By Michael Elkins
Shares of Xpeng (NYSE:XPEV) are down 0.14% to $8.19 per share in pre-market trading Friday following the electric vehicle company’s 4Q earnings miss.
The automaker reported 4Q EPS of (RMB2.57), RMB0.47 (RMB1 = $0.1451) worse than the analyst estimate of (RMB2.10). Revenue for the quarter came in at RMB5.14 billion versus the consensus estimate of RMB5.59 billion, representing a decrease of 39.9% from the same period of 2021, and a decrease of 24.7% from the third quarter of 2022.
The automaker reportedly delivered 22,204 vehicles in the quarter, representing a decrease of 46.8% from 41,751 in the corresponding period of 2021. Deliveries of the company’s Flagship G9 SUVs were 6,189. Revenues from vehicle sales were RMB4.66B, representing a decrease of 43.1% YoY.
“We have comprehensively reviewed our strategy and took decisive actions to execute our organizational restructuring and strengthen our capabilities where necessary,” said Mr. He Xiaopeng, Chairman and CEO of XPENG. “From 2023 to 2027, the industry will move from a phase of rapid EV penetration to an era of accelerated disruption by smart technologies, and we are confident that we will further strengthen our leadership in smart EV technologies.”
“With the optimization of our product portfolio and the significant improvement of our marketing capabilities, we will resume growth in our sales and market share,” said Dr. Hongdi Brian Gu, honorary vice chairman and co-president of XPENG. “In the meantime, we will improve operational efficiency across our business processes and continue to reduce costs.”
Management released guidance for 1Q revenue of RMB4-4.2B. Deliveries of vehicles are expected to be between 18,000 and 19,000, representing a year over-year decrease of approximately 45.0% to 47.9%.