China Electric Automobile (EV) startup company Xiaopeng car recently announced its 2020 fiscal year and the 20020 fiscal year without auditing financial data. Data show that the company achieved RMB 2.85 billion (about $ 437 million) in the fourth quarter of 2020, an increase of 345.5% year-on-year, an increase of 43.3%. Xiaopeng Automobile has been 2.74 billion yuan in the fourth quarter of last year, an increase of 375.7% year-on-year, an increase of 44.1% from the previous month.
The fourth quarter of 2020 reached 7.4%, the same period of 2019 and the third quarter of 2020 were -6.6% and 4.6% respectively. Xiaopeng Automobile’s 4th quarter of 20020 was 6.8%, and the 2019 period and the third quarter of 2020 were -8.5% and 3.2% respectively.
The company’s net loss in the fourth quarter of 2020 was 787.4 billion yuan, a decrease of 21% year-on-year higher than the net loss in the fourth quarter of 2019, a year-on-year reduction of 31% from 1148.8 million yuan last quarter. In 2020, he achieved a total of 5.84 billion yuan in business income, an increase of 151.8% year-on-year.
The gross profit margin of 20020 was 4.6%, higher than-24.0% in 2019. In 2020, Xiaopeng’s car’s car gross profit margin was 3.5%, and the last year was -25.9%. In 2020, Xiaopeng Automobile R & D cost was 1.73 billion yuan, a year-on-year reduction of 16.6%. Xiaopeng Automobile said that the main cause of R & D cost reduction is related to the high research and development cost of P7 sedan in 2019.
In 2020, Xiaopeng’s net loss reached 2.73 billion yuan, which was narrowed from 369 million yuan from the previous year. The company has reached 12,964 in the fourth quarter, and 27,041 new cars are delivered for 2020. In the fourth quarter of 2020, the P7 sedan delivered 8,527, above 6,210 vehicles in the previous quarter.
In the first quarter of 2021, Xiaopeng Automobile expects its delivery to reach 12,500 units, and the total investment is about 2.6 billion yuan, a year-on-year increase of 531%. Xiaopeng Automobile also said that it is planned to launch its third model in the second half of 2021, a smart electric vehicle equipped with laser radar.
IHS Markit View Deep Analysis
After the increase in P7 electric sedan in the fourth quarter of 2020 increased, Xiaopeng’s car announced its net loss in the quarter. Consumers’ interest in P7 electric sedan is increasing. The model has industry-leading L2-level and above automatic driving technology, and is equipped with Xiaopeng OS, which can receive wireless (OTA) updated Xiaopeng car vehicle intelligence system xpeng OS. Under the promotion of P7 delivery, the total delivery volume of 2020 increased by 51% year-on-year, reaching 12,964 vehicles, which exceeded its originally set 10,000 targets.
According to Xiaopeng Auto, 95% of the P7 model delivered in the fourth quarter last year, 95% of its advanced driving assistant system XPilot 2.5 or more XPilot 3.0. The high permeability of these smart driving systems reflects consumers with a strong interest in providing high-performance, long-lived mileage, and unique driving experience.
In 2020, electric vehicles start-up enterprise Xiaopeng car and the aware car have launched a new model to expand their product lineup. With the growing domestic passenger car market, these new models will continue to boost under the support of the latest battery and automatic driving technology. According to our forecast, by 2022, the output of China’s passenger electric vehicle will reach around 2.43 million, compared to about 10,100,000 vehicles in 2020, 2019 is about 903,000. Tesla is in a favorable position in market competition with its Model 3 and Model Y, and it is expected that the market will lead the market for electric vehicles in the public in the next two years. However, the market will continue to provide opportunities for emerging electric vehicles with excellent products and powerful technology.