XPeng Reports Third Quarter 2021 Unaudited Financial Results

BusinessWire (2021-11-23 22:32)
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Quarterly vehicle deliveries reached 25,666, a 199.2% increase year-over-year
Quarterly total revenues reached RMB5,719.9 million, a 187.4% increase year-over-year
Quarterly gross margin reached 14.4%

GUANGZHOU, China -- (BUSINESS WIRE) --

XPeng Inc. (“XPeng” or the “Company”, NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months ended September 30, 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123005688/en/

Operational Highlights for the Three Months Ended September 30, 2021

Deliveries of vehicles were 25,666 in the third quarter of 2021, setting a new quarterly record and representing an increase of 199.2% from 8,578 in the corresponding period of 2020 and an increase of 47.5% from 17,398 in the second quarter of 2021. Deliveries of the P7 were 19,731 in the third quarter of 2021, reaching a record quarterly high and representing an increase of 71.2% from 11,522 in the second quarter of 2021.       2021Q3   2021Q2   2021Q1   2020Q4   2020Q3 Total deliveries   25,666   17,398   13,340   12,964   8,578 P7 deliveries   19,731   11,522   7,974   8,527   6,210
 
Among the total P7s delivered in the third quarter of 2021, 99% can support XPILOT 2.5 or XPILOT 3.0. XPeng’s physical sales network consisted of a total of 271 stores, covering 95 cities as of September 30, 2021. XPeng-branded super charging stations expanded to 439, covering 121 cities as of September 30, 2021.

Financial Highlights for the Three Months Ended September 30, 2021

Total revenues were RMB5,719.9 million (US$887.7 million) for the third quarter of 2021, representing an increase of 187.4% from the same period of 2020, and an increase of 52.1% from the second quarter of 2021. Revenues from vehicle sales were RMB5,460.1 million (US$847.4 million)for the third quarter of 2021, representing an increase of 187.7% from the same period of 2020, and an increase of 52.3% from the second quarter of 2021. Gross margin was 14.4% for the third quarter of 2021, compared with 4.6% for the same period of 2020 and 11.9% for the second quarter of 2021. Vehicle margin, which is gross profit of vehicle sales as a percentage of revenues from vehicle sales, was 13.6% for the third quarter of 2021, compared with 3.2% for the same period of 2020 and 11.0% for the second quarter of 2021. Net loss was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB1,148.8 million for the same period of 2020 and RMB1,194.6 million for the second quarter of 2021. Excluding share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, non-GAAP net loss was RMB1,492.1 million (US$231.6 million) in the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021. Net loss attributable to ordinary shareholders of XPeng was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB2,025.8 million for the same period of 2020 and RMB1,194.6 million in the second quarter of 2021. Excluding share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, non-GAAP net loss attributable to ordinary shareholders of XPeng was RMB1,492.1 million (US$231.6 million) for the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021. Basic and diluted net loss per American depositary share (ADS) were both RMB1.89(US$0.29) for the third quarter of 2021. Non-GAAP basic and diluted net loss per ADS were both RMB1.77 (US$0.27) for the third quarter of 2021. Each ADS represents two Class A ordinary shares. Cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits were RMB45,357.9 million (US$7,039.4 million)as of September 30, 2021, compared with RMB35,342.1 million as of December 31, 2020 and RMB32,871.2 million as of June 30, 2021. Key Financial Results (in RMB millions, except for per ordinary share data and percentages)               For the Three Months Ended   % Change1       September 30,   June 30,   September 30,         2020   2021   2021   YoY   QoQ Vehicle sales   1,898.0   3,584.4   5,460.1   187.7%   52.3% Vehicle margin   3.2%   11.0%   13.6%   1,040bp   260bp                       Total revenues   1,990.1   3,761.3   5,719.9   187.4%   52.1% Gross profit   91.5   448.6   820.8   796.7%   83.0% Gross margin   4.6%   11.9%   14.4%   980bp   250bp                       Net loss   1,148.8   1,194.6   1,594.8   38.8%   33.5% Non-GAAP net loss   864.9   1,096.4   1,492.1   72.5%   36.1%                       Net loss attributable to  
   ordinary shareholders    

2,025.8

   

1,194.6

   

1,594.8

   

-21.3%

   

33.5%

Non-GAAP net loss  
   attributable to ordinary  
   shareholders     

 

864.9

    

 

1,096.4

    

 

1,492.1

    

 

72.5%

    

 

36.1%

 

1 Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

Mr. He Xiaopeng, Chairman and CEO of XPeng, said, “In the third quarter, we continued record-setting growth with the highest vehicle deliveries among China’s startup new energy vehicle automakers. This outperformance testifies to the market’s recognition of the differentiated value our vertically integrated in-house developed software and hardware bring to our vehicles.”

Mr. He added, “We are committed to advancing the clear roadmap for our full-stack in-house technology and making high-performance smart products accessible to a broader customer base. Our leading technology is further showcased in the upcoming Navigation Guided Pilot (“NGP”) that expands usage to complex city driving scenarios. The solid progress we’ve made in the NGP fuels greater confidence in our ability to explore autonomous driving enabled mobility solutions in the future, such as robotaxi technologies.”

“Looking forward, XPeng will continue to trailblaze new and disruptive advancements that redefine China’s automobile industry, transforming future mobility with technology,” Mr. He concluded.

“We achieved strong growth momentum in the third quarter despite the challenges of semiconductor shortage. Our third quarter delivery number approximated 2020’s full-year delivery total and our year-to-date deliveries more than doubled last year’s full-year delivery count,” said Dr. Hongdi Brian Gu, Honorary Vice Chairman and President of XPeng. “Our record-high deliveries drove significant revenue growth of 187.4% year-over-year in the third quarter with further gross margin expansion. We believe our innovative mindset, outstanding full-stack R&D capabilities and a powerful pipeline of products will continue to drive our future success.”

Recent Developments

Deliveries in October 2021

Total Smart EV deliveries of XPeng reached 10,138 in October 2021, representing a 233% increase year-over-year. The October deliveries consisted of 6,044 P7 smart sports sedans and 3,657 G3 and G3i smart SUVs. The P5, XPeng’s smart family sedan that was officially launched in September 2021, demonstrated strong market appeal with 437 units delivered in October and a solid order backlog. As of October 31, 2021, year-to-date total vehicle deliveries reached 66,542, representing a 289% increase year-over-year. The Company’s cumulative deliveries exceeded 100,000 as at the end of October 2021, reflecting its robust business momentum and customer recognition.

ESG Performance

XPeng released its inaugural Environment Social and Governance Report (https://ir.xiaopeng.com/ESG/default.aspx) on October 15, 2021. XPeng received an “AA” rating from MSCI ESG Research, the highest MSCI ESG rating among automobile companies worldwide in 2021 for the second consecutive year.

XPeng Tech Day 2021: Technology Unveiled

On October 24, 2021, XPeng hosted its third annual 1024 Tech Day event where it unveiled a series of breakthrough innovations, including a mass-production 800V high-voltage SiC platform and lightweight 480kW high-voltage supercharging piles.

Additionally, the Company showcased its XPILOT 3.5 driver assistance system featuring industry-leading capabilities for urban driving scenarios.

The new Smart EV model and 2021 Guangzhou International Automobile Exhibition (“Auto Guangzhou”)

On November 19, 2021, XPeng launched its fourth Smart EV model, the G9, at Auto Guangzhou. The G9 will be the first mass-produced Smart EV that supports XPILOT 4.0. Meanwhile, the G9 will be equipped with an 800V high-voltage SiC platform and XPeng’s new proprietary X-EEA 3.0 electronic and electrical architecture that adopts domain controllers, deeply integrating hardware, software and communications architecture to achieve powerful performance and high flexibility in OTA upgrades.

Flying Vehicle Announces Series A Funding

On October 19, 2021, XPeng’s urban air mobility affiliate, HT Aero, announced that it entered into a definitive agreement with a consortium of investors to raise over US$500 million for its Series A funding, which marked the largest single-tranche fundraising to date in Asia’s low-altitude flying vehicle sector.

Unaudited Financial Results for the Three Months Ended September 30, 2021

Total revenues were RMB5,719.9 million (US$887.7 million) for the third quarter of 2021, representing an increase of 187.4% from RMB1,990.1 million for the same period of 2020 and an increase of 52.1% from RMB3,761.3 million for the second quarter of 2021.

Revenues from vehicle sales were RMB5,460.1 million (US$847.4 million) for the third quarter of 2021, representing an increase of 187.7% from RMB1,898.0 million for the same period of 2020 and an increase of 52.3% from RMB3,584.4 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly attributable to higher vehicle deliveries, especially of the P7, as a result of channel expansion and brand value improvement.

Revenues from services and others were RMB259.9 million (US$40.3 million) for the third quarter of 2021, representing an increase of 182.2% from RMB92.1 million for the same period of 2020 and an increase of 46.9% from RMB176.9 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly attributed to more income from service, parts and accessory sales in line with higher accumulated vehicle sales.

Cost of sales was RMB4,899.1 million (US$760.3 million) for the third quarter of 2021, representing an increase of 158.0% from RMB1,898.6 million for the same period of 2020 and an increase of 47.9% from RMB3,312.7 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to the increase of vehicle deliveries as described above.

Gross margin was 14.4% for the third quarter of 2021, compared with 4.6% and 11.9% for the third quarter of 2020 and the second quarter of 2021, respectively.

Vehicle margin was 13.6% for the third quarter of 2021, compared with 3.2% for the same period of 2020 and 11.0% for the second quarter of 2021. The improvement was primarily attributable to better product mix and manufacturing efficiency driven by economies of scale.

Research and development expenses were RMB1,264.2 million (US$196.2 million) for the third quarter of 2021, representing an increase of 99.0% from RMB635.4 million for the same period of 2020 and an increase of 46.4% from RMB863.5 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to (i) the increase in employee compensation as a result of expanded research and development staff, and (ii) higher expenses relating to the development of our new models, namely the G9 and the P5, and related software technologies to support future growth.

Selling, general and administrative expenses were RMB1,538.4 million (US$238.8 million) for the third quarter of 2021, representing an increase of 27.8% from RMB1,203.8 million for the same period of 2020 and an increase of 49.3% from RMB1,030.8 million for the second quarter of 2021. The year-over-year and the quarter-over-quarter increases were mainly due to (i) higher marketing, promotional and advertising expenses to support vehicle sales, and (ii) the expansion of our sales network and associated personnel cost, and commission for franchised store sales.

Other income was RMB179.2 million (US$27.8 million) for the third quarter of 2021. The Company received higher government subsidies of approximately RMB312.1 million, offset partially by relocation and disposal cost of approximately RMB132.9 million related to Haima Plant.

Loss from operations was RMB1,802.6 million (US$279.8 million) for the third quarter of 2021, compared with RMB1,744.2 million for the same period of 2020 and RMB1,443.2 million for the second quarter of 2021. The higher year-over-year and quarter-over-quarter losses were mainly attributable to higher operating expenses as described above.

Non-GAAP loss from operations, which excludes share-based compensation expenses, was RMB1,700.0 million (US$263.8 million) for the third quarter of 2021, compared with RMB822.6 million for the same period of 2020 and RMB1,345.0 million for the second quarter of 2021.

Net loss was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB1,148.8 million for the same period of 2020 and RMB1,194.6 million for the second quarter of 2021.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value change on derivative liabilities related to the redemption right of preferred shares, was RMB1,492.1 million (US$231.6 million) for the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021.

Net loss attributable to ordinary shareholders of XPeng was RMB1,594.8 million (US$247.5 million) for the third quarter of 2021, compared with RMB2,025.8 million for the same period of 2020 and RMB1,194.6 million for the second quarter of 2021.

Non-GAAP net loss attributable to ordinary shareholders of XPeng, which excludes share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and accretion on preferred shares to redemption value, was RMB1,492.1 million (US$231.6 million) for the third quarter of 2021, compared with RMB864.9 million for the same period of 2020 and RMB1,096.4 million for the second quarter of 2021.

Basic and diluted net loss per ADS were both RMB1.89 (US$0.29) for the third quarter of 2021, compared with RMB5.07 for the third quarter of 2020 and RMB1.50 for the second quarter of 2021.

Non-GAAP basic and diluted net loss per ADS were both RMB1.77 (US$0.27) for the third quarter of 2021, compared with RMB2.16 for the third quarter of 2020 and RMB1.38 for the second quarter of 2021.

Balance Sheets

As of September 30, 2021, the Company had cash and cash equivalents, restricted cash, short-term deposits, short-term investments and long-term deposits of RMB45,357.9 million (US$7,039.4 million), compared with RMB35,342.1 million as of December 31, 2020 and RMB32,871.2 million as of June 30, 2021.

Business Outlook

For the fourth quarter of 2021, the Company expects:

Deliveries of vehicles to be between 34,500 and 36,500, representing a year-over-year increase of approximately 166.1% to 181.5%. Total revenues to be between RMB7.1 billion and RMB7.5 billion, representing a year-over-year increase of approximately 149.0% to 163.0%.

The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on November 23, 2021 (9:00 PM Beijing/Hong Kong time on November 23, 2021).

Dial-in details for the earnings conference call are as follows:

United States:   +1-833-654-9168 United Kingdom   +44-208-602-0818 International:   +1-209-313-0576 Hong Kong, China:   +852-5808-6567 China Mainland:   400-682-8629 Conference ID:   2381058
 

Participants please dial-in at least 5 minutes before the scheduled start time to be connected to the call.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately two hours after the conclusion of the call until December 3, 2021, by dialing the following telephone numbers:

United States:   +1-855-859-2056 International:   +1-404-537-3406 Replay Access Code:   2381058
 

About XPeng

XPeng is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers in China. Its mission is to drive Smart EV transformation with technology and data, shaping the mobility experience of the future. In order 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 electrification/ electronic architecture. XPeng is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. The Company’s Smart EVs are mainly manufactured at its plant in Zhaoqing, Guangdong province. For more information, please visit https://en.xiaopeng.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, fair value change on derivative liabilities related to the redemption right of preferred shares and/or accretion on preferred shares to redemption value, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.4434 to US$1.00, the exchange rate on September 30, 2021 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPeng’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPeng’s goal and strategies; XPeng’s expansion plans; XPeng’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPeng’s expectations regarding demand for, and market acceptance of, its products and services; XPeng’s expectations regarding its relationships with customers, contract manufacturer, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPeng’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPeng does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share and per share data)                  

31 December,

    As of

30 September,

     

30 September,

2020  
(audited)  
RMB     2021  
(unaudited)  
RMB     2021  
(unaudited)  
USD Assets                     Current assets  
Cash and cash equivalents  

29,209,388

     

15,393,548

     

2,389,041

Restricted cash 2,332,145     829,652     128,760 Short-term deposits 979,897     23,201,524     3,600,820 Short-term investments 2,820,711     3,393,298     526,632 Derivative assets-current 105,183     5,037     782 Accounts receivable, net 1,128,892     2,072,972     321,720 Current portion of finance lease  
   receivables, net  

156,069

     

573,879

     

89,065

Inventory 1,343,025     2,306,979     358,038 Amounts due from related parties 682     22,456     3,485 Prepayments and other current assets 1,603,286     2,467,881     383,005  

Total current assets

 

39,679,278

     

50,267,226

     

7,801,348

                     Non-current assets              Property, plant and equipment, net 3,081,502   4,551,409   706,368 Right-of-use assets 461,184     1,250,949     194,144 Intangible assets, net 607,781     856,911     132,991 Land use rights, net 249,934     598,578     92,898 Finance lease receivables, net 397,467     1,333,751     206,995 Long-term deposits —     2,539,886     394,184 Other non-current assets 228,633     152,444     23,659 Long-term investments 1,000     44,830     6,958  

Total non-current assets

 

5,027,501

     

11,328,758

     

1,758,197

 

Total assets

 

44,706,779

     

61,595,984

     

9,559,545

 
XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for share and per share data)                      

31 December,

  As of

30 September,

   

30 September,

  2020  
(audited)  
RMB   2021  
(unaudited)  
RMB   2021  
(unaudited)  
USD Liabilities                Current liabilities                Short-term borrowings   127,900   57,000   8,846 Accounts and notes payable   5,111,745   8,840,669   1,372,050 Amount due to a related party   12,062   19,371   3,006 Current portion of lease liabilities   119,565   328,604   50,999 Current portion of deferred revenue   163,617   223,473   34,682 Current portion of long-term borrowings   45,000   —   — Accruals and other liabilities   2,256,165   3,516,042   545,681 Income taxes payable   1,209   —   —                    Total current liabilities   7,837,263   12,985,159   2,015,264                    Non-current liabilities              Long-term borrowings   1,645,000   1,323,656   205,428 Lease liabilities — non current   352,501   922,528   143,174 Deferred revenue   144,767   383,089   59,454 Other non-current liabilities   297,439   2,067,996   320,948                    Total non-current liabilities   2,439,707   4,697,269   729,004                    Total liabilities   10,276,970   17,682,428   2,744,268                       Shareholder’s equity                Class A Ordinary shares   63   87   14 Class B Ordinary shares   26   25   4 Class C Ordinary shares   12   —   — Additional paid in capital   46,482,512   59,891,688   9,295,044 Accumulated other comprehensive loss   (730,381)   (1,079,890)   (167,596) Accumulated deficit   (11,322,423)   (14,898,354)   (2,312,189)                    Total shareholders’ equity   34,429,809   43,913,556   6,815,277                    Noncontrolling interests   —   —   —                    Total shareholders’ equity   34,429,809   43,913,556   6,815,277                    Total liabilities, mezzanine equity and  
   shareholders’ equity   44,706,779   61,595,984   9,559,545
 
XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF  
COMPREHENSIVE INCOME/(LOSS) (All amounts in thousands, except for share and per share data)           Three Months Ended     September 30,   June 30,   September 30,   September 30,       2020  
(unaudited)   2021  
(unaudited)   2021  
(unaudited)   2021  
(unaudited)   RMB   RMB   RMB   USD Revenues                         — Vehicle sales   1,898,041      3,584,364      5,460,063      847,388    — Services and others   92,078      176,915      259,855      40,329                      Total revenues   1,990,119      3,761,279      5,719,918      887,717                      Cost of sales                         — Vehicle sales   (1,836,756 )   (3,191,489 )   (4,718,809 )   (732,348 ) — Services and others   (61,822 )   (121,210 )   (180,285 )   (27,980 )                   Total cost of sales   (1,898,578 )   (3,312,699 )   (4,899,094 )   (760,328 )                   Gross profit   91,541      448,580      820,824      127,389                      Operating expenses                         Research and development                         expenses   (635,373 )   (863,524 )   (1,264,240 )   (196,207 ) Selling, general and administrative                         expenses   (1,203,792 )   (1,030,767 )   (1,538,420 )   (238,759 )                   Total operating expenses   (1,839,165 )   (1,894,291 )   (2,802,660 )   (434,966 )                   Other income   3,440      2,546      179,196      27,811                      Loss from operations   (1,744,184 )   (1,443,165 )   (1,802,640 )   (279,766 )                   Interest income   23,216      150,029      193,888      30,091    Interest expense   (3,926 )   (24,006 )   (16,347 )   (2,537 ) Fair value gain on derivative                         liabilities   620,209      77,790      30,190      4,685    Other non-operating (loss)/income,                 net   (44,070 )   44,783      411      64                      Loss before income taxes   (1,148,755 )   (1,194,569 )   (1,594,498 )   (247,463 )                   Income tax expenses   (6 )   —      (303 )   (47 )                   Net loss   (1,148,761 )   (1,194,569 )   (1,594,801 )   (247,510 )                   Accretion on Preferred Shares to                         redemption value   (877,007 )   —      —      —                      Net loss attributable to ordinary                         shareholders of XPeng Inc.   (2,025,768 )   (1,194,569 )   (1,594,801 )   (247,510 )
 
XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF  
COMPREHENSIVE INCOME/(LOSS) (CONTINUED) (All amounts in thousands, except for share and per share data)           Three Months Ended     September 30,   June 30,   September 30,   September 30,       2020  
(unaudited)   2021  
(unaudited)   2021  
(unaudited)   2021  
(unaudited)       RMB   RMB   RMB   USD Net loss   (1,148,761)   (1,194,569)   (1,594,801)   (247,510) Other comprehensive loss                     Foreign currency translation                     adjustment, net of nil tax   (143,220)   (424,123)   (26,478)   (4,109) Total comprehensive loss   (1,291,981)   (1,618,692)   (1,621,279)   (251,619)                         Accretion on Preferred Shares to  
   redemption value   (877,007)   —   —   —                         Comprehensive loss attributable  
to ordinary shareholders of  
   XPeng Inc.   (2,168,988)   (1,618,692)   (1,621,279)   (251,619)                     Weighted average number  
   of ordinary shares used in    

computing net loss per share  
Basic and diluted

   

799,364,696

   

1,592,387,877

   

1,689,885,370

   

1,689,885,370

                  Net loss per share attributable to  
   ordinary shareholders  
Basic and diluted   (2.53)   (0.75)   (0.94)   (0.15)                   Weighted average number of  
   ADS used in computing net loss  
   per share  
Basic and diluted   399,682,348   796,193,938   844,942,685   844,942,685                   Net loss per ADS attributable to  
   ordinary shareholders                     Basic and diluted   (5.07)   (1.50)   (1.89)   (0.29)
 
XPENG INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for share and per share data)           Three Months Ended     September 30,   June 30,   September 30,   September 30,       2020  
(unaudited)   2021  
(unaudited)   2021  
(unaudited)   2021  
(unaudited)       RMB   RMB   RMB   USD Loss from operations   (1,744,184 )   (1,443,165 )   (1,802,640 )   (279,766 ) Share-based compensation                         expenses   921,610      98,153      102,673      15,935                      Non-GAAP loss from operations   (822,574 )   (1,345,012 )   (1,699,967 )   (263,831 ) Net loss   (1,148,761 )   (1,194,569 )   (1,594,801 )   (247,510 ) Fair value gain of convertible                         redeemable preferred shares   (637,779 )   —      —      —    Share-based compensation                         expenses   921,610      98,153      102,673      15,935                      Non-GAAP net loss   (864,930 )   (1,096,416 )   (1,492,128 )   (231,575 )                   Net loss attributable to ordinary                         shareholders   (2,025,768 )   (1,194,569 )   (1,594,801 )   (247,510 ) Fair value gain of convertible                     redeemable preferred shares   (637,779 )   —      —      —    Share-based compensation                       expenses   921,610      98,153      102,673      15,935    Accretion on Preferred Shares to                       redemption value   877,007      —      —      —                              Non-GAAP net loss attributable                         to ordinary shareholders of                         XPeng Inc.   (864,930 )   (1,096,416 )   (1,492,128 )   (231,575 )                   Weighted average number  
   of ordinary shares used in    

calculating Non-GAAP net loss  
   per share  
Basic and diluted

  799,364,696      1,592,387,877      1,689,885,370      1,689,885,370                      Non-GAAP net loss per ordinary  
   share  
Basic and diluted   (1.08 )   (0.69 )   (0.88 )   (0.14 )                   Weighted average number of  
   ADS used in calculating  
   Non-GAAP net loss per share  
Basic and diluted   399,682,348      796,193,938      844,942,685      844,942,685                      Non-GAAP net loss per ADS  
Basic and diluted   (2.16 )   (1.38 )   (1.77 )   (0.27 )
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211123005688/en/

CONTACT:

For Investor Enquiries  
IR Department XPeng Inc.  
E-mail: ir@xiaopeng.com

Jenny Cai  
The Piacente Group  
Tel: +1-212-481-2050 or +86-10-6508-0677  
E-mail: xpeng@tpg-ir.com

For Media Enquiries  
Marie Cheung XPeng Inc.  
Tel: +852-9750-5170/+86-1550-7577-546  
E-mail: mariecheung@xiaopeng.com

(Photo: Business Wire)

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