Recently, the third quarter financial report of "Wei Xiaoli" has been released. In the third quarter of this year, in terms of delivery results, Nio delivered 31,607 units, Xpeng Motors delivered 29,570 units, and Li Auto delivered 26,524 units. In terms of revenue, NIO revenue was 13.002 billion yuan, ranking the highest among the three. In terms of gross profit margin, Xpeng Motors' third-quarter gross profit margin was 13.5%, while NIO and Li Auto's third-quarter gross profit margins were 13.3% and 12.7% respectively, with Xpeng Motors taking the lead. In terms of market performance, after the release of Xpeng's Q3 financial report for several consecutive working days, the cumulative price increase of was as high as 80%, and many institutions held buy ratings .
At Xpeng's Q3 performance meeting, He Xiaopeng, chairman and CEO of Xpeng Motors , explained many issues of market concern. He said that Xpeng Motors is indeed going through a challenging period. In order to better achieve its long-term strategic goals, Xpeng Motors has conducted an in-depth strategic review and organizational structure adjustment. In the new organizational structure, he will significantly reduce the direct participation of ecological enterprises, and at the same time focus more on Xpeng Motors' strategy, product planning and research and development, promote organizational changes and upgrades, and implement the entire process of production, research, sales, and service driven by customer value, making the company as a whole more focused and efficient.
It is worth noting that Xpeng Motors’ third-quarter gross profit margin increased by 2.6 percentage points from to 13.5%. At the same time, net losses narrowed by 12% month-on-month, which reflects that Xpeng Motors has achieved initial results in improving operating efficiency. He Xiaopeng said that in the next few quarters, the company will accelerate the increase in sales volume and average selling price of products. At the same time, through the platformization and modularization of vehicle models, it will achieve improvements in the efficiency, cost control and supply chain management of 's product research and development. He specifically mentioned that with the large-scale delivery of the flagship SUV model G9, the G9's reputation for solid battery life and charging speed has won market recognition. Xpeng Motors is confident that the G9 will become the top three in the pure electric SUV market worth more than 300,000 yuan, and will further narrow the gap with the first place next year as word of mouth accumulates. Starting from the first quarter of next year, Xpeng Motors will successively launch three new products.
Although Xpeng Motors faced a recent trough in delivery volume in October, He Xiaopeng said that short-term delivery fluctuations will not affect Xpeng Motors' long-term strategy. He firmly believes that the real smart car era will begin in the second half of 2023 and gradually expand, and Xpeng Motors' leading edge in mass production of autonomous driving technology will further help the company increase its market share. In the third quarter of 2022, Xpeng's R&D expenditures reached 1.5 billion yuan, an increase of 18.5% from the same period in 2021. NIO and Li Auto will also continue to increase investment in research and development to further build the core competitiveness of their products. Currently, Xpeng Motors is accelerating the development of its next generation full-scenario intelligent assisted driving product XNGP. It plans to launch major functions in the third quarter of 2023 and support at least dozens of cities. As technology advances and the supply chain matures, the hardware cost of XNGP is expected to continue to decline, helping to accelerate the popularity of XNGP among users across the country.
management expects the total number of Xpeng Motors deliveries in the fourth quarter to be approximately 20,000-21,000 vehicles, and revenue is expected to be approximately RMB 4.8 billion to RMB 5.1 billion. He Xiaopeng said that it will accelerate the pace of internal organizational changes and management improvements in the next few quarters, and is confident that it will achieve its mid- to long-term goal of ranking first in the smart car industry.
It is reported that Xpeng Motors has acquired a long position of 6.98517 million shares in from JPMorgan Chase Co. at an average price of HK$39.1878 per share, , involving an investment of approximately HK$274 million. After increasing its holdings, the latest number of long positions held by JPMorgan Chase Co. was 98.859 million shares, and the proportion of long positions increased from 6.99% to 7.18%. CITIC Securities and Huatai Securities and other institutions also gave Xpeng Motors a buy rating.
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