According to the prospectus, Xiaopeng automobile has not made profits since its establishment in 2015. In 2018, 2019 and the first half of 2020, the net losses of Xiaopeng automobile were 1.398.8 billion yuan, 3.691.7 billion yuan and 795.8 million yuan respectively, with a cumulative loss of 5.886.3 billion yuan in two and a half years. According to the statistics of the clients of Sino Singapore Jingwei, when submitting the prospectus, the accumulated deficit of Weilai automobile was more than 10.9 billion yuan, and that of ideal automobile was more than 4 billion yuan.
Screenshot of Xiaopeng auto prospectus
According to Xiaopeng automobile, the sales volume in the first half of 2020 will be negatively affected by the epidemic situation. Next, Xiaopeng P7 will become one of the main models to promote sales growth, and Xiaopeng also plans to launch an intelligent electric A-class car in 2021.
It is worth noting that Xiaopeng automobile has officially obtained the production qualification this year. On May 19, Xiaopeng automobile announced that Zhaoqing Xiaopeng automobile intelligent network technology industrial park, located in Guangdong Province, has obtained production qualification, and Xiaopeng P7 will complete independent production and delivery in the factory. Previously, Xiaopeng has been borrowing Haima automobile to OEM production.
Zhang Xiang, an analyst in the automobile industry, believes that obtaining the qualification of car making is an important breakthrough for Xiaopeng automobile. Compared with Weilai automobile, which is still using Jianghuai OEM, and the ideal car with only factory mode, Xiaopeng automobile has both OEM mode and factory mode, which is more flexible.
However, Zhang Xiang pointed out that there is still a long way to go for the production and sales of Xiaopeng automobile to form the economic benefits of scale.
As of June 30, 2020, Xiaopeng automobile has opened 147 experience stores in China, covering 52 major cities in China. Xiaopeng automobile also disclosed in the prospectus that the annual production capacity of Haima foundry and Zhaoqing factory is as high as 150000 and 100000 respectively.