Xpeng Exceeds Delivery Expectations in Third Quarter
Xpeng, a leading electric vehicle manufacturer, has reported impressive delivery numbers for the third quarter of 2024. The company delivered 46,533 vehicles during this period, surpassing the upper end of its guidance range of 41,000 to 45,000 units. This marks a significant increase of 16.31 percent year-on-year and a remarkable 54.05 percent growth from the second quarter.
The company is set to release its unaudited financial results for the third quarter on Tuesday, November 19, before the US markets open. Xpeng’s management will host an earnings call on the same day at 8:00 am US Eastern time.
In terms of financial performance, Xpeng had previously guided third-quarter revenue to be in the range of RMB 9.1 billion to RMB 9.8 billion. This guidance was provided when the company announced its second-quarter results in August, showing a year-on-year increase of about 6.7 percent to 14.9 percent.
During the second quarter, Xpeng reported revenue of RMB 8.11 billion, within its guidance range of RMB 7.5 billion to RMB 8.3 billion. This represented a significant increase of 60.2 percent from the same period in 2023 and a 23.9 percent growth from the first quarter of 2024.
The company’s gross margin in the second quarter was 14.0 percent, continuing a trend of sequential growth for the fourth consecutive quarter. Additionally, Xpeng reported a vehicle margin of 6.4 percent during the same period.
While Xpeng reported a net loss of RMB 1.28 billion in the second quarter, this figure represented a decrease of 54.12 percent year-on-year and a 6.08 percent decline from the first quarter.
Xpeng’s upcoming earnings call presents an opportunity for investors and stakeholders to gain insights into the company’s financial performance and future outlook. Interested participants can join the conference call by pre-registering through the provided link.
In the electric vehicle industry, Xpeng’s local peer Li Auto will report its third-quarter financial results on October 31, while Zeekr is scheduled to release its earnings on November 14. Nio, another prominent player in the EV market, has not yet announced a date for the release of its third-quarter financial results.
Overall, Xpeng’s strong delivery numbers and anticipated financial results underscore the company’s continued growth and success in the competitive electric vehicle market. Stay tuned for more updates on Xpeng’s performance and future developments.
