XPeng (XPEV.US) shares are rising more than 12% to $10 per share after the company announced more than 25,000 orders for its G6 SUV within 72 hours of the start of presales. The G6, a direct competitor to the Tesla Model Y, is touted to have a 755 km maximum range and the ability to offer 300 km of range in just 10 minutes of charging. The presale prices for the G6 began around $31,510, below the $36,948 price tag in China for the Tesla Model Y. Despite the positive response to the G6 today's stock rally may be short-lived due to intense competition in the segment.
Company key information
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Open account Try demo Download mobile app Download mobile appXPeng Inc. is a leading Chinese Smart Electric Vehicle (EV) company that designs, develops, manufactures, and markets Smart EVs appealing to the large and growing base of technology-savvy middle-class consumers. The company's mission is to drive Smart EV transformation with technology, shaping the future mobility experience. To optimize its customers' mobility experience, XPeng develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture.
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In the Q1 2023, XPeng delivered a total of 18,230 vehicles, representing a decrease of 17.9% from the fourth quarter of 2022.
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The company sees Q2 deliveries of 21,000-22,000, down 36%-39% vs. a year earlier, though up from Q1's 18,230.
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The company's physical sales network continued to expand with a total of 425 stores, covering 145 cities as of March 31, 2023.
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Total revenues were RMB4.03 billion (US$0.59 billion) for the first quarter of 2023, representing a decrease of 45.9% from the same period of 2022, and a decrease of 21.5% from the fourth quarter of 2022.
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The gross margin was 1.7% for the first quarter of 2023, compared with 12.2% for the same period of 2022 and 8.7% for the fourth quarter of 2022.
In the last quarterly report the management highlighted that the company took decisive actions to change its strategy, organizational structure, and senior management team during the first quarter of 2023. The company's CEO, Mr. He Xiaopeng, expressed full confidence in taking the company into a virtuous cycle driving product sales growth, team morale, customer satisfaction and brand reputation over the next few quarters. The company's top priority remains to accelerate growth in sales and market share.
Xpeng (XPEV.US), D1 interval, source xStaion 5
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