Our company achieved a positive free cash flow of more than RMB 6 billion for the second half of 2023 and achieved, for the first time, positive full-year operating cash flow.
— He Xiaopeng, CEO
03Detailed Report
XPEV
XPeng Inc
Period
Q4 2023
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
XPeng Inc. (XPEV) reported remarkable growth in Q4 2023, posting a revenue of RMB 13.05 billion, marking a 153.9% year-over-year (YoY) increase and a 53% sequential increase. This surge in sales was propelled by a robust delivery volume of over 60,000 units in Q4 alone, a tremendous 171% increase YoY, as the company launched new models such as the G6 and G9. Despite challenges in gross margin and operational losses, management expressed confidence in their strategic shifts, enhanced operational efficiencies, and an upcoming strong product pipeline for 2024, positioning XPeng to potentially navigate the intensifying competition in the EV space.
Profitability Metrics:
- Gross Profit: RMB 809.47 million, Gross Margin: 6.2%.
- Operating Income: -RMB 2.05 billion, signaling ongoing investment in R&D and market expansion.
- Net Loss: -RMB 1.35 billion versus -RMB 2.36 billion in Q4 2022.
Balance Sheet Health:
- Cash and equivalents: RMB 45.70 billion as of Dec 31, 2023, supporting a strong liquidity position.
- Total Liabilities: RMB 47.83 billion, with a Debt-to-Equity ratio of 0.424.
Cash Flow:
- Achieved positive full-year operating cash flow in 2023, with strong cash positions fundamental for ongoing operations and growth initiatives.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
13.05B
223.56%
53.00%
Gross Profit
809.47M
1 107.59%
455.10%
Operating Income
-2.05B
20.59%
35.05%
Net Income
-1.35B
42.36%
65.33%
EPS
-3.02
-11.03%
32.89%
Key Financial Ratios
Gross Profit Margin
Weak
6.20%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.16%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.10%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.02%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.04%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.51
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Moderate
0.42
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-17.17x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
2.55x
Price-to-book ratio reasonable for profitable companies
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