XPeng Inc. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>XPeng Inc. has submitted its 2023 annual report on Form 20-F, detailing financial performance and asset breakdowns.</b>

AI Summary

XPENG INC. (XPNGF) filed a Foreign Annual Report (20-F) with the SEC on April 17, 2024. XPeng Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. It includes financial data and disclosures for the fiscal years 2023, 2022, and 2021. The report details share-based compensation allocations across cost of sales and operating expenses. Various asset categories, including vehicles, machinery, and intangible assets, are itemized as of December 31, 2022.

Why It Matters

For investors and stakeholders tracking XPENG INC., this filing contains several important signals. This filing provides a comprehensive overview of XPeng's financial position and operational disclosures for the past fiscal year, crucial for investors assessing the company's health and future prospects. The detailed breakdown of assets and share-based compensation offers insights into the company's investment in its operations and its approach to employee incentives.

Risk Assessment

Risk Level: medium — XPENG INC. shows moderate risk based on this filing. The company operates in the highly competitive electric vehicle market, facing significant challenges from established automakers and new entrants, which could impact its financial performance and market share.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 20-F filing to understand XPeng's performance and strategic positioning in the EV market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2022-12-31 — Prior Year End (Previous reporting period end date)
• 2021-12-31 — Prior Year End (Earlier reporting period end date)
• 2024-04-17 — Filing Date (Date the 20-F was filed)

Key Players & Entities

• XPENG INC. (company) — Filer name
• 2024-04-17 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 0001193125-24-098519 (filing_id) — Accession number
• 0001810997 (cik) — Central Index Key
• 3711 (sic_code) — Standard Industrial Classification code for Motor Vehicles & Passenger Car Bodies
• 86-020-6680-6680 (phone) — Business phone number
• USD (currency) — Currency used in financial reporting

FAQ

Risk Factors

• Intense Competition in the Electric Vehicle Market [high — market]: The company faces significant competition from established automotive manufacturers and other EV startups, which could adversely affect its market share, revenue, and profitability.
• Profitability and Cash Flow Challenges [high — financial]: XPeng has historically incurred net losses and may continue to experience negative cash flows from operations, impacting its ability to fund future growth and operations.
• Evolving Regulations in the Automotive and EV Industries [medium — regulatory]: Changes in government regulations, subsidies, and policies related to electric vehicles and automotive manufacturing in China and globally could impact the company's business and financial results.
• Supply Chain Disruptions and Production Capacity [medium — operational]: The company is subject to risks associated with supply chain disruptions, including the availability and cost of key components like batteries, and challenges in scaling up production capacity to meet demand.
• Foreign Exchange Rate Fluctuations [low — financial]: As a company with international operations and listings, XPeng is exposed to fluctuations in foreign exchange rates, which can impact its reported financial results.

Key Financial Figures

• $0.00001 — Class A ordinary shares, par value US$0.00001 per share * New York Stock Exchange
• $ — rated under the laws of Hong Kong; "US$," "U.S. dollars," or "dollars" are to t

Filing Documents

• d650931d20f.htm (20-F) — 4527KB
• d650931dex24.htm (EX-2.4) — 131KB
• d650931dex428.htm (EX-4.28) — 292KB
• d650931dex429.htm (EX-4.29) — 184KB
• d650931dex430.htm (EX-4.30) — 459KB
• d650931dex431.htm (EX-4.31) — 20KB
• d650931dex432.htm (EX-4.32) — 477KB
• d650931dex433.htm (EX-4.33) — 15KB
• d650931dex434.htm (EX-4.34) — 109KB
• d650931dex435.htm (EX-4.35) — 78KB
• d650931dex436.htm (EX-4.36) — 65KB
• d650931dex437.htm (EX-4.37) — 87KB
• d650931dex438.htm (EX-4.38) — 135KB
• d650931dex439.htm (EX-4.39) — 330KB
• d650931dex81.htm (EX-8.1) — 51KB
• d650931dex121.htm (EX-12.1) — 10KB
• d650931dex122.htm (EX-12.2) — 11KB
• d650931dex131.htm (EX-13.1) — 3KB
• d650931dex132.htm (EX-13.2) — 3KB
• d650931dex151.htm (EX-15.1) — 7KB
• d650931dex152.htm (EX-15.2) — 2KB
• d650931dex97.htm (EX-97) — 17KB
• g650931g00a01.jpg (GRAPHIC) — 123KB
• g650931g0328153929135.jpg (GRAPHIC) — 3KB
• 0001193125-24-098519.txt (&nbsp;) — 23408KB
• xpev-20231231.xsd (EX-101.SCH) — 146KB
• xpev-20231231_cal.xml (EX-101.CAL) — 128KB
• xpev-20231231_def.xml (EX-101.DEF) — 673KB
• xpev-20231231_lab.xml (EX-101.LAB) — 965KB
• xpev-20231231_pre.xml (EX-101.PRE) — 891KB
• d650931d20f_htm.xml (XML) — 4058KB

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 155 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 156 PART II. ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 158 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 158 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 159 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 160 ITEM 16B. CODE OF ETHICS 160 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 160 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 160 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 160 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 161 ITEM 16G. CORPORATE GOVERNANCE 161 ITEM 16H. MINE SAFETY DISCLOSURE 161 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 161 ITEM 16J. INSIDER TRADING POLICIES 161 ITEM 16K. CYBERSECURITY 162 PART III. ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 163 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 163 ITEM 19. EXHIBITS 163 -i- Table of Contents CONVENTIONS THAT APPLY TO THIS ANNUAL REPORT ON FORM 20-F Except where the context otherwise requires, references in this annual report to: "ADAS" are to advanced driver assistance systems, which are designed to assist drivers in driving and parking functions; "ADSs" are to American depositary shares, each of which represents two Class A ordinary shares; "affiliate shareholders of the Group VIEs" are to (i) the individual shareholders of the Group VIEs, (ii) Kuntu Technology, which is ultimately beneficially owned by Mr. Heng Xia and Mr. Tao He and holds all of equity interest in Xintu Technology; (iii) Guangzhou Xuetao; and (iv) the individual shareholders of Guangzhou Xuetao, being Mr. Yeqing Zheng. For avoidance of doubt, affiliate shareholders of the Group VIEs do not include (i) Xiaopeng Technology, which is our subsidiary and holds 50% of equity interest in Zhipeng IoV, or (ii) Xiaopeng Chuxing, which is our subsidiary and holds 50% of equity interest in Yidian Chuxing; "App" are to computer program designed to run on smartphones and other mobile services; "BIS" are to the Bureau of Industry and Security of the U.S. Department of Commerce; "Chengxing Zhidong" are to Guangzhou Chengxing Zhidong Automotive Technology Co., Ltd. ( ); "China" and the "PRC" are to the People's Republic of China, including Hong Kong Special Administrative Region and Macau Special Administrative Region, unless referencing specific laws and regulations adopted by the PRC and other legal or tax matters only applicable to mainland China; "PRC subsidiaries" and "PRC entities" refer to entities established in accordance with PRC laws and regulations; "CLTC" are to China Light-Duty Vehicle Test Cycle, which is developed by the China Automotive Technology & Research Center to replace European testing procedures for fuel/energy consumption and emissions; "DiDi" are to DiDi Global Inc., an exe

View Full Filing

View this 20-F filing on SEC EDGAR