XPENG Reports Impressive Financial Results for Q1 2024
Beijing (Gasgoo)- Chinese electric vehicle manufacturer XPENG has recently announced its financial results for the first quarter of 2024, showcasing a remarkable performance with a total revenue of 6.55 billion yuan, marking a significant 62.3% increase compared to the previous year.
Photo credit: XPENG
The company also reported a net loss of 1.37 billion yuan for the quarter, showing a significant improvement from the previous year’s net loss of 2.34 billion yuan.
One of the key highlights of the quarter was XPENG achieving a double-digit gross margin for the first time, reaching 12.9%, a substantial increase from the 1.7% margin in the same period last year. Dr. Hongdi Brian Gu, Honorary Vice Chairman and Co-President of XPENG, emphasized the company’s unique approach to profitability and international market potential through its smart EV business.
Photo credit: XPENG
XPENG’s current lineup includes six models, with the company delivering 21,821 vehicles in Q1 2024, representing a 19.7% year-over-year increase.
Looking ahead, XPENG has ambitious plans for the future, aiming to deliver between 29,000 and 32,000 vehicles in the second quarter of 2024, with projected revenue ranging from 7.5 billion yuan to 8.3 billion yuan. The company is also set to introduce its new MONA brand with the launch of an A-segment all-electric sedan in June, followed by the production and deliveries starting in the third quarter. Additionally, XPENG plans to unveil several more models on the A-segment platform over the next two years.
Furthermore, XPENG will be launching a new B-segment battery-electric sedan in the fourth quarter of this year, featuring the latest technology and cost-efficient production methods.
Photo credit: XPENG
On April 17, XPENG and Volkswagen announced a collaboration to develop a cutting-edge electronic and electrical architecture for Volkswagen’s electric vehicles in China, integrating XPENG’s advanced computing systems. This strategic partnership aims to debut the new architecture in Volkswagen’s China-made electric vehicles starting from 2026.
XPENG’s Chairman and CEO, He Xiaopeng, highlighted the company’s revenue growth from platform and software technology services, underscoring the innovative business model that enhances sales, market influence, and financial returns through global partnerships.
