Kunpeng Project
Sales continue to decline! Xpeng Motors' share price fell by 36! How to turn the situation around?
In January's shipment rankings, Xpeng sold a total of 8,250 units, down 59% year-on-year, the largest number among all new energy vehicle companies. In February, Xpeng's sales continued to decline, with only 4,545 new cars sold in February.
As for the decline in sales in February, He Xiaopeng believes that it was due to the newly produced X9 model. "Because of a large number of orders, Xpeng in January, there were more than 10,000 X9 orders were suppressed, and now the problem of X9 has been alleviated, so we will increase production as much as possible during the Chinese New Year to ensure the delivery of products. ”
In other words, sales are only a temporary decline now, and they will gradually pick up over time.
He Xiaopeng is still very optimistic about Xiaopeng's prospects, but at this point, investors have a different view. Kanjian Finance noticed that from 2021, Xpeng's **all the way**, as of March 5, Xpeng's ** in the Hong Kong market is 35 per shareHK$95, although there has been some recent recovery, but by 2024, it will still be 36%.
Why is it that in just over a month, Xiaopeng's ****36% has died, and the performance is even more miserable? Isn't it just a factor in the decline in sales that the capital market is worried about?
In January, Xpeng's sales did not reach as good as expected.
According to official figures, including the P7i and G6, the two main products, Xpeng X9 sold 2,478 units in the first month, while the rest of the models only sold 5,772 units.
Although there are some problems with the production of this new car X9, the key is still in all the models, even if the output of X9 can meet the demand, Xiaopeng's sales are the same, because before the release of X9, Xiaopeng's monthly sales have exceeded the 10,000 mark, and now the new car is out, Wan will not reach this number.
Since December last year, Xiaopeng has been fighting a ** war, but now it seems that Xiaopeng's sales are difficult to improve. Since December last year, Xpeng has made a number of large reductions, such as Xpeng P7i, with a maximum discount of 260,000 yuan, Xpeng G9 has been on the market for less than three months, with a minimum discount of 19,000 yuan; In mid-December last year, Xpeng also announced a preferential policy of 10,000 yuan for Xpeng G6 models. In January, Xpeng even said that as long as you buy the P7i "Pengyi", you can get a 50,000 yuan discount for buying a car within a limited time.
Several consecutive price cuts have failed to improve Xiaopeng's sales, so you can imagine how difficult Xiaopeng's situation is. It is precisely because of this that Xiaopeng's ** will be so sluggish.
In fact, this large-scale price reduction has had a great impact on Xiaopeng's profits, especially since Xiaopeng is still losing money.
According to the report, Xpeng has reached -90 in the first three monthsNet income of 2.8 billion, while Xpeng's total profit margin is only -27%, while the profit margin of the sedan is only -61%, which means that it is still in a state of "every unit is losing money". If you add to this the recent sharp price cuts, Xpeng's losses in the fourth quarter of this year will be even greater.
But now, Xpeng can't take care of these anymore, and must stabilize its sales. According to news reports, in February this year, Xpeng once again launched a new wave of price reductions.
According to major news agencies, the official price of the 2024 Xpeng G9 in the 2024 Xpeng G9 is 26390,000-35Between 990,000 yuan, the limited cash discount is 10,000 yuan, and the whole system is 25From 390,000 yuan.
However, the "efficacy" is not as good as day by day, and the ** reduction of G9 is likely to play a great role in Xiaopeng's sales.
The biggest problem facing Xpeng is not the decline in sales, but the weakening of its moat.
Previously, Kanjian Finance's attitude towards Xiaopeng has been analyzed many times. Among the three new car-making forces, Xpeng is the most technological, and Xpeng also hopes to establish a moat in technology. Xpeng has spent about $1.5 billion in research and development in the last five years, and this huge research expenditure has left the company in the red every year.
More than two years ago, new energy vehicles were still in the stage of unmanned driving, and Xiaopeng relied on this to make its own technical attributes. But now, in the second half of the competition of new energy vehicles, in the case of major enterprises have developed in the direction of intelligence, Xpeng's leading position has been gradually weakened, especially after Huawei's strong entry into the new energy field.
In the field of artificial intelligence, Huawei has faintly surpassed Xpeng in terms of algorithms, computing and data.
In terms of algorithms, Xpeng Motors uses NVIDIA's drive system, which is responsible for the research and development of operators, but Huawei's own research and development is its own, and only Huawei can use the Internet computing method on a large scale. In terms of computing power, Huawei has invested in 1800 P autonomous driving training, which is more than three times faster than the Xpeng 600 P. Compared with the decline of Xpeng, Huawei's "Wenjie" won the "sales crown" in January with better intelligent hardware and software. Obviously, in the area of intelligence, the position of the question world has almost overtaken Xiaopeng, coupled with the continuous development of Huawei's system, and more car manufacturers using Huawei technology, Xiaopeng's life is even more difficult.
Of course, on the road of intelligent driving, there are more and more competitors, but Xpeng has not stopped there. At Xpeng's New Year's press conference, He Xiaopeng announced NGP's latest plan: in China, it will launch "full-range" and "point-to-point" XNGP services, covering scenarios such as roads, internal roads, and parking lots; This year and next year, we will accelerate the development of XNGP around the world, and in 2024 we will launch a new track for the world, and by 2025 we will launch a new XNGP, which can be seen that Xpeng will continue to invest in this area in the next few years.
Now it seems that Xiaopeng is facing more severe competitive pressure in the new energy industry, and can only bite the bullet and not let go, and Xiaopeng can really "survive" and compete with strong opponents like Huawei who have made good achievements in the field of intelligence?