Xiaopeng Q1 financial report: calmly face challenges to enter the mid-to-high end

After reading Xiaopeng's Q1 financial report, I believe that all car companies are entangled when they announced their results and goals recently. Throughout the second quarter, production and sales were affected by the epidemic, and the two keywords of price increase and shortage, It also casts a layer of uncertainty on the development goals of the new car groups that have been delayed in release this year.

However, Xiaopeng still delivered a relatively satisfactory answer. Q1 Xiaopeng Motors' revenue was 7.455 billion yuan, a year-on-year increase of 152.6%, which was higher than market expectations.Among them, the automobile sales revenue is close to 7 billion yuan, accounting for 94% of the total revenue.Revenue has maintained a year-on-year increase of more than 150% for seven consecutive quarters, and the delivery volume has ranked first in the new power delivery list for three consecutive quarters.

He Xiaopeng mentioned in the earnings call: "This year's macro environment is full of various challenges, but we also see that these challenges have not changed the general trend of the long-term development of smart electric vehicles. The penetration rate of pure electric vehicles has continued to increase, and domestic independent brands have dominated Consumers’ minds are moving towards the mid-to-high-end market, and intelligence and technological innovation are unstoppable.”

This means that Xpeng Motors will continue to enter the mid-to-high-end market.

G9 expands the mid-to-high-end market

In Q1 of this year, two generations of important works, P7 and P5, which represent the development of Xiaopeng's intelligent development, achieved excellent delivery results. Xiaopeng delivered a total of 34,561 new vehicles, of which 19,427 were P7 vehicles. In March, the monthly delivery exceeded 9,000 for the first time. ; P5 is 10,486 vehicles, of which more than 50% are models that support advanced driver assistance functions such as XPILOT 3.0 or XPILOT 3.5.

The highly anticipated G9 will be Xpeng's strategic release this year.

In the earnings conference call, He Xiaopeng made it clear that the G9 will be officially launched and put into production in the third quarter, and will be delivered on a large scale in the fourth quarter.

It can be said that the Xiaopeng G9 will be the forerunner of Xiaopeng Motors to enter the mid-to-high-end market.

The G9 is equipped with an 800V high-voltage power platform, a next-generation intelligent driving assistance platform and an electronic and electrical architecture. Xiaopeng said that the G9 will become a hit in the intelligent pure electric medium and large SUV market.For the level of intelligent assisted driving, G9 will significantly exceed all current products in terms of safety, cost, performance, and scope of use.

Secondly, the G9 is a model with a higher profit margin. In the future models, it will pay more attention to platformization and modularization, so that more models can share the power system, intelligent system, electronic and electrical architecture, etc.Xpeng said it will build on the success of the P7 and structurally improve model gross margins with the launch of the G9 and more new models.The medium and long-term goal is to increase the gross profit margin to more than 25%.

At the same time, He Xiaopeng also mentioned in the conference call that Xiaopeng Motors will launch two new models from the B-class car platform and the C-class platform next year (2023), and the ability to add the two models together, Compared with the capabilities of the two P7s, it is significantly ahead.This also means that the two new cars will have better performance in terms of smart technology configuration.

Entering the L4 stage in 2026

High-level intelligent driving capabilities have always been an important label for Xiaopeng.Xiaopeng's long-term investment in the field of intelligence has accumulated a good reputation among users and a unique brand awareness of intelligence.

According to data provided by Xiaopeng, the mileage penetration rate of high-speed NGPs in the first quarter was nearly 70%.As of the end of the first quarter, the accumulated mileage of high-speed assisted driving exceeded 24 million kilometers, laying a solid foundation for the popularization of next-generation full-scenario autonomous driving in the next step.

In February, OTA implemented the memory parking function of a cross-floor parking lot using lidar perception. In mid-May, Xiaopeng successfully conducted the urban NGP engineering version test in Guangzhou.

In addition, the sufficient self-research capabilities and changes in methods have also allowed Xiaopeng to take the lead in changing the sales model.Starting from May 9, Xiaopeng has adjusted the rights and interests of users. The newly ordered E/E+/P version of the P5 and the E/E+ version of the P7 equipped with standard assisted driving system software and upgrade services.

This will effectively increase the penetration rate of intelligent assisted driving systems.

He Xiaopeng also said: "Xpeng is the first to charge for software independently among Chinese car brands, and it is also the best. We have also seen some changes. If the hardware is charged first, the software is charged again. Cost, the effect is not as good as the package of hardware and software. Moreover, packaged together can optimize the experience together with intelligent parts such as smart cockpit, electronic and electrical architecture. One-time charging, whether it is for corporate gross profit or for consumer experience, is more positive and harmonious. direct."

In the long run, Xiaopeng is also exploring some more forward-looking business models that match the technological progress, including charging based on the length of use or mileage, or a combination of software packages and scenarios after the implementation of fully autonomous driving technology. model.

Xiaopeng is also quite optimistic about the prospect of autonomous driving, and gave a very important time chart and target node: in 2026, Xiaopeng will transition to L4-level autonomous driving technology.

Different from Weilai's user-oriented enterprises and ideal product-focused enterprises, Xiaopeng still bets on "intelligence" in the improvement of user experience, the growth of technical capabilities and the improvement of gross profit margin.

Looking back at the key points revealed in the overall Q1 financial report of Xpeng Motors, we can see that Xpeng has made adequate preparations for future development, with products such as Xpeng G9, 800V SiC high-voltage power platform, XPILOT 4.0, and 480kW charging piles as The core, to meet the bigger challenge, and has given a fairly clear timetable.