Xpeng has reported its business figures for 2023, showing significant growth in both deliveries and revenue. The company delivered a total of 141,601 electric cars in 2023, marking a 17.3% increase compared to the previous year.
Total revenue for the year reached 30.68 billion yuan (3.98 billion euros), up 14.2% from 2022. However, Xpeng also reported increased losses, with losses rising to 10.38 billion yuan (1.35 billion euros) in 2023, a 13.5% increase from the previous year.
Xpeng’s performance in the fourth quarter of 2023 was particularly strong, with 60,158 vehicles delivered, representing a 170.9% increase compared to the same period in 2022. Sales in the final quarter also saw a significant rise, increasing by 153.9% compared to Q4 2022 and 53% more than in Q3 2023.
Xiaopeng He, Chairman and CEO of Xpeng, commented on the company’s performance, stating, “In 2023, vehicle deliveries of XPENG increased quarter by quarter, exceeding 60,000 units in the fourth quarter.” He also mentioned the company’s upcoming plans, saying, “We plan to launch more than 10 brand new models over the next three years.”
Xpeng’s co-president, Hongdi Brian Gu, highlighted the company’s focus on cost reduction and operational improvement, stating, “Our plans on cost reduction through technology and engineering as well as operational improvement have begun to bear fruit.” He noted that the vehicle margin increased by approximately 10 percentage points quarter-over-quarter in the fourth quarter, reaching 4.1%.
In addition to its financial performance, Xpeng announced that it will present its new brand for affordable electric cars at the Beijing Auto Show in April. The new brand is expected to offer models in a price range of 100,000 to 150,000 yuan (12,810 to 19,210 euros). The first model will be sold through Xpeng’s 500 branches, with plans for the company’s own sales network in the future.
