing, sales and other smart mobility functions.
XPeng also held its second annual Tech Day on Oct. 24, to showcase its research and development capabilities, featuring an array of cutting-edge autonomous driving and in-car smart technologies, including Navigation Guided Pilot for highways and memory auto parking for carparks, both are features of the company’s upcoming advanced autonomous driving system XPILOT 3.0.