Xpeng shows solid growth in 2020
The Chinese electric car manufacturer Xpeng has published its business figures for 2020. These show overall progress and that sales more than doubled to 27,041 in 2020.
Sales amounted to 5.84 billion yuan (753 million euros), marking an increase of 151.8 per cent compared to 2019. Net loss was 2.73 billion yuan (352 million euros) in the 2020 financial year, compared to 3.69 billion yuan the previous year.
Xpeng delivered a total of 27,041 electric cars in 2020, more than double the 12,728 in 2019. Among these, deliveries of the P7 e-sedan reached 15,062 but the first P7s had only been handed over to customers at the end of June. The P7 sales were achieved almost exclusively in the second half of the year.
Xpeng says that the margin for vehicles for the full year was 3.5 per cent compared to -25.9 per cent in 2019. As of 31 December 2020, Xpeng said it had 160 shops and 54 service centres in 69 cities. It also operated 159 of its own fast-charging stations in 54 cities.
In the fourth quarter, Xpeng delivered 12,964 vehicles (+302.9 per cent compared to Q4 2019), including 8,527 P7s. Revenue in the final quarter was 2.851 billion yuan (368 million euros), up 345 per cent from Q4 2019 and up 43.3 per cent from Q3 2020. Net loss was 787 million yuan, about 101 million euros.
“XPeng’s solid results in the fourth quarter and throughout fiscal 2020 exemplify our ability to successfully meet fast-growing market demand for a smart mobility experience,” said Brian Gu, vice chairman and president of Xpeng. Founder and CEO He Xiaopeng believes the company is well-equipped given its investments, which had still caused a larger loss in the third quarter. “Our relentless focus on providing highly differentiated Smart EV products to our customers and expanding our sales and service network supported our achievements in 2020 and empowers our sustainable future growth,” he says.
The carmaker is also satisfied with the start of 2021, with 8,238 vehicles delivered in the first two months since delivery figures are traditionally weaker in February due to the celebrations surrounding Chinese New Year. In order to further increase sales in the future, versions of both the P7 and the G3 E-SUV will also be sold with LFP batteries. This reduces the range, but also the price.
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