XPENG Announces Second Quarter 2024 Unaudited Financial Results
As of June 30, 2024, XPENG reported that its cash and cash equivalents, along with restricted cash, short-term investments, and time deposits, totaled RMB37.33 billion (US$5.14 billion).
During this quarter, the company achieved total revenues of RMB8.11 billion, reflecting a remarkable 60.2% increase compared to the same period in 2023.
XPENG's gross margin for the quarter stood at 14.0%, which is an impressive rise of 17.9 percentage points from the previous year.
XPeng Inc. ("XPENG" or the "Company," NYSE: XPEV and HKEX: 9868) is a prominent Chinese smart electric vehicle ("Smart EV") manufacturer. Today, the company shared its unaudited financial results for the three months ending June 30, 2024.
Operational and Financial Highlights for Q2 2024
Total Deliveries: In the second quarter of 2024, XPENG delivered 30,207 vehicles, marking a 30.2% increase from 23,205 deliveries in the same quarter of 2023.
Sales Network: As of June 30, 2024, XPENG's physical sales network included 611 stores across 185 cities.
Charging Stations: The company operated 1,298 charging stations, which featured 442 ultra-fast charging stations.
Total Revenues: For Q2 2024, XPENG reported revenues of RMB8.11 billion (US$1.12 billion), up 60.2% from the same quarter last year, and a 23.9% increase from Q1 2024.
Vehicle Sales Revenue: The revenue from vehicle sales reached RMB6.82 billion (US$0.94 billion) in Q2 2024, representing a 54.1% year-over-year growth.
Financial Key Results
For Q2 2024, XPENG's gross margin was 14.0%, a significant improvement from a negative 3.9% in the same quarter of 2023.
The net loss for the company was RMB1.28 billion (US$0.18 billion), which is an improvement compared to RMB2.80 billion in the same period last year.
Management remains optimistic that continued product innovation and effective marketing strategies will foster future growth.
Recent Developments
In July 2024, XPENG announced total vehicle deliveries of 11,145. By July 31, 2024, the year-to-date total deliveries reached 63,173 vehicles.
Business Outlook
Looking ahead to Q3 2024, the company anticipates deliveries will range between 41,000 and 45,000 vehicles, with total revenue expected to be between RMB9.1 billion and RMB9.8 billion.
Conference Call Information
The management team will conduct an earnings conference call to discuss the financial results and future outlook. Participants are encouraged to register in advance to receive the dial-in information.
About XPENG
XPENG is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing vehicles tailored for technology-oriented 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.