On the financial side, in 2018, 2019, and 2020, Xiaopeng Auto's revenue was 9.706 million yuan, 2.321 billion yuan, and 5.844 billion yuan, respectively, of which the revenue from car sales was 4.153 million yuan, 2.171 billion yuan, and 5.547 billion yuan, respectively, all of which showed a doubling growth.
As of now, Xiaopeng Auto has not yet realized a profit. The annual report shows that the net loss of Xiaopeng Auto during the reporting period was 1.399 billion yuan, 3.692 billion yuan, 2.732 billion yuan, and the consolidated loss attributable to ordinary shareholders was 2.258 billion yuan, 4.646 billion yuan, and 5.614 billion yuan, respectively.
Non-GAAP net losses for 2019 and 2020 were $3,718.8 million and $2,991.8 million, respectively. in the fourth quarter of 2020, Xiaopeng Automobile reported a net loss of $787 million on total revenues of $2,851 million, and a net loss of $713 million under Non-GAAP.
In a risk alert, Xiaopeng Auto said it has suffered operating losses since its inception and has negative cash flow from operating activities. Among them, the net cash used for operating activities in 2018, 2019 and 2020 will be 1.573 billion yuan, 3.563 billion yuan and 140 million yuan, respectively.
According to the presentation, the business of Xiaopeng Automobile initially depended heavily on the Xiaopeng G3, which is understood to be the only mass-produced smart electric car of Xiaopeng Automobile until May 2020.In May 2020, Xiaopeng began production of its second mass-produced smart electric car, the P7.
Xiaopeng Automobile stated that it plans to launch its third model in the second quarter of 2021 In addition, a fourth electric SUV is expected to launch in 2022. Bedrock Finance found that Xiaopeng Auto announced on April 21 on Weibo that as of that day, the cumulative orders for Xiaopeng P5 had exceeded 10,000 units.
In its annual report document, Xiaopeng Auto said it would be adversely affected if its smart electric cars would be recalled in the future. The data shows that from January 30, 2021, Xiaopeng Auto recalled some G3s produced between March 29, 2019 and September 27, 2020, totaling 13,399 units.
As for the reason for the recall, Xiaopeng Auto introduced that because the inverter installed on these G3s may have a power failure, the vehicle may not start when parked or may lose power when driving. According to Beto Finance, this is the majority of Xiaopeng G3s sold by Xiaopeng Automobile in the current period.
Data shows that throughout the 2020 fiscal year, Xiaopeng Automobile delivered a cumulative total of 27,041 vehicles, of which the total deliveries in December 2020 amounted to 5,700 units, a year-on-year increase of 326%. By model, Xiaopeng P7 delivered 3,691 units in a single month in December 2020, and Xiaopeng G3 delivered 2009 units in a single month.
In terms of shareholdings, as of March 31, 2021, the total number of outstanding ordinary shares of Xiaopeng Automobile was 1,604,932,750 shares. Among them, He Xiaopeng, Chairman and CEO of Xiaopeng Automobile, holds 22.7% of the shares and 56.6% of the voting rights. And before the IPO, He Xiaopeng's shareholding was 31.6%, which dropped to 27.8% after the IPO.
However, He Xiaopeng's shareholding did not change. Similarly, Xia Heng, co-founder and president of Xiaopeng Automobile, holds 3.8% of the shares, and He Tao, co-founder and senior vice president of Xiaopeng Automobile, holds 1.2% of the shares, and the number of shares has not decreased.
Comparatively speaking, the shareholding of Gu Hongdi, Vice Chairman and President of Xiaopeng Automobile, has increased by about 378,100 shares from about 3,475,000 shares to 3,853,100 shares, with a shareholding ratio of 2.4%. Overall, the shareholding of Xiaopeng Auto's management has dropped by about 5.5 percentage points to 30.5% compared to earlier.
It is understood that this is related to the additional shares issued by Xiaopeng Automobile.
On December 9, 2020, Xiaopeng Automobile announced the issuance of an additional 48 million U.S. shares of pricing depositary shares (ADS). According to the introduction, the public offering price is $45 per ADS, and the proposed fundraising is $2.16 billion.
On the institutional side, Alibaba has a 12.0% stake in Xiaopeng Auto through Taobao China, with 14.6% of the voting rights; IDG Capital has a 4.8% stake, and Morningside entities (Morningside Capital, which has been renamed Wuyuan Capital) has a 3.2% stake.
Baidu Finance found that, among the institutional shareholders of Xiaopeng Automobile, GGV (Jiyuan Capital) and Gao Tiling Capital have withdrawn from the ranks of the major shareholders of Xiaopeng Automobile. Previously, GGV had held about 900,000 shares of Xiaopeng Automobile, and Jiyuan Capital's shareholding amounted to 47 million shares, with a shareholding ratio of 3.8%.
In addition to Xiaopeng Automobile, High Tier Capital also liquidated its position in Ideal Automobile and Azalea in the fourth quarter of 2020. Previously, High Tier Capital has said that it invested in Roc Motors at the PE stage and subscribed to Ideal Motors at the time of its IPO offering.