XPENG Reports Second Quarter 2024 Unaudited Financial Results
Cash and cash equivalents, restricted cash, short-term investments, and time deposits were RMB37.33 billion (US$5.14 billion) as of June 30, 2024.
Quarterly total revenues were RMB8.11 billion, a 60.2% increase over the same period of 2023.
Quarterly gross margin was 14.0%, an increase of 17.9 percentage points over the same period of 2023.
XPeng Inc. ("XPENG" or the "Company," NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle ("Smart EV") company, today announced its unaudited financial results for the three months ended June 30, 2024.
Operational and Financial Highlights for Q2 2024
Total deliveries: 30,207 for the second quarter of 2024, representing an increase of 30.2% from 23,205 during the same period of 2023.
Sales Network: XPENG’s physical sales network comprised 611 stores, covering 185 cities as of June 30, 2024.
Charging Stations: XPENG operated 1,298 charging stations, including 442 ultra-fast charging stations.
Total revenues: RMB8.11 billion (US$1.12 billion) in Q2 2024, up 60.2% from the same period of 2023, and a 23.9% increase from Q1 2024.
Vehicle Sales Revenue: RMB6.82 billion (US$0.94 billion) for Q2 2024, marking a 54.1% year-over-year increase.
Financial Key Results
Gross margin was 14.0% for Q2 2024, compared to negative 3.9% for the same period in 2023.
Net loss was RMB1.28 billion (US$0.18 billion), an improvement over RMB2.80 billion for the same period in 2023.
The Company’s management is confident that ongoing product innovation and efficient marketing will drive future growth.
Recent Developments
XPENG announced total deliveries of 11,145 vehicles in July 2024. As of July 31, 2024, year-to-date total deliveries were 63,173 vehicles.
Business Outlook
For Q3 2024, the Company expects deliveries to be between 41,000 and 45,000 vehicles, with total revenue projected between RMB9.1 billion and RMB9.8 billion.
Conference Call Information
The Company’s management will host an earnings conference call to discuss the financial results and outlook. Participants can register in advance to obtain dial-in details.
About XPENG
XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets vehicles targeting technology-savvy consumers.
Frequently Asked Questions
What are XPENG's total revenues for Q2 2024?
XPENG reported total revenues of RMB8.11 billion (US$1.12 billion) for Q2 2024.
How many vehicles did XPENG deliver in Q2 2024?
XPENG delivered 30,207 vehicles in Q2 2024.
What is XPENG's gross margin for Q2 2024?
The gross margin for Q2 2024 was 14.0%.
What was the net loss for XPENG in Q2 2024?
XPENG reported a net loss of RMB1.28 billion (US$0.18 billion) for Q2 2024.
What are XPENG's expectations for Q3 2024 deliveries?
XPENG expects deliveries to be between 41,000 and 45,000 vehicles for Q3 2024.
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