XPeng (XPEV) Q4 EV deliveries slip, but hopes are high with P7i launch, expected ChatGPT tech
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.
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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The GV90 is set to raise the bar as the most luxurious Genesis SUV. If you thought the GV80 was impressive, wait until you see this larger, three-row electric flagship. After it was recently spotted in the US, we are getting our first glimpse of the ultra-luxe Genesis GV90’s interior.
First look at the Genesis GV90 interior in the US
Genesis previewed the flagship SUV at the NY Auto Show last March with the Neolun concept, which the brand refers to as its “ultra-luxe vision of luxury SUVs.”
It’s not only stunning on the outside, but the full-size SUV will introduce advanced new tech and upscale design features for “a whole new level of luxury.”
Drawing inspiration from Korean aesthetics, the interior is fit for royalty. The concept featured a “Royal Indigo” cashmere and a vintage-like “Purple Silk” leather. Genesis topped it off with dark-colored wood accents for an even more luxurious feel.
After it was spotted in public in California, it looks like the interior of the Genesis GV90 will retain some elements from the concept.
The new photos, courtesy of The Korean Car Blog, offer a sneak peek at what we can expect when it arrives in production form.
You’ll notice that the color scheme remains largely the same, with purple accents on the door trim, seats, and other interior elements.
The GV90 will serve as the luxury brand’s tech beacon, featuring Hyundai Motor’s latest technology and software. A 24″ infotainment system will sit at the center with navigation and voice command recognition.
It will also feature a 3D audio experience with tweeters, midrange speakers, woofers, and subwoofers strategically placed, creating an immersive audio experience. The iconic Crystal Sphere is not only a centerpiece, but it will also serve as a hi-fi tweeter speaker.
According to Luc Donckerwolke, Genesis’ chief creative officer, the concept is “the epitome of timeless design and sophisticated craftsmanship.” Do you agree?
With GV90 models now in public testing, Genesis appears to be on track to launch the flagship SUV in mid-2026. Earlier this month, we got a closer look at the exterior after it was caught testing at the Nürburgring with less camo.
More details, including prices and final specs, will be revealed closer to launch. However, it is expected to ride on Hyundai’s new eM platform, which will replace its current E-GMP.
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Jakub Porzycki | Nurphoto | Getty Images
The SEC has formally dropped its lawsuit against Binance and founder Changpeng Zhao, bringing an end to one of the last remaining crypto enforcement actions brought by the agency.
In a Thursday filing in the U.S. District Court for the District of Columbia, lawyers for the SEC and Binance jointly moved to dismiss the case, which was first brought in June 2023.
The original complaint accused the crypto exchange of violations including illegally serving U.S. users, inflating trading volumes, and commingling customer funds. The agency also claimed that Binance unlawfully enabled trading in crypto assets it viewed as unregistered securities, an argument that was also used against Coinbase, Kraken, and others under prior SEC leadership.
The dismissal marks a symbolic end to one of the most aggressive crypto crackdowns in U.S. history, and comes as the Trump administration makes a concerted effort to prove that it’s an ally to the industry. The Justice Department has already shut down its crypto enforcement team, and the Commodity Futures Trading Commission is now set to be led by a venture capitalist with close ties to crypto.
Binance is the largest digital assets exchange in the world by volume. It recently forged ties with World Liberty Financial, a project that aspires to be a crypto bank and funnels 75% of profits to entities linked to the Trump family. Binance is taking a $2 billion investment from the Emirati state fund MGX entirely in USD1, a stablecoin newly launched by the World Liberty team.
Binance and World Liberty are also deepening their footprint in Pakistan, where WLF co-founder Zack Witkoff, the son of U.S. Middle East envoy Steve Witkoff, recently struck a deal with the government. Around the same time, Zhao was appointed as an adviser to Pakistan’s newly formed Crypto Council, a state-backed body tasked with shaping national digital asset policy.
The SEC was the last major regulator still pursuing Binance after a $4.3 billion settlement with the U.S. government last year that saw Zhao plead guilty and step down as CEO, while avoiding jail time and retaining much of his wealth.
The agency’s motion to dismiss was granted with prejudice, meaning the SEC can’t refile the same claims.
Under the SEC’s new leadership, the agency has shifted away from enforcement and toward engagement and regulatory rollback. It’s held a series of roundtables led by Commissioner Hester Peirce and newly appointed Chair Paul Atkins.
The SEC has also begun dismantling key rules that once kept Wall Street on the sidelines. In January, it scrapped Staff Accounting Bulletin 121 — a controversial directive issued under former Chair Gary Gensler that forced banks to count crypto holdings as liabilities on their balance sheets. Peirce celebrated the reversal on X, posting, “Bye, bye SAB 121! It’s not been fun.”
In February, the agency followed up with new guidance indicating that it doesn’t view most meme coins as securities under federal law, providing a boon to the Trump family.
President Trump and several of his family members are closely tied to crypto ventures, including the $TRUMP token, which launched just before his January inauguration. The coin currently boasts a market cap of about $2.4 billion, with its website claiming that 80% of the supply is held by the Trump Organization and affiliated entities.
WATCH: President Trump holds controversial private dinner for top investors in his meme coin
After its electric vehicle sales more than doubled in the first quarter, GM claims it’s now the “#1 EV seller” in Canada. With a full lineup of 13 all-electric vehicles, GM sold more EVs than Tesla in Canada.
GM tops Tesla to become the #1 EV seller in Canada in Q1
GM’s electric vehicle sales in Canada surged by 252% in the first three months of 2025, with new Chevy and Cadillac models driving growth.
The Chevy Equinox EV led the way with 1,892 units sold, followed by the Silverado EV with 894 units. Cadillac’s new entry-level OPTIQ had a strong showing, with 615 models sold, nearly matching the 720 units sold of its first EV, the LYRIQ.
Even the GMC Hummer EV Pickup and SUV saw more demand, with sales up 232% (186) and 88% (252), respectively.
Combined, the automaker sold a total of 5,750 EVs in Q1. According to GM, this was enough to top Tesla to become “the #1 EV seller in Canada.”
GM Canada recently posted on social media, saying, “We claimed the top spot as Canada’s #1 EV seller!” The news comes as registration data show that Tesla registered just 524 vehicles in Quebec in Q1, down 87% from the same period last year.
The steep decline in sales comes after the Quebec government paused federal EV incentives from February to April 1st. Canada also paused its iZEV rebate program in January, which offered up to $5,000 on the purchase or lease of an EV. Like the US federal EV Tax credit, it was designed to be used at the point of sale to help lower prices.
GM also registered significantly fewer Equinox and Blazer EVs in Quebec during the quarter. Despite higher year-over-year (YOY) sales, GM’s electric vehicle (EV) sales were down considerably from the over 15,000 in Q4 2024.
The American automaker will continue to expand its lineup with the launch of the new Cadillac Escalade IQL, Lyriq-V, and Visiq.
By the end of the year, we also expect to get our first look at the next-gen Chevy Bolt EV with deliveries starting in 2026.
Electrek’s Take
GM is building momentum with new models rolling out, which now cover nearly every segment. In the US, GM surpassed Ford and Hyundai Motor, including Kia, to become the second-largest seller of EVs last year.
Chevy is now the fastest-growing EV brand in the US. The new electric Equinox, or “America’s most affordable 315+ miles range EV,” as GM calls it, is quickly becoming a top seller. The Blazer and Silverado EVs are also gaining traction.
Cadillac reported its best first quarter since 2008, with retail sales increasing by 21%. After delivering the first models in Q1, the entry-level OPTIQ is off to an impressive start with 1,716 units sold.
GM will top off its US electric vehicle lineup with the next-gen 2026 Chevy Bolt EV due out later this year or in early 2026.
Source: GM Authority, GM Canada
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