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XPENG INC. Company profile

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Xpeng Inc (XPEV), also known as Xiaopeng Motors or XMotors.ai, is one of China’s leading smart electric vehicle companies. Headquartered in Guangzhou, with offices in Mountain View, California, it was founded in 2015 by He Tao and Henry Xia, GAC Group’s former senior executives. The business’ early Chinese and international investors included Alibaba (BABA), IDG Capital and Foxconn. Prior to its initial public offering (IPO), the business raised around $2.6bn.

On August 27, 2020, Xpeng Inc. launched a $1.5bn IPO on the New York Stock Exchange (NYSE). During the first day of trading, XPEV stock quote gained more than 40 per cent, with the company’s market capitalisation reaching $15bn.

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In order to differentiate itself from rivals, Xpeng chooses to invest heavily in software. It has been working on its own advanced autonomous driving system called XPilot, which supports hands-free driving and self-parking. Besides, as of September 2020, the automaker is the only OEM in China doing R&D on the full stack of automated assisted driving, excluding chips and radar, and has had a sizeable team in place since 2015.

By the time of its IPO, unlike Nikola Corporation (NKLA), another electric vehicles manufacturer that also debuted on the US stock market in 2020, Xpeng already had vehicles on the road. The company launched the production of its first model, the Xpeng G3 SUV, in December 2018, with first deliveries to its customers the following spring. According to the IHS Markit report, the G3 SUV was one of the three best-selling electric SUVs in China in 2019. As of July 31, 2020, more than 18,700 G3 vehicles were delivered to customers.

Its second model, the P7 four-door electric sedan, premiered at the Auto Shanghai show in April 2019. Production of the vehicle started in May 2020 and, by July 31, Xpeng had already delivered nearly 2,000 P7 units to its customers.

Xpeng's revenues in 2018 and 2019 were 9.7m yuan and 2.321bn yuan ($329m), respectively. In the first half of 2020, the figure stood at 1bn yuan ($141.9m), with the company’s Q2 revenue of 590.8m yuan representing an increase of 43 per cent from 412m yuan in the previous quarter. Xpeng's net loss for the first six months of 2020 was 795.8m yuan ($112.6m), compared to a net loss of 1.918bn yuan in the same period of 2019.

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