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Leading Chinese smart EV manufacturer XPeng (XPEV) released its Q4 and full-year 2022 earnings Friday, showing a drop in EV deliveries by over 46% in the quarter and missing expectations. Despite a bleak Q1 outlook, XPeng remains confident in future growth with new excitement around the P7i launch and smart technology such as embedded ChatGPT technology.

XPeng Q4 and full-year 2022 earnings results

XPeng delivered 22,204 electric vehicles in Q4 2022 (including 6,189 flagship G9 SUVs), down 46.8% year-over-year (YOY) from the 41,751 achieved in the fourth quarter last year.

The EV marker says the decrease is primarily due to lower P5 and P7 deliveries, partially offset by growing interest in the G9 SUV.

Revenue also slipped nearly 40% YOY in the fourth quarter to $750 million (RMB5.14 down), down 25.3% from Q3. More concerning is XPeng’s vehicle margins fell to 5.7% in Q4 from 11.6% in the previous quarter as rising input costs continue to eat away at margins.

As a result, XPeng’s losses widened in the fourth quarter to $342 million (RMB2.36 billion), missing Wall Street forecasts of around RMB2.1 billion, up from an RMB1.2 billion loss in Q4 2021.

Xpeng’s full-year results for 2022 faired better, with EV deliveries reaching 120,757, an improvement of 23% YOY. Meanwhile, revenues also grew 23% in 2022 to $3.89 billion (RMB24.84 billion).

Vehicle margins in 2022 did fall last year to 9.4%, compared to 11.5% in 2021, contributing to a net loss of $1.33 billion (RMB9.14 billion) for the year, nearly doubling from RMB4.86 last period.

The company ended the year with $5.55 billion (RMB38.25 billion) in cash and equivalents.

XPeng-Q4-2022-earnings
XPeng G9 flagship SUV (Source: XPeng)

What’s next for Xpeng

Xpeng is expecting vehicle deliveries in Q1 2022 between 18,000 and 19,000, which would show another decrease of 45% to nearly 48%. Revenues are also expected to fall between 43.7% and 46.3%, reaching roughly $581 million (RMB4.0 billion) and $610 million (RMB4.2 billion).

CEO and chairman of XPeng, Mr. He Xiaopeng, remains hopeful for the future despite the falling numbers, saying:

From 2023 to 2027, the industry will move from a phase of rapid EV penetration to an era of accelerated disruption by smart technologies, and we are confident that we will further strengthen our leadership in smart EV technologies.

Xiaopeng added as the company optimizes its product portfolio and marketing abilities, “We will resume growth in our sales and market share.”

Xpeng’s physical store count continues expanding, with 420 stores across 143 cities. The company’s self-operated EV charging network also continues growing, with 1,014 stations, including 808 superchargers, at the end of 2022.

More importantly, the Chinese EV maker says in-store traffic and test-drive volume both hit new highs following the new P7i launch earlier this month.

To sweeten the deal, Xpeng expects to “embed GPT technology into XPeng’s business enterprise-wide to create groundbreaking user experiences and operations efficiency improvements.”

So far, Xpeng says it has delivered 11,228 vehicles through February 28, 2023.

Electrek’s Take

Following Tesla’s price cuts earlier this year, XPeng slashed prices by up to $5,300 on some of its most popular models, which is likely the reason for the dismal Q1 outlook.

Despite new competition entering the market what seems like daily, the smart EV maker believes its technology helps it stand apart and will drive future growth. For that to happen, we need to start seeing some margin improvements.

Xpeng has already set low expectations for the first quarter. We’ll see how they plan to improve throughout the year with another slate of highly-anticipated EVs hitting the market.

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Hyundai’s first EV sports car has even Lamborghini interested [Video]

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Hyundai's first EV sports car has even Lamborghini interested [Video]

The IONIQ 5 N is the fastest Hyundai ever made, electric or gas-powered. The sporty electric car is so good that it’s now drawing the attention of some of the industry’s finest. Hyundai’s EV sports car was recently spotted outside a Lamborghini test facility. Check out the video below.

Hyundai’s EV sports car caught at a Lamborghini test site

As the first EV to wear its “N” badge, Hyundai aimed to set the bar even higher. And that it did. The IONIQ 5 N is not only the most powerful Hyundai, it’s also the most fun to drive with a series of track-ready features.

Based on its advanced E-GMP platform, Hyundai’s electric sports car delivers up to 641 hp. That’s when using its N Grin boost feature, which gives you a 10-second power surge.

When on the track, N Launch control enables you to adjust to different road conditions for the perfect takeoff. Other features, like N e-Shift, simulate an 8-speed N Dual Clutch Transmission, making it feel like you’re in a true race car.

With N Active Sound+, you cannot only feel the performance but also hear it. Eight internal and two external features sync to your vehicle’s performance.

Hyundai's-EV-Lamborghini
2025 Hyundai IONIQ 5 N (Source: Hyundai)

Hyundai’s EV sports car is apparently good enough to attract Lamborghini’s attention. A Hyundai IONIQ 5 N model was recently spotted leaving Lamborghini’s test facility.

The video from YouTuber Varryx shows a Lamborghini test driver leaving the “Porta Sud,” suggesting the sports car maker could be benchmarking Hyundai’s EV.

Hyundai IONIQ 5 N spotted outside a Lamborghini test facility (Source: Varryx)

Lamborghini unveiled the Lanzador in 2023, its first fully electric vehicle. The concept introduces a new high-ground-clearance GT with 2+2 seating. Or, in other words, like a supercar sitting on an SUV. It’s expected to launch in 2029.

Hyundai’s IONIQ 5 N already beat a Lamborghini Urus Performante in a drag race (see the video here), so it’s no wonder the Italian sports car maker is taking notes.

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Hydrogen dead end: Hyzon board votes to dissolve company

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Hydrogen dead end: Hyzon board votes to dissolve company

The board of directors of the troubled hydrogen fuel cell maker has voted to dissolve the company that developed the first HFC garbage truck to North America last spring, pending shareholder approval.

After a promising global start that saw the American startup announce pilot programs that would see its hydrogen fuel cells put to work in transit buses in Brisbane, its tow trucks (above) in Victoria, and five 154-ton severe duty trucks scheduled to service a zinc refinery operation in north Queensland, slow sales and an inability to deliver on its ambitious goals saw the company quit Australia in July.

Now, Hyzon is quitting altogether.

After issuing a WARN letter to employees in December announcing layoff plans, citing an inability to raise funding and the future uncertainty relating to the availability of government subsidies. Now, it appears the Hyzon board of directors has unanimously voted to dissolve the company and liquidate its assets (pending shareholder approval).

Unanimously approved, subject to stockholder approval, the transfer of all or substantially all of the Company’s assets through an assignment for the benefit of creditors, and the liquidation and dissolution of the Company pursuant to a plan of dissolution while continuing to pursue strategic alternatives and potential funding sources intended to maximize the value of its business and assets.

HYZON, IN A STATEMENT TO NASDAQ

If Hyzon is unable to find a buyer or an patient, bullish customer soon, expect all of Hyzon’s staff at its Bolingbrook, Illinois and Troy, Michigan facilities to be laid off by the end of February 2025.

Electrek’s Take

Hyzon 200 kW hydrogen fuel cell.

When I wrote about Hyzon retreating from Australia’s shores, I noted that Australia’s commercial BEV sales were booming. The same is true in the US, as well, with Cox Automotive expecting fully 1 in 4 new cars sold this year to be fully electric.

It seems like the market has spoken, then – and hydrogen has lost.

SOURCE | IMAGES: NASDAQ, via ACT.

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GM is using AI to find ideal spots for EV charging stations

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GM is using AI to find ideal spots for EV charging stations

Data scientists at General Motors (GM) are using AI and machine learning to pinpoint ideal EV charging station locations across the US.

As EV sales hit record highs for GM in 2024, many drivers are still unsure where to charge their vehicles. To tackle this, GM has partnered with EVgo and Pilot Travel Centers to boost public charging options and improve the overall charging experience.

Partnerships with EVgo and Pilot Travel Centers

GM and EVgo are working together to install 2,850 DC fast charging stalls nationwide. This includes 400 flagship fast-charging locations in major metro areas with 350 kW chargers for ultra-fast charging. These stations feature pull-through layouts for easier vehicle maneuvering, bright lighting for safety, and canopies to protect against the elements.

Additionally, GM has teamed up with Pilot Flying J and EVgo to add up to 2,000 DC fast chargers at 500 Pilot and Flying J travel centers. So far, more than 130 locations are operational.

Using AI to site EV charging stations

To ensure new charging stations are sited where they’ll have the most impact, GM’s data scientists are tapping into artificial intelligence. AI tools analyze EV traffic patterns, driver behaviors, and existing infrastructure to identify optimal locations for chargers.

By treating site selection as a mathematical optimization problem, these algorithms evaluate factors like traffic flow and proximity to other chargers. The results are then visualized on detailed maps, helping stakeholders understand the reasoning behind each recommendation. Human experts review and refine these suggestions to finalize charging site plans.

Once the data-driven decisions are made, GM works with its partners to bring these strategic charging stations online.

This approach blends advanced technology with industry collaboration to tackle one of the most significant hurdles for EV adoption, ensuring drivers have the confidence to make the switch.

What do you think about the use of AI to site EV charging stations? Let us know in the comments below.

Read more: GM and EVgo double their DC fast chargers to 2,000 in 16 months


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