XPeng Inc. (“Xpeng” or the “Company,”), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its unaudited financial results for the three months ended March 31, 2025.
Operational and Financial Highlights for the Three Months Ended March 31, 2025
| 2025Q1 | 2024Q4 | 2024Q3 | 2024Q2 | 2024Q1 | 2023Q4 | |
| Total deliveries | 94,008 | 91,507 | 46,533 | 30,207 | 21,821 | 60,158 |
- Total deliveries of vehicles were 94,008 for the first quarter of 2025, representing an increase of 330.8% from 21,821 in the corresponding period of 2024.
- Xpeng’s physical sales network had a total of 690 stores, covering 223 cities as of March 31, 2025.
- Xpeng self-operated charging station network reached 2,115 stations, including 1,089 Xpeng S4 and S5 ultra-fast charging stations as of March 31, 2025.
- Total revenues were RMB15.81 billion (US$2.18 billion) for the first quarter of 2025, representing an increase of 141.5% from the same period of 2024, and a decrease of 1.8% from the fourth quarter of 2024.
- Revenues from vehicle sales were RMB14.37 billion (US$1.98 billion) for the first quarter of 2025, representing an increase of 159.2% from the same period of 2024, and a decrease of 2.1% from the fourth quarter of 2024.
- Gross margin was 15.6% for the first quarter of 2025, compared with 12.9% for the same period of 2024 and 14.4% for the fourth quarter of 2024.
- Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 10.5% for the first quarter of 2025, compared with 5.5% for the same period of 2024 and 10.0% for the fourth quarter of 2024.
- Net loss was RMB0.66 billion (US$0.09 billion) for the first quarter of 2025, compared with RMB1.37 billion for the same period of 2024 and RMB1.33 billion for the fourth quarter of 2024. Excluding share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB0.43 billion (US$0.06 billion) for the first quarter of 2025, compared with RMB1.41 billion for the same period of 2024 and RMB1.39 billion for the fourth quarter of 2024.
- Net loss attributable to ordinary shareholders of Xpeng was RMB0.66 billion (US$0.09 billion) for the first quarter of 2025, compared with RMB1.37 billion for the same period of 2024 and RMB1.33 billion for the fourth quarter of 2024. Excluding share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of Xpeng was RMB0.43 billion (US$0.06 billion) for the first quarter of 2025, compared with RMB1.41 billion for the same period of 2024 and RMB1.39 billion for the fourth quarter of 2024.
- Basic and diluted net loss per American depositary share (ADS) were both RMB0.70 (US$0.10) and basic and diluted net loss per ordinary share were both RMB0.35 (US$0.05) for the first quarter of 2025. Each ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted net loss per ADS were both RMB0.45 (US$0.06) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.22 (US$0.03) for the first quarter of 2025.
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB45.28 billion (US$6.24 billion) as of March 31, 2025, compared with RMB41.96 billion as of December 31, 2024. Time deposits include restricted short-term deposits, short-term deposits, restricted long-term deposits, current portion and non-current portion of long-term deposits.
Key Financial Results
(in RMB billions, except for percentage)
| For the Three Months Ended |
% Changei | ||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | YoY |
QoQ | |||||||
| Vehicle sales | 14.37 | 14.67 | 5.54 | 159.2% | -2.1% | ||||||
| Vehicle margin | 10.5% | 10.0% | 5.5% | 5.0pts | 0.5pts | ||||||
| Total revenues | 15.81 | 16.11 | 6.55 | 141.5% | -1.8% | ||||||
| Gross profit | 2.46 | 2.32 | 0.84 | 191.5% | 5.8% | ||||||
| Gross margin | 15.6% | 14.4% | 12.9% | 2.7pts | 1.2pts | ||||||
| Net loss | 0.66 | 1.33 | 1.37 | -51.5% | -50.1% | ||||||
| Non-GAAP net loss | 0.43 | 1.39 | 1.41 | -69.8% | -69.4% | ||||||
| Net loss attributable to ordinary shareholders | 0.66 | 1.33 | 1.37 | -51.5% | -50.1% | ||||||
| Non-GAAP net loss attributable to ordinary shareholders | 0.43 | 1.39 | 1.41 | -69.8% | -69.4% | ||||||
| Comprehensive loss attributable to ordinary shareholders | 0.69 | 0.90 | 1.34 | -48.6% | -23.0% | ||||||
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
“Despite seasonality for auto sales, our quarterly deliveries hit a new historical high, making us the top-selling automaker among emerging EV companies. Positive market feedback strengthened our confidence in our three-year product cycle. We remain committed to our steadfast long-term growth strategy and continue to launch more blockbuster products,” said Mr. Xiaopeng He, Chairman and CEO of Xpeng. “We are just beginning to unleash our growth potential. I believe our strong product cycle, global expansion and accelerated adoption of physical AI technologies, will fuel strong and sustainable growth for Xpeng.”
“We have made significant improvements in cost reduction. Our vehicle gross margin increased for seven consecutive quarters. Our overall gross margin reached 15.6% for the first quarter of 2025,” added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of Xpeng. “Our strong free cash flow generation will enable sustainable investments in AI technology and product R&D.”
Recent Developments
Deliveries in April 2025
- Total deliveries were 35,045 vehicles in April 2025.
- As of April 30, 2025, year-to-date total deliveries were 129,053 vehicles.
Launch of 2025 Xpeng X9 Flagship
On April 15, 2025, at its Global Brand Night, Xpeng officially launched the 2025 XpengX9, which has Turing AI Smart Driving as standard.
Unaudited Financial Results for the Three Months Ended March 31, 2025
Total revenues were RMB15.81 billion (US$2.18 billion) for the first quarter of 2025, representing an increase of 141.5% from RMB6.55 billion for the same period of 2024 and a decrease of 1.8% from RMB16.11 billion for the fourth quarter of 2024.
Revenues from vehicle sales were RMB14.37 billion (US$1.98 billion) for the first quarter of 2025, representing an increase of 159.2% from RMB5.54 billion for the same period of 2024, and a decrease of 2.1% from RMB14.67 billion for the fourth quarter of 2024. The year-over-year increase was mainly attributable to higher deliveries.
Revenues from services and others were RMB1.44 billion (US$0.20 billion) for the first quarter of 2025, representing an increase of 43.6% from RMB1.00 billion for the same period of 2024 and an increase of 0.5% from RMB1.43 billion for the fourth quarter of 2024. The year-over-year increase was mainly attributable to the increased revenues from technical research and development services (“technical R&D services”) related to the platform and software strategic technical collaboration, as well as electrical/electronic architecture (“EEA”) technical collaboration with the Volkswagen Group, and increased revenue of repair and maintenance services and auto financing services.
Cost of sales was RMB13.35 billion (US$1.84 billion) for the first quarter of 2025, representing an increase of 134.1% from RMB5.70 billion for the same period of 2024 and a decrease of 3.1% from RMB13.78 billion for the fourth quarter of 2024. The year-over-year increase were mainly in line with vehicle deliveries as described above, partially offset by ongoing cost reduction.
Gross margin was 15.6% for the first quarter of 2025, compared with 12.9% for the same period of 2024 and 14.4% for the fourth quarter of 2024.
Vehicle margin was 10.5% for the first quarter of 2025, compared with 5.5% for the same period of 2024 and 10.0% for the fourth quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the ongoing cost reduction and economies of scale driven by the increase in sales volume, partially offset by the inventory provision and losses on purchase commitment related to the upgrade of certain vehicles.
Services and others margin was 66.4% for the first quarter of 2025, compared with 53.9% for the same period of 2024 and 59.6% for the fourth quarter of 2024. The year-over-year increase was primarily attributable to the higher gross margin from the aforementioned revenue from technical R&D services. The quarter-over-quarter increase was primarily attributable to the higher gross margin from repair and maintenance services.
Research and development expenses were RMB1.98 billion (US$0.27 billion) for the first quarter of 2025, representing an increase of 46.7% from RMB1.35 billion for the same period of 2024 and a decrease of 1.3% from RMB2.01 billion for the fourth quarter of 2024. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and technologies as the Company expanded its product portfolio to support future growth.
Selling, general and administrative expenses were RMB1.95 billion (US$0.27 billion) for the first quarter of 2025, representing an increase of 40.2% from RMB1.39 billion for the same period of 2024 and a decrease of 14.5% from RMB2.28 billion for the fourth quarter of 2024. The year-over-year increase was primarily attributable to the higher commission to the franchised stores driven by higher sales volume. The quarter-over-quarter decrease was mainly due to the lower marketing and advertising expenses.
Other income, net was RMB0.54 billion (US$0.07 billion) for the first quarter of 2025, representing an increase of 634.8% from RMB0.07 billion for the same period of 2024 and an increase of 177.0% from RMB0.20 billion for the fourth quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily due to the receipt of government subsidies.
Fair value gain (loss) on derivative liability relating to the contingent consideration was loss of RMB0.12 billion (US$0.02 billion) for the first quarter of 2025, compared with gain of RMB0.18 billion for the same period of 2024 and gain of RMB0.20 billion for the fourth quarter of 2024. This non-cash gain (loss) resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. (“DiDi”)’s smart auto business.
Loss from operations was RMB1.04 billion (US$0.14 billion) for the first quarter of 2025, compared with RMB1.65 billion for the same period of 2024 and RMB1.56 billion for the fourth quarter of 2024.
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB0.80 billion (US$0.11 billion) for the first quarter of 2025, compared with RMB1.69 billion for the same period of 2024 and RMB1.62 billion for the fourth quarter of 2024.
Net loss was RMB0.66 billion (US$0.09 billion) for the first quarter of 2025, compared with RMB1.37 billion for the same period of 2024 and RMB1.33 billion for the fourth quarter of 2024.
Non-GAAP net loss, which excludes share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB0.43 billion (US$0.06 billion) for the first quarter of 2025, compared with RMB1.41 billion for the same period of 2024 and RMB1.39 billion for the fourth quarter of 2024.
Net loss attributable to ordinary shareholders of Xpeng was RMB0.66 billion (US$0.09 billion) for the first quarter of 2025, compared with RMB1.37 billion for the same period of 2024 and RMB1.33 billion for the fourth quarter of 2024.
Non-GAAP net loss attributable to ordinary shareholders of Xpeng, which excludes share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, was RMB0.43 billion (US$0.06 billion) for the first quarter of 2025, compared with RMB1.41 billion for the same period of 2024 and RMB1.39 billion for the fourth quarter of 2024.
Basic and diluted net loss per ADS were both RMB0.70 (US$0.10) for the first quarter of 2025, compared with RMB1.45 for the first quarter of 2024 and RMB1.40 for the fourth quarter of 2024.
Non-GAAP basic and diluted net loss per ADS were both RMB0.45 (US$0.06) for the first quarter of 2025, compared with RMB1.49 for the first quarter of 2024 and RMB1.47 for the fourth quarter of 2024.
Balance Sheets
As of March 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB45.28 billion (US$6.24 billion), compared with RMB41.40 billion as of March 31, 2024 and RMB41.96 billion as of December 31, 2024.
Business Outlook
For the second quarter of 2025, the Company expects:
- Deliveries of vehicles to be between 102,000 and 108,000, representing a year-over-year increase of approximately 237.7% to 257.5%.
- Total revenues to be between RMB17.5 billion and RMB18.7 billion, representing a year-over-year increase of approximately 115.7% to 130.5%.
The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.
SOURCE: Xpeng
