Xpeng Inc., the China-based smart electric vehicle (EV) company, continued to post strong Q1-2023 financial results, according to its latest financial report. In terms of financial performance, the company’s total revenues grew to 15.81 billion Chinese yuan ($2.18 billion), representing a stunning year-on-year increase of 141.5%. This figure beat market expectations, which were for revenue of 15.1 billion yuan. Despite a net loss of 660 million yuan, Xpeng has shown a substantial improvement from the previous year’s loss of 1.37 billion yuan, beating analysts’ predictions of a 1.4 billion yuan loss.
The company’s strong Q3 results set the stage for its lofty plans to ramp up production and delivery. Xpeng now plans to deliver 102,000 to 108,000 EVs in the second quarter of 2023. This represents an impressive increase in year-on-year growth of approximately 237.7% to 257.5%. In the first quarter, Xpeng successfully delivered 94,008 electric vehicles and maintained a steady output with over 30,000 vehicles produced for six consecutive months.
Xpeng’s April numbers are a testament to its ongoing growth path, with the electric automaker delivering 35,045 EVs just in the month of April. This steady progress in both manufacturing capacity and vehicle deliveries reflects Xpeng’s drive to expand rapidly as competition in China heats up.
Xpeng is forecasting its second-quarter revenue to be in the range of 17.5 billion yuan to 18.7 billion yuan. This optimism is rooted in the robust forward-looking demand for its vehicles. The corporation has sought aggressively to grow its monopoly. Last year, they released their first mass-market model and in April of 2025, they plan on introducing a refreshed version of their flagship model, the X9.
We’re excited for what Xpeng has accomplished. Its stock remains well below its all-time high of more than $50 per share it hit in October 2021. Investors should be watching the company’s performance as it adjusts to challenges and opportunities in a highly competitive, fast-moving EV market.