"We believe that MONA is just the beginning of an exciting journey, committed to pushing the boundaries of technology and keeping costs under control." - He Xiaopeng, CEO
— He Xiaopeng
03Detailed Report
XPEV
XPeng Inc
Period
Q3 2023
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In Q3 2023, XPeng Inc (XPEV) reported significant progress despite ongoing challenges in the electric vehicle (EV) industry. The company's revenues reached CNY 8.53 billion, reflecting a robust year-over-year increase of 25% and a quarter-over-quarter surge of approximately 68.5%. Vehicle deliveries soared to over 40,000 units, marking a 72% increase quarter-over-quarter. Management emphasized the importance of ongoing transformations, driving sales growth and enhancing brand image. Despite a net loss of CNY 3.9 billion for the quarter and challenges maintaining profitability due to inventory write-downs and rising production costs, XPeng achieved positive free cash flow exceeding CNY 1 billion, signaling improved cash flow management and operational efficiency going forward. Looking ahead, management forecasts continued sales growth in Q4, driven by new model launches and a commitment to improve gross margins.
Key Performance Indicators
Revenue
Increasing
8.53B
QoQ: 68.48% | YoY: 25.00%
Gross Profit
Decreasing
-227.96M
-2.67% margin
QoQ: -15.49% | YoY: -124.69%
Operating Income
Decreasing
-3.16B
QoQ: -2.29% | YoY: -45.20%
Net Income
Decreasing
-3.89B
QoQ: -38.58% | YoY: -63.37%
EPS
Decreasing
-4.50
QoQ: -38.04% | YoY: -62.45%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: Total revenue rose to CNY 8.53 billion, up 25% YoY and 68.5% QoQ. Vehicle sales contributed CNY 7.84 billion, representing a 25.7% increase YoY and 77.3% QoQ.
Profitability Trends: Gross margin stood at -2.7%, significantly lower than 13.5% in Q3 2022, largely impacted by negative margins from legacy models. Operating loss was CNY 3.16 billion, reflecting broader industry pricing pressures and increased promotional costs.
Cash Flow Management: XPeng generated positive free cash flow of CNY 1 billion and had CNY 36.5 billion in cash and cash equivalents at quarter-end, indicating prudent cash management practices during challenging market conditions.
Balance Sheet Health: The current ratio is 1.44, suggesting solid liquidity, while total liabilities stand at CNY 41.75 billion against total assets of CNY 70.54 billion, reflecting a debt-to-equity ratio of 0.49, indicating a relatively manageable debt level compared to equity.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
8.53B
25.00%
68.48%
Gross Profit
-227.96M
-124.69%
-15.49%
Operating Income
-3.16B
-45.20%
-2.29%
Net Income
-3.89B
-63.37%
-38.58%
EPS
-4.50
-62.45%
-38.04%
Key Financial Ratios
Gross Profit Margin
Weak
-0.03%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.37%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.46%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.06%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.14%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.44
Current ratio meets minimum requirements but limited cushion
Debt to Equity
Moderate
0.49
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-7.46x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
4.03x
Trading at premium to book value, reflects strong intangibles or growth
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