Recently, at the 15th China Automobile Blue Book Forum, Xiaopeng CEO he Xiaopeng said: starting from the third quarter of this year, Xiaopeng will enter a weak positive cycle, and the speed of Xiaopeng's positive cycle will accelerate throughout the year after the third quarter begins. From the third quarter of next year to the end of 2025, Xiaopeng will enter a positive cycle of ultra-high speed. He Xiaopeng said that it is based on the overall layout of Xiaopeng car.
At the same time, as for Xiaopeng's recent changes, he Xiaopeng said: very effective, but the change has only just been seen. Great changes will be seen in the next six months, a year, a year and a half.
It is worth noting that since the second half of last year, Xiaopeng car sales trend is quite different from that in the first half of last year. In the first half of last year, Xiaopeng sold a total of 68900 cars from January to June, becoming the top seller of the new car-building force. However, in the second half of the year, Xiaopeng car sales began to decline. It fell from 15295 in June to 5101 in October. To this end, Xiaopeng Motor has also urgently carried out a series of internal changes.
In October last year, a series of internal organizational adjustments were carried out. Including the establishment of strategy, product planning, technology planning, production and marketing, OTA five major committees, the establishment of three product platform matrix, to ensure that customer-oriented and market-oriented, end-to-end responsible for the whole product business closed loop. On November 30 of the same year, Xiaopeng Motor continued to make substantial adjustments to its internal organizational structure, setting up five virtual committee organizations to open up communication channels for all business lines of the company, so as to improve the efficiency of cooperation.
At the annual wrap-up meeting of Xiaopeng Automobile this year, he Xiaopeng said: Xiaopeng Motor has no continuity of strategy, pays too much attention to scientific and technological innovation, neglects user reputation, poor organizational ability, resulting in inefficiency of the department, separation of products and marketing, and other disadvantages. It is planned to become a regular operating profit in 2025, with Xiaopeng Motor's lowest comprehensive gross profit margin of 17% in 2025. As for the poor sales in 2022, he Xiaopeng said: the changes to the Xiaopeng G9 and P7 in 2022 have not been able to stop the decline in sales, but he thinks the G9 and P7 are very successful products, and the decline in sales is only for a moment.
On January 30 this year, Xiaopeng announced that Wang Fengying, former general manager of Great Wall Motor, joined Xiaopeng Motor as president. Hope to reverse the decline in sales, but according to the data, this series of measures have little effect. Relevant data show that Xiaopeng car sales from January to May 2023 totaled 32800 units, down 38.88% from the same period last year.
Poor sales also directly led to Xiaopeng's poor financial results in the first quarter. According to Xiaopeng's first-quarter results, Xiaopeng's total revenue in the first quarter was 4.03 billion yuan, down 45.9% from the same period last year, lower than the market expectation of 4.22 billion yuan. The gross profit margin in the first quarter was 1.7%, down from 12.2% in the same period last year and down 10.5% from the same period last year. Xiaopeng reported a negative gross profit margin for the first time in nearly three years. For the decrease in gross profit margin in the first quarter, Xiaopeng said that it was mainly due to the increase in sales promotion of "New year price adjustment" conducted by Xiaopeng in the first quarter price war, as well as the expiration of subsidies for new energy vehicles. As of March 31, 2023, Xiaopeng Motor cash and cash equivalents, restricted cash, short-term investment and time deposits are RMB 34.12 billion.
At present, from the sales and financial data, Xiaopeng Motor's situation is indeed difficult, it not only has to face the competitive pressure of new car-building forces and traditional domestic car companies, but also bear the pressure of recent price war and price reduction. Xiaopeng Motor wants to break the loss curse in 2025, which may be difficult for Xiaopeng Motor at this stage. After all, at this stage, there has not been a fundamental breakthrough in the upstream cost of new energy vehicles. If the scale of the new power of car building is not released, the output is too small, resulting in fixed expenses such as R & D fees and administrative fees cannot be shared equally, and the loss will naturally intensify.
According to the plan, Xiaopeng will launch five new cars this year. The Xiaopeng G6 went on sale in June as a model responsible for boosting Xiaopeng's sales. In order to increase the size of the new car, Xiaopeng also invited Lin Zhiying to act as the spokesperson for the Xiaopeng G6 brand. On June 12, according to Xiaopeng official news, 72-hour Xiaopeng G6 booked more than 25000 users.
It is undeniable that the G6 got off to a good start, but the impact of one model on Xiaopeng's overall sales is limited, and it is not possible to reverse the poor sales situation by just one model. Of course, he Xiaopeng also understands this truth. It once revealed at the 2023 technical architecture conference: at present, there are 10 models in the interior of Xiaopeng car under development.
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