Xpeng Motors releases 2023 full-year performance report

Xpeng Motors recently announced its full-year results for 2023. The report showed that the company's full-year revenue reached 30.68 billion yuan, a year-on-year increase of 14.2%. However, the net loss widened to 10.38 billion yuan, an increase of 13.6% from the previous year. In addition, the company's gross profit margin fell to 1.5%, and the gross profit margin for automobiles was negative at -1.6%. Xpeng Motors pointed out that these unfavorable factors were mainly affected by increased sales promotions and the expiration of subsidies for new energy vehicles. Despite the challenges, Xpeng Motors' sales in 2023 still increased to 141,601 vehicles, a year-on-year increase of 17.3%.