What caused XPEV's Q4 earnings to miss forecasts?

Xpeng's Q4 earnings missed forecasts due to several factors:

1. Revenue Shortfall: While total revenue reached RMB 16.11 billion, which is a 23.4% year-over-year increase and a sequential rise of 59.4%, it was slightly below the analyst consensus of RMB 2.23 billion. This shortfall may be due to lower-than-expected sales of certain models or higher-than-expected discounts or promotions.
2. Margin Compression: XPeng reported an adjusted net loss of RMB 1.39 billion for the quarter, which is an improvement from the previous quarter's net loss of RMB 1.53 billion but wider than the RMB 1.98 billion loss in the same period last year. The vehicle margins declined, indicating increased costs or pricing pressures that affected profitability.
3. Operating Efficiency and Cost Management: XPeng's efforts to improve operational efficiency and reduce costs have been ongoing, but the pace of improvement may not have kept up with market expectations. This could be due to challenges in managing supply chain disruptions, scaling production, or controlling overhead costs.

In summary, XPeng's Q4 earnings miss was likely a result of a combination of lower-than-expected revenue and margin compression, despite strong overall revenue growth.