The Chinese electric car manufacturer Xpeng has presented its earnings for the second quarter of 2021. Deliveries climbed to 17,398 vehicles from April to June 2021. This is an increase of 459% YOY. Xpeng also announced plans to release at least two new models every year starting in 2023.
The turnover of the Chinese electric car start-up also rose in Q2. Revenue was 3,761.3 million yuan (equivalent to around $600 million). According to the company this figure is 537% higher than Q2/2020 and 27.5% higher than Q1/2021.
On the bad side the expenses significantly exceeded these revenues. The company delivered a loss of 1,194.6 million yuan (GAAP, equivalent to around $200 million) and 1,096.4 million yuan (non-GAAP, equivalent to around $170 million) between April and June.
Both figures significantly exceed the loss from the same period last year.
Out of the 17,398 vehicles sold 11,522 were P7 sedans. The rest of the vehicles were G3 models. At the moment the company founded and managed by He Xiaopeng offers only two models: the G3 electric SUV and the P7 electric sedan. Starting in September, revised models of the G3 will be marketed under the name G3i. The third model (P5) has already been presented but is not yet on the market.
As of 30 June, Xpeng’s physical sales and service network consisted of a total of 200 shops and 64 service centres covering 74 cities. The charging network with Xpeng-branded devices comprised 231 charging stations in 65 cities as of the reporting date.
“We achieved another record-breaking quarter with new highs in several key metrics, underscoring our accelerated growth trajectory driven by our extensive in-house technology capabilities,” said He Xiaopeng, commenting on the financials. “In particular, deliveries in the first half of 2021 surpassed the total deliveries in 2020, reaching 30,738, representing a 459% year-on-year increase.”
Xpeng is also working on increasing its production. The manufacturer recently announced its intention to increase the annual production capacity of its plant in Zhaoqing to 200,000 vehicles.
At the beginning of August, Xpeng said it had already started building another plant in Wuhan, which will have an annual capacity of 100,000 electric cars. In addition, a third plant has been under construction in Guangzhou since September 2020. Once the announced construction projects are completed, Xpeng will have a capacity of 400,000 vehicles per year.