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XPENG Reports Second Quarter 2025 Unaudited Financial Results
Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB47.57 billion (US$6.64 billion) as of June 30, 2025 Quarterly total revenues were RMB18.27 billion, a 125.3% increase year-over-year Quarterly gross margin was 17.3%, an increase of 3.3 percentage points over the same period of 2024 Quarterly vehicle margin was 14.3%, an increase of 7.9 percentage points over the same period of 2024 GUANGZHOU, China, Aug. 19, 2025 (GLOBE NEWSWIRE) -- 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, 2025. Operational and Financial Highlights for the Three Months Ended June 30, 2025 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 Total deliveries 103,181 94,008 91,507 46,533 30,207 21,821 Total deliveries of vehicles were 103,181 for the second quarter of 2025, representing an increase of 241.6% from 30,207 in the corresponding period of 2024. XPENG's physical sales network had a total of 677 stores, covering 224 cities as of June 30, 2025. XPENG self-operated charging station network reached 2,348 stations, including 1,304 XPENG S4 and S5 ultra-fast charging stations as of June 30, 2025. Total revenues were RMB18.27 billion (US$2.55 billion) for the second quarter of 2025, representing an increase of 125.3% from the same period of 2024, and an increase of 15.6% from the first quarter of 2025. Revenues from vehicle sales were RMB16.88 billion (US$2.36 billion) for the second quarter of 2025, representing an increase of 147.6% from the same period of 2024, and an increase of 17.5% from the first quarter of 2025. Gross margin was 17.3% for the second quarter of 2025, compared with 14.0% for the same period of 2024 and 15.6% for the first quarter of 2025. Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 14.3% for the second quarter of 2025, compared with 6.4% for the same period of 2024 and 10.5% for the first quarter of 2025. Net loss was RMB0.48 billion (US$0.07 billion) for the second quarter of 2025, compared with RMB1.28 billion for the same period of 2024 and RMB0.66 billion for the first quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB0.39 billion (US$0.05 billion) for the second quarter of 2025, compared with RMB1.22 billion for the same period of 2024 and RMB0.43 billion for the first quarter of 2025. Net loss attributable to ordinary shareholders of XPENG was RMB0.48 billion (US$0.07 billion) for the second quarter of 2025, compared with RMB1.28 billion for the same period of 2024 and RMB0.66 billion for the first quarter of 2025. 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 RMB0.39 billion (US$0.05 billion) for the second quarter of 2025, compared with RMB1.22 billion for the same period of 2024 and RMB0.43 billion for the first quarter of 2025. Basic and diluted net loss per American depositary share (ADS) were both RMB0.50 (US$0.07) and basic and diluted net loss per ordinary share were both RMB0.25 (US$0.04) for the second quarter of 2025. Each ADS represents two Class A ordinary shares. Non-GAAP basic and diluted net loss per ADS were both RMB0.41 (US$0.06) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.20 (US$0.03) for the second quarter of 2025. Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB47.57 billion (US$6.64 billion) as of June 30, 2025, compared with RMB45.28 billion as of March 31, 2025. Time deposits include restricted short-term deposits, short-term deposits, current portion and non-current portion of 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 June 30, March 31, June 30, 2025 2025 2024 YoY QoQ Vehicle sales 16.88 14.37 6.82 147.6% 17.5% Vehicle margin 14.3% 10.5% 6.4% 7.9pts 3.8pts Total revenues 18.27 15.81 8.11 125.3% 15.6% Gross profit 3.17 2.46 1.14 178.9% 28.8% Gross margin 17.3% 15.6% 14.0% 3.3pts 1.7pts Net loss 0.48 0.66 1.28 -62.8% -28.1% Non-GAAP net loss 0.39 0.43 1.22 -68.4% -9.5% Net loss attributable to ordinary shareholders 0.48 0.66 1.28 -62.8% -28.1% Non-GAAP net loss attributable to ordinary shareholders 0.39 0.43 1.22 -68.4% -9.5% Comprehensive loss attributable to ordinary shareholders 0.49 0.69 1.20 -58.7% -28.4% ____________ i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented Management Commentary 'In the second quarter of 2025, XPENG achieved record-high performance across key operational and financial metrics, including vehicle deliveries, revenue, gross margin, and cash position.' said Mr. Xiaopeng He, Chairman and CEO of XPENG. 'By 2025, we have completed upgrades to the next generation technology platforms for smart and electrification technologies, further strengthening our technology leadership over our peers. This will enable our strong product cycle to generate stronger momentum and accelerate sales growth.' 'In the face of intense industry-wide price competition, we remain committed to a long-term, sustainable growth strategy, with rapidly improving operational quality. Our vehicle margin has improved for eight consecutive quarters. In the second quarter, the vehicle margin increased by 3.8 percentage points quarter-on-quarter to 14.3%, while the company's overall gross margin rose to 17.3%, reaching a new historical high.' added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. 'We are confident that we will not only accelerate scale growth but also continue to improve the company's profitability, enabling us to sustain industry-leading R&D and continuously push the boundaries of technology innovation.' Recent Developments Deliveries in July 2025 Total deliveries were 36,717 vehicles in July 2025. As of July 31, 2025, year-to-date total deliveries were 233,906 vehicles. Launch of G7 On July 3, 2025, XPENG officially launched the G7, a smart electric family SUV and started deliveries in the same month. Entry into Agreement on Expanding E/E Architecture Technical Collaboration with the Volkswagen Group On August 15, 2025, XPENG and the Volkswagen Group announced entry into an agreement on expanding technical collaboration with respect to Electrical/Electronic architecture ('E/E Architecture'). For details, please refer to the announcement of the Company dated August 15, 2025. Unaudited Financial Results for the Three Months Ended June 30, 2025 Total revenues were RMB18.27 billion (US$2.55 billion) for the second quarter of 2025, representing an increase of 125.3% from RMB8.11 billion for the same period of 2024 and an increase of 15.6% from RMB15.81 billion for the first quarter of 2025. Revenues from vehicle sales were RMB16.88 billion (US$2.36 billion) for the second quarter of 2025, representing an increase of 147.6% from RMB6.82 billion for the same period of 2024, and an increase of 17.5% from RMB14.37 billion for the first quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries. Revenues from services and others were RMB1.39 billion (US$0.19 billion) for the second quarter of 2025, representing an increase of 7.6% from RMB1.29 billion for the same period of 2024 and a decrease of 3.5% from RMB1.44 billion for the first quarter of 2025. The year-over-year increase was mainly attributable to the increased revenue from parts and accessories sales in line with higher accumulated vehicle sales. The quarter-over-quarter decrease was primarily attributable to fluctuations in revenues from technical research and development services ('technical R&D services'). Cost of sales was RMB15.11 billion (US$2.11 billion) for the second quarter of 2025, representing an increase of 116.6% from RMB6.98 billion for the same period of 2024 and an increase of 13.2% from RMB13.35 billion for the first quarter of 2025. The year-over-year and quarter-over-quarter increases were mainly in line with vehicle deliveries as described above. Gross margin was 17.3% for the second quarter of 2025, compared with 14.0% for the same period of 2024 and 15.6% for the first quarter of 2025. Vehicle margin was 14.3% for the second quarter of 2025, compared with 6.4% for the same period of 2024 and 10.5% for the first quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the ongoing cost reduction and improvement in product mix of models. Services and others margin was 53.6% for the second quarter of 2025, compared with 54.3% for the same period of 2024 and 66.4% for the first quarter of 2025. The quarter-over-quarter decrease was due to the aforementioned fluctuations related to technical R&D services. Research and development expenses were RMB2.21 billion (US$0.31 billion) for the second quarter of 2025, representing an increase of 50.4% from RMB1.47 billion for the same period of 2024 and an increase of 11.4% from RMB1.98 billion for the first quarter of 2025. The year-over-year and quarter-over-quarter increases were 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 RMB2.17 billion (US$0.30 billion) for the second quarter of 2025, representing an increase of 37.7% from RMB1.57 billion for the same period of 2024 and an increase of 11.4% from RMB1.95 billion for the first quarter of 2025. The year-over-year and quarter-over-quarter increases were primarily attributable to the higher commission to the franchised stores driven by higher sales volume. Moreover, the quarter-over-quarter increase was also due to the higher marketing and advertising expenses. Other income, net was RMB0.24 billion (US$0.03 billion) for the second quarter of 2025, representing a decrease of 14.9% from RMB0.28 billion for the same period of 2024 and a decrease of 56.4% from RMB0.54 billion for the first quarter of 2025. The year-over-year and quarter-over-quarter decreases were primarily due to the decrease in receipt of government subsidies. Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.03 billion (US$0.005 billion) for the second quarter of 2025, compared with gain of RMB0.02 billion for the same period of 2024 and loss of RMB0.12 billion for the first quarter of 2025. 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 RMB0.93 billion (US$0.13 billion) for the second quarter of 2025, compared with RMB1.61 billion for the same period of 2024 and RMB1.04 billion for the first quarter of 2025. 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 RMB0.84 billion (US$0.12 billion) for the second quarter of 2025, compared with RMB1.54 billion for the same period of 2024 and RMB0.80 billion for the first quarter of 2025. Net loss was RMB0.48 billion (US$0.07 billion) for the second quarter of 2025, compared with RMB1.28 billion for the same period of 2024 and RMB0.66 billion for the first quarter of 2025. Non-GAAP net loss, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.39 billion (US$0.05 billion) for the second quarter of 2025, compared with RMB1.22 billion for the same period of 2024 and RMB0.43 billion for the first quarter of 2025. Net loss attributable to ordinary shareholders of XPENG was RMB0.48 billion (US$0.07 billion) for the second quarter of 2025, compared with RMB1.28 billion for the same period of 2024 and RMB0.66 billion for the first quarter of 2025. 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 RMB0.39 billion (US$0.05 billion) for the second quarter of 2025, compared with RMB1.22 billion for the same period of 2024 and RMB0.43 billion for the first quarter of 2025. Basic and diluted net loss per ADS were both RMB0.50 (US$0.07) for the second quarter of 2025, compared with RMB1.36 for the second quarter of 2024 and RMB0.70 for the first quarter of 2025. Non-GAAP basic and diluted net loss per ADS were both RMB0.41 (US$0.06) for the second quarter of 2025, compared with RMB1.29 for the second quarter of 2024 and RMB0.45 for the first quarter of 2025. Balance Sheets As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB47.57 billion (US$6.64 billion), compared with RMB41.96 billion as of December 31, 2024 and RMB45.28 billion as of March 31, 2025. Business Outlook For the third quarter of 2025, the Company expects: Deliveries of vehicles to be between 113,000 and 118,000, representing a year-over-year increase of approximately 142.8% to 153.6%. Total revenues to be between RMB19.6 billion and RMB21.0 billion, representing a year-over-year increase of approximately 94.0% to 107.9%. 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. Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 19, 2025 (8:00 PM Beijing/Hong Kong Time on August 19, 2025). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Event Title: XPENG Second Quarter 2025 Earnings Conference Call Pre-registration link: Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at A replay of the conference call will be accessible approximately an hour after the conclusion of the call until August 26, 2025, by dialing the following telephone numbers: United States: +1-855-883-1031 International: +61-7-3107-6325 Hong Kong, China: 800-930-639 Mainland China: 400-120-9216 Replay Access Code: 10049063 About XPENG XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit Use of Non-GAAP Financial Measures The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned 'Unaudited Reconciliations of GAAP and non-GAAP Results' set forth in this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.1636 to US$1.00, the exchange rate on June 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates' and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For Investor EnquiriesIR DepartmentXPeng Inc.E-mail: ir@ Jenny CaiPiacente Financial CommunicationsTel: +1-212-481-2050 or +86-10-6508-0677E-mail: xpeng@ For Media Enquiries PR DepartmentXPeng Inc.E-mail: pr@ Source: XPeng CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) December 31,2024RMB March 31,2025RMB June 30,2025 June 30,2025 ASSETSCurrent assetsCash and cash equivalents 18,586,274 17,758,846 18,809,493 2,625,704 Restricted cash 3,153,390 4,384,322 4,531,074 632,514 Short-term deposits 12,931,757 13,414,023 13,405,550 1,871,343 Restricted short-term deposits 110,699 247,119 324,144 45,249 Short-term investments 751,290 1,333,692 1,655,299 231,071 Long-term deposits, current portion 452,326 1,122,725 1,079,259 150,659 Restricted long-term deposits, current portion — — 591,322 82,545 Accounts and notes receivable, net 2,449,629 2,169,732 1,764,392 246,300 Installment payment receivables, net, current portion 2,558,756 2,403,322 2,671,329 372,903 Inventory 5,562,922 5,968,952 6,602,952 921,737 Amounts due from related parties 43,714 46,110 53,516 7,471 Prepayments and other current assets 3,135,312 3,162,637 3,282,626 458,232 Total current assets 49,736,069 52,011,480 54,770,956 7,645,728 Non-current assets Long-term deposits 4,489,036 5,239,108 6,055,377 845,298 Restricted long-term deposits 1,487,688 1,780,099 1,118,577 156,147 Property, plant and equipment, net 11,521,863 11,386,033 11,887,778 1,659,470 Right-of-use assets, net 1,261,663 3,959,117 3,863,234 539,287 Intangible assets, net 4,610,469 4,473,265 4,333,824 604,979 Land use rights, net 2,744,424 3,248,877 3,254,589 454,323 Installment payment receivables, net 4,448,416 4,274,761 4,583,734 639,865 Long-term investments 1,963,194 2,077,850 2,144,004 299,291 Other non-current assets 443,283 438,364 414,886 57,916 Total non-current assets 32,970,036 36,877,474 37,656,003 5,256,576 Total assets 82,706,105 88,888,954 92,426,959 12,902,304XPENG CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) December 31,2024RMB March 31,2025RMB June 30,2025 June 30,2025 LIABILITIESCurrent liabilitiesShort-term borrowings 4,609,123 3,599,123 3,199,123 446,580 Accounts payable 15,181,585 16,039,347 16,958,863 2,367,366 Notes payable 7,898,896 10,943,996 13,727,997 1,916,354 Amounts due to related parties 9,364 6,374 984 137 Operating lease liabilities, current portion 324,496 359,639 466,496 65,120 Finance lease liabilities, current portion 41,940 12,323 12,096 1,689 Deferred revenue, current portion 1,275,716 1,172,087 1,491,637 208,224 Long-term borrowings, current portion 1,858,613 2,531,582 2,262,827 315,878 Accruals and other liabilities 8,650,636 8,249,108 9,838,487 1,373,400 Income taxes payable 14,514 13,555 5,237 731 Total current liabilities 39,864,883 42,927,134 47,963,747 6,695,479 Non-current liabilities Long-term borrowings 5,664,518 5,844,002 5,794,528 808,885 Operating lease liabilities 1,345,852 4,594,734 4,413,697 616,128 Finance lease liabilities 777,697 759,660 796,947 111,250 Deferred revenue 822,719 876,804 1,051,654 146,805 Derivative liability 167,940 285,387 251,085 35,050 Deferred tax liabilities 341,932 341,932 330,353 46,116 Other non-current liabilities 2,445,776 2,554,240 1,487,581 207,658 Total non-current liabilities 11,566,434 15,256,759 14,125,845 1,971,892 Total liabilities 51,431,317 58,183,893 62,089,592 8,667,371 SHAREHOLDERS' EQUITY Class A Ordinary shares 104 105 105 15 Class B Ordinary shares 21 21 21 3 Additional paid-in capital 70,671,685 70,791,713 70,918,187 9,899,797 Statutory and other reserves 95,019 106,220 111,841 15,612 Accumulated deficit (41,585,549 ) (42,260,796 ) (42,744,171 ) (5,966,856 ) Accumulated other comprehensive income 2,093,508 2,067,798 2,051,384 286,362 Total shareholders' equity 31,274,788 30,705,061 30,337,367 4,234,933 Total liabilities and shareholders' equity 82,706,105 88,888,954 92,426,959 12,902,304 XPENG CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended June 30, March 31, June 30, June 30, 2024 2025 2025 2025 RMB RMB Revenues Vehicle sales 6,818,867 14,369,298 16,883,696 2,356,873 Services and others 1,292,540 1,441,330 1,390,709 194,135 Total revenues 8,111,407 15,810,628 18,274,405 2,551,008 Cost of sales Vehicle sales (6,384,289 ) (12,866,303 ) (14,461,688 ) (2,018,774 ) Services and others (591,328 ) (484,795 ) (645,387 ) (90,093 ) Total cost of sales (6,975,617 ) (13,351,098 ) (15,107,075 ) (2,108,867 ) Gross profit 1,135,790 2,459,530 3,167,330 442,141 Operating expenses Research and development expenses (1,466,752 ) (1,980,724 ) (2,206,144 ) (307,966 ) Selling, general and administrative expenses (1,573,601 ) (1,946,064 ) (2,167,241 ) (302,535 ) Other income, net 278,843 544,040 237,402 33,140 Fair value gain (loss) on derivative liability relating to the contingent consideration 16,662 (118,229 ) 34,004 4,747 Total operating expenses, net (2,744,848 ) (3,500,977 ) (4,101,979 ) (572,614 ) Loss from operations (1,609,058 ) (1,041,447 ) (934,649 ) (130,473 ) Interest income 356,682 291,227 308,224 43,026 Interest expense (81,399 ) (128,935 ) (75,161 ) (10,492 ) Investment (loss) gain on long-term investments (35,836 ) 79,653 24,401 3,406 Exchange gain from foreign currency transactions 20,801 130,448 142,684 19,918 Other non-operating income, net 3,525 20,275 3,454 482 Loss before income tax benefit (expenses) and share of results of equity method investees (1,345,285 ) (648,779 ) (531,047 ) (74,133 ) Income tax benefit (expenses) 33,773 (7,991 ) 9,421 1,315 Share of results of equity method investees 26,831 (7,276 ) 43,872 6,124 Net loss (1,284,681 ) (664,046 ) (477,754 ) (66,694 ) Net loss attributable to ordinary shareholders of XPeng Inc. (1,284,681 ) (664,046 ) (477,754 ) (66,694 )XPENG CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended June 30, March 31, June 30, June 30, 2024 2025 2025 2025 RMB RMB Net loss (1,284,681 ) (664,046 ) (477,754 ) (66,694 ) Other comprehensive income (loss) Foreign currency translation adjustment, net of tax 86,709 (25,710 ) (16,414 ) (2,291 ) Total comprehensive loss attributable to XPeng Inc. (1,197,972 ) (689,756 ) (494,168 ) (68,985 ) Comprehensive loss attributable to ordinary shareholders of XPeng Inc. (1,197,972 ) (689,756 ) (494,168 ) (68,985 ) Weighted average number of ordinary shares used in computing net loss per ordinary share Basic and diluted 1,888,024,660 1,899,365,591 1,902,441,632 1,902,441,632 Net loss per ordinary share attributable to ordinary shareholders Basic and diluted (0.68 ) (0.35 ) (0.25 ) (0.04 ) Weighted average number of ADS used in computing net loss per share Basic and diluted 944,012,330 949,682,796 951,220,816 951,220,816 Net loss per ADS attributable to ordinary shareholders Basic and diluted (1.36 ) (0.70 ) (0.50 ) (0.07 )XPENG RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended June 30, March 31, June 30, June 30, 2024 2025 2025 2025 RMB RMB Loss from operations (1,609,058 ) (1,041,447 ) (934,649 ) (130,473 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (16,662 ) 118,229 (34,004 ) (4,747 ) Share-based compensation expenses 81,306 120,028 126,475 17,655 Non-GAAP loss from operations (1,544,414 ) (803,190 ) (842,178 ) (117,565 ) Net loss (1,284,681 ) (664,046 ) (477,754 ) (66,694 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (16,662 ) 118,229 (34,004 ) (4,747 ) Share-based compensation expenses 81,306 120,028 126,475 17,655 Non-GAAP net loss (1,220,037 ) (425,789 ) (385,283 ) (53,786 ) Net loss attributable to ordinary shareholders (1,284,681 ) (664,046 ) (477,754 ) (66,694 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (16,662 ) 118,229 (34,004 ) (4,747 ) Share-based compensation expenses 81,306 120,028 126,475 17,655 Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. (1,220,037 ) (425,789 ) (385,283 ) (53,786 ) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share Basic and diluted 1,888,024,660 1,899,365,591 1,902,441,632 1,902,441,632 Non-GAAP net loss per ordinary share Basic and diluted (0.65 ) (0.22 ) (0.20 ) (0.03 ) Weighted average number of ADS used in calculating Non-GAAP net loss per share Basic and diluted 944,012,330 949,682,796 951,220,816 951,220,816 Non-GAAP net loss per ADS Basic and diluted (1.29 ) (0.45 ) (0.41 ) (0.06 )
Yahoo
21-05-2025
- Business
- Yahoo
Morgan Stanley Maintains a Buy Rating on XPeng (XPEV) After Q1 Report
On May 21, Analyst Tim Hsiao of Morgan Stanley maintained a Buy rating on XPeng Inc. (NYSE:XPEV) with a price target of $26. The rating comes after the company reported its fiscal first quarter results for 2025. A close-up of a luxury electric sports sedan, its sleek body reflecting the energy of progress. XPeng Inc. (NYSE:XPEV) reported quarterly revenue of RMB15.81 billion, reflecting a 141.5% year-over-year growth. The company also improved its quarterly gross margin by 2.7% to reach 15.6%. Notably, the net loss decreased significantly from RMB1.37 billion a year ago to RMB0.66 billion. Hsiao noted that this reduction in net loss was better than expected and was driven by the Chinese government subsidies. Hsiao also highlighted XPeng Inc. (NYSE:XPEV) surpassed its revenue guidance for the quarter, driven by a stark increase in vehicle deliveries. The company delivered 94,008 vehicles during the quarter, up 330.8% year-over-year. Management has provided a positive outlook for the second quarter of 2025, with vehicle deliveries expected to be between 102,000 and 108,000 vehicles, representing a 237.7% to 257.5% increase year-over-year. The analyst noted that this suggests continued growth for the company, thereby justifying his Buy rating. While we acknowledge the potential of XPEV as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than XPEV and that has 100x upside potential, check out our report about the . READ NEXT: and . Disclosure: None Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
Morgan Stanley Maintains a Buy Rating on XPeng (XPEV) After Q1 Report
On May 21, Analyst Tim Hsiao of Morgan Stanley maintained a Buy rating on XPeng Inc. (NYSE:XPEV) with a price target of $26. The rating comes after the company reported its fiscal first quarter results for 2025. A close-up of a luxury electric sports sedan, its sleek body reflecting the energy of progress. XPeng Inc. (NYSE:XPEV) reported quarterly revenue of RMB15.81 billion, reflecting a 141.5% year-over-year growth. The company also improved its quarterly gross margin by 2.7% to reach 15.6%. Notably, the net loss decreased significantly from RMB1.37 billion a year ago to RMB0.66 billion. Hsiao noted that this reduction in net loss was better than expected and was driven by the Chinese government subsidies. Hsiao also highlighted XPeng Inc. (NYSE:XPEV) surpassed its revenue guidance for the quarter, driven by a stark increase in vehicle deliveries. The company delivered 94,008 vehicles during the quarter, up 330.8% year-over-year. Management has provided a positive outlook for the second quarter of 2025, with vehicle deliveries expected to be between 102,000 and 108,000 vehicles, representing a 237.7% to 257.5% increase year-over-year. The analyst noted that this suggests continued growth for the company, thereby justifying his Buy rating. While we acknowledge the potential of XPEV as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than XPEV and that has 100x upside potential, check out our report about the . READ NEXT: and . Disclosure: None Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Automotive
- Yahoo
XPENG Reports First Quarter 2025 Unaudited Financial Results
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 Quarterly total revenues were RMB15.81 billion, a 141.5% increase year-over-year Quarterly gross margin was 15.6%, an increase of 2.7 percentage points over the same period of 2024 Quarterly vehicle margin was 10.5%, an increase of 5.0 percentage points over the same period of 2024 GUANGZHOU, China, May 21, 2025 (GLOBE NEWSWIRE) -- 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 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 XPENG X9, 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. Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 21, 2025 (8:00 PM Beijing/Hong Kong Time on May 21, 2025). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Event Title: XPENG First Quarter 2025 Earnings Conference Call Pre-registration link: Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at A replay of the conference call will be accessible approximately an hour after the conclusion of the call until May 28, 2025, by dialing the following telephone numbers: United States: +1-855-883-1031 International: +61-7-3107-6325 Hong Kong, China: 800-930-639 Mainland China: 400-120-9216 Replay Access Code: 10046952 About XPENG XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit Use of Non-GAAP Financial Measures The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned 'Unaudited Reconciliations of GAAP and non-GAAP Results' set forth in this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates' and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For Investor EnquiriesIR DepartmentXPeng Inc.E-mail: ir@ Jenny CaiPiacente Financial CommunicationsTel: +1-212-481-2050 or +86-10-6508-0677E-mail: xpeng@ For Media Enquiries PR DepartmentXPeng Inc.E-mail: pr@ Source: XPeng Inc. XPENG CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) December 31,2024RMB March 31,2025 March 31,2025 ASSETS Current assets Cash and cash equivalents 18,586,274 17,758,846 2,447,234 Restricted cash 3,153,390 4,384,322 604,176 Short-term deposits 12,931,757 13,414,023 1,848,502 Restricted short-term deposits 110,699 247,119 34,054 Short-term investments 751,290 1,333,692 183,788 Long-term deposits, current portion 452,326 1,122,725 154,716 Accounts and notes receivable, net 2,449,629 2,169,732 298,997 Installment payment receivables, net, current portion 2,558,756 2,403,322 331,187 Inventory 5,562,922 5,968,952 822,544 Amounts due from related parties 43,714 46,110 6,354 Prepayments and other current assets 3,135,312 3,162,637 435,822 Total current assets 49,736,069 52,011,480 7,167,374 Non-current assets Long-term deposits 4,489,036 5,239,108 721,968 Restricted long-term deposits 1,487,688 1,780,099 245,304 Property, plant and equipment, net 11,521,863 11,386,033 1,569,037 Right-of-use assets, net 1,261,663 3,959,117 545,581 Intangible assets, net 4,610,469 4,473,265 616,432 Land use rights, net 2,744,424 3,248,877 447,707 Installment payment receivables, net 4,448,416 4,274,761 589,078 Long-term investments 1,963,194 2,077,850 286,335 Other non-current assets 443,283 438,364 60,408 Total non-current assets 32,970,036 36,877,474 5,081,850 Total assets 82,706,105 88,888,954 12,249,224 XPENG CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) December 31, March 31, March 31, 2024 2025 2025 RMB LIABILITIES Current liabilities Short-term borrowings 4,609,123 3,599,123 495,972 Accounts and notes payable 23,080,481 26,983,343 3,718,404 Amounts due to related parties 9,364 6,374 878 Operating lease liabilities, current portion 324,496 359,639 49,560 Finance lease liabilities, current portion 41,940 12,323 1,698 Deferred revenue, current portion 1,275,716 1,172,087 161,518 Long-term borrowings, current portion 1,858,613 2,531,582 348,861 Accruals and other liabilities 8,650,636 8,249,108 1,136,757 Income taxes payable 14,514 13,555 1,868 Total current liabilities 39,864,883 42,927,134 5,915,516 Non-current liabilities Long-term borrowings 5,664,518 5,844,002 805,325 Operating lease liabilities 1,345,852 4,594,734 633,171 Finance lease liabilities 777,697 759,660 104,684 Deferred revenue 822,719 876,804 120,827 Derivative liability 167,940 285,387 39,327 Deferred tax liabilities 341,932 341,932 47,119 Other non-current liabilities 2,445,776 2,554,240 351,984 Total non-current liabilities 11,566,434 15,256,759 2,102,437 Total liabilities 51,431,317 58,183,893 8,017,953 SHAREHOLDERS' EQUITY Class A Ordinary shares 104 105 14 Class B Ordinary shares 21 21 3 Additional paid-in capital 70,671,685 70,791,713 9,755,359 Statutory and other reserves 95,019 106,220 14,638 Accumulated deficit (41,585,549 ) (42,260,796 ) (5,823,693 ) Accumulated other comprehensive income 2,093,508 2,067,798 284,950 Total shareholders' equity 31,274,788 30,705,061 4,231,271 Total liabilities and shareholders' equity 82,706,105 88,888,954 12,249,224 XPENG CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended March 31, December 31, March 31, March 31, 2024 2024 2025 2025 RMB RMB Revenues Vehicle sales 5,544,396 14,671,128 14,369,298 1,980,142 Services and others 1,003,700 1,433,968 1,441,330 198,621 Total revenues 6,548,096 16,105,096 15,810,628 2,178,763 Cost of sales Vehicle sales (5,242,040 ) (13,200,594 ) (12,866,303 ) (1,773,024 ) Services and others (462,303 ) (579,725 ) (484,795 ) (66,807 ) Total cost of sales (5,704,343 ) (13,780,319 ) (13,351,098 ) (1,839,831 ) Gross profit 843,753 2,324,777 2,459,530 338,932 Operating expenses Research and development expenses (1,350,448 ) (2,006,463 ) (1,980,724 ) (272,951 ) Selling, general and administrative expenses (1,388,447 ) (2,275,400 ) (1,946,064 ) (268,175 ) Other income, net 74,040 196,436 544,040 74,971 Fair value gain (loss) on derivative liability relating to the contingent consideration 175,131 204,637 (118,229 ) (16,292 ) Total operating expenses, net (2,489,724 ) (3,880,790 ) (3,500,977 ) (482,447 ) Loss from operations (1,645,971 ) (1,556,013 ) (1,041,447 ) (143,515 ) Interest income 398,645 301,177 291,227 40,132 Interest expense (85,121 ) (94,001 ) (128,935 ) (17,768 ) Investment (loss) gain on long-term investments (19,456 ) 10,069 79,653 10,976 Exchange (loss) gain from foreign currency transactions (12,915 ) (104,994 ) 130,448 17,976 Other non-operating income, net 4,092 94,093 20,275 2,794 Loss before income tax (expenses) benefit and share of results of equity method investees (1,360,726 ) (1,349,669 ) (648,779 ) (89,405 ) Income tax (expenses) benefit (1,060 ) 44,092 (7,991 ) (1,101 ) Share of results of equity method investees (6,104 ) (24,396 ) (7,276 ) (1,003 ) Net loss (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Net loss attributable to ordinary shareholders of XPeng Inc. (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) XPENG CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended March 31, December 31, March 31, March 31, 2024 2024 2025 2025 RMB RMB Net loss (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Other comprehensive loss Foreign currency translation adjustment, net of tax 26,684 433,820 (25,710 ) (3,543 ) Total comprehensive loss attributable to XPeng Inc. (1,341,206 ) (896,153 ) (689,756 ) (95,052 ) Comprehensive loss attributable to ordinary shareholders of XPeng Inc. (1,341,206 ) (896,153 ) (689,756 ) (95,052 ) Weighted average number of ordinary shares used in computing net loss per ordinary share Basic and diluted 1,885,395,377 1,898,086,802 1,899,365,591 1,899,365,591 Net loss per ordinary share attributable to ordinary shareholders Basic and diluted (0.73 ) (0.70 ) (0.35 ) (0.05 ) Weighted average number of ADS used in computing net loss per share Basic and diluted 942,697,689 949,043,401 949,682,796 949,682,796 Net loss per ADS attributable to ordinary shareholders Basic and diluted (1.45 ) (1.40 ) (0.70 ) (0.10 ) XPENG RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended March 31, December 31, March 31, March 31, 2024 2024 2025 2025 RMB RMB Loss from operations (1,645,971 ) (1,556,013 ) (1,041,447 ) (143,515 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (175,131 ) (204,637 ) 118,229 16,292 Share-based compensation expenses 134,711 143,675 120,028 16,540 Non-GAAP loss from operations (1,686,391 ) (1,616,975 ) (803,190 ) (110,683 ) Net loss (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (175,131 ) (204,637 ) 118,229 16,292 Share-based compensation expenses 134,711 143,675 120,028 16,540 Non-GAAP net loss (1,408,310 ) (1,390,935 ) (425,789 ) (58,677 ) Net loss attributable to ordinary shareholders (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (175,131 ) (204,637 ) 118,229 16,292 Share-based compensation expenses 134,711 143,675 120,028 16,540 Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. (1,408,310 ) (1,390,935 ) (425,789 ) (58,677 ) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share Basic and diluted 1,885,395,377 1,898,086,802 1,899,365,591 1,899,365,591 Non-GAAP net loss per ordinary share Basic and diluted (0.75 ) (0.73 ) (0.22 ) (0.03 ) Weighted average number of ADS used in calculating Non-GAAP net loss per share Basic and diluted 942,697,689 949,043,401 949,682,796 949,682,796 Non-GAAP net loss per ADS Basic and diluted (1.49 ) (1.47 ) (0.45 ) (0.06 )Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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21-05-2025
- Automotive
- Yahoo
XPENG Reports First Quarter 2025 Unaudited Financial Results
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 Quarterly total revenues were RMB15.81 billion, a 141.5% increase year-over-year Quarterly gross margin was 15.6%, an increase of 2.7 percentage points over the same period of 2024 Quarterly vehicle margin was 10.5%, an increase of 5.0 percentage points over the same period of 2024 GUANGZHOU, China, May 21, 2025 (GLOBE NEWSWIRE) -- 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 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 XPENG X9, 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. Conference Call The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 21, 2025 (8:00 PM Beijing/Hong Kong Time on May 21, 2025). For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call. Event Title: XPENG First Quarter 2025 Earnings Conference Call Pre-registration link: Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at A replay of the conference call will be accessible approximately an hour after the conclusion of the call until May 28, 2025, by dialing the following telephone numbers: United States: +1-855-883-1031 International: +61-7-3107-6325 Hong Kong, China: 800-930-639 Mainland China: 400-120-9216 Replay Access Code: 10046952 About XPENG XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit Use of Non-GAAP Financial Measures The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value gain (loss) on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned 'Unaudited Reconciliations of GAAP and non-GAAP Results' set forth in this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates' and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For Investor EnquiriesIR DepartmentXPeng Inc.E-mail: ir@ Jenny CaiPiacente Financial CommunicationsTel: +1-212-481-2050 or +86-10-6508-0677E-mail: xpeng@ For Media Enquiries PR DepartmentXPeng Inc.E-mail: pr@ Source: XPeng Inc. XPENG CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) December 31,2024RMB March 31,2025 March 31,2025 ASSETS Current assets Cash and cash equivalents 18,586,274 17,758,846 2,447,234 Restricted cash 3,153,390 4,384,322 604,176 Short-term deposits 12,931,757 13,414,023 1,848,502 Restricted short-term deposits 110,699 247,119 34,054 Short-term investments 751,290 1,333,692 183,788 Long-term deposits, current portion 452,326 1,122,725 154,716 Accounts and notes receivable, net 2,449,629 2,169,732 298,997 Installment payment receivables, net, current portion 2,558,756 2,403,322 331,187 Inventory 5,562,922 5,968,952 822,544 Amounts due from related parties 43,714 46,110 6,354 Prepayments and other current assets 3,135,312 3,162,637 435,822 Total current assets 49,736,069 52,011,480 7,167,374 Non-current assets Long-term deposits 4,489,036 5,239,108 721,968 Restricted long-term deposits 1,487,688 1,780,099 245,304 Property, plant and equipment, net 11,521,863 11,386,033 1,569,037 Right-of-use assets, net 1,261,663 3,959,117 545,581 Intangible assets, net 4,610,469 4,473,265 616,432 Land use rights, net 2,744,424 3,248,877 447,707 Installment payment receivables, net 4,448,416 4,274,761 589,078 Long-term investments 1,963,194 2,077,850 286,335 Other non-current assets 443,283 438,364 60,408 Total non-current assets 32,970,036 36,877,474 5,081,850 Total assets 82,706,105 88,888,954 12,249,224 XPENG CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) December 31, March 31, March 31, 2024 2025 2025 RMB LIABILITIES Current liabilities Short-term borrowings 4,609,123 3,599,123 495,972 Accounts and notes payable 23,080,481 26,983,343 3,718,404 Amounts due to related parties 9,364 6,374 878 Operating lease liabilities, current portion 324,496 359,639 49,560 Finance lease liabilities, current portion 41,940 12,323 1,698 Deferred revenue, current portion 1,275,716 1,172,087 161,518 Long-term borrowings, current portion 1,858,613 2,531,582 348,861 Accruals and other liabilities 8,650,636 8,249,108 1,136,757 Income taxes payable 14,514 13,555 1,868 Total current liabilities 39,864,883 42,927,134 5,915,516 Non-current liabilities Long-term borrowings 5,664,518 5,844,002 805,325 Operating lease liabilities 1,345,852 4,594,734 633,171 Finance lease liabilities 777,697 759,660 104,684 Deferred revenue 822,719 876,804 120,827 Derivative liability 167,940 285,387 39,327 Deferred tax liabilities 341,932 341,932 47,119 Other non-current liabilities 2,445,776 2,554,240 351,984 Total non-current liabilities 11,566,434 15,256,759 2,102,437 Total liabilities 51,431,317 58,183,893 8,017,953 SHAREHOLDERS' EQUITY Class A Ordinary shares 104 105 14 Class B Ordinary shares 21 21 3 Additional paid-in capital 70,671,685 70,791,713 9,755,359 Statutory and other reserves 95,019 106,220 14,638 Accumulated deficit (41,585,549 ) (42,260,796 ) (5,823,693 ) Accumulated other comprehensive income 2,093,508 2,067,798 284,950 Total shareholders' equity 31,274,788 30,705,061 4,231,271 Total liabilities and shareholders' equity 82,706,105 88,888,954 12,249,224 XPENG CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended March 31, December 31, March 31, March 31, 2024 2024 2025 2025 RMB RMB Revenues Vehicle sales 5,544,396 14,671,128 14,369,298 1,980,142 Services and others 1,003,700 1,433,968 1,441,330 198,621 Total revenues 6,548,096 16,105,096 15,810,628 2,178,763 Cost of sales Vehicle sales (5,242,040 ) (13,200,594 ) (12,866,303 ) (1,773,024 ) Services and others (462,303 ) (579,725 ) (484,795 ) (66,807 ) Total cost of sales (5,704,343 ) (13,780,319 ) (13,351,098 ) (1,839,831 ) Gross profit 843,753 2,324,777 2,459,530 338,932 Operating expenses Research and development expenses (1,350,448 ) (2,006,463 ) (1,980,724 ) (272,951 ) Selling, general and administrative expenses (1,388,447 ) (2,275,400 ) (1,946,064 ) (268,175 ) Other income, net 74,040 196,436 544,040 74,971 Fair value gain (loss) on derivative liability relating to the contingent consideration 175,131 204,637 (118,229 ) (16,292 ) Total operating expenses, net (2,489,724 ) (3,880,790 ) (3,500,977 ) (482,447 ) Loss from operations (1,645,971 ) (1,556,013 ) (1,041,447 ) (143,515 ) Interest income 398,645 301,177 291,227 40,132 Interest expense (85,121 ) (94,001 ) (128,935 ) (17,768 ) Investment (loss) gain on long-term investments (19,456 ) 10,069 79,653 10,976 Exchange (loss) gain from foreign currency transactions (12,915 ) (104,994 ) 130,448 17,976 Other non-operating income, net 4,092 94,093 20,275 2,794 Loss before income tax (expenses) benefit and share of results of equity method investees (1,360,726 ) (1,349,669 ) (648,779 ) (89,405 ) Income tax (expenses) benefit (1,060 ) 44,092 (7,991 ) (1,101 ) Share of results of equity method investees (6,104 ) (24,396 ) (7,276 ) (1,003 ) Net loss (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Net loss attributable to ordinary shareholders of XPeng Inc. (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) XPENG CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED)(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended March 31, December 31, March 31, March 31, 2024 2024 2025 2025 RMB RMB Net loss (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Other comprehensive loss Foreign currency translation adjustment, net of tax 26,684 433,820 (25,710 ) (3,543 ) Total comprehensive loss attributable to XPeng Inc. (1,341,206 ) (896,153 ) (689,756 ) (95,052 ) Comprehensive loss attributable to ordinary shareholders of XPeng Inc. (1,341,206 ) (896,153 ) (689,756 ) (95,052 ) Weighted average number of ordinary shares used in computing net loss per ordinary share Basic and diluted 1,885,395,377 1,898,086,802 1,899,365,591 1,899,365,591 Net loss per ordinary share attributable to ordinary shareholders Basic and diluted (0.73 ) (0.70 ) (0.35 ) (0.05 ) Weighted average number of ADS used in computing net loss per share Basic and diluted 942,697,689 949,043,401 949,682,796 949,682,796 Net loss per ADS attributable to ordinary shareholders Basic and diluted (1.45 ) (1.40 ) (0.70 ) (0.10 ) XPENG RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) Three Months Ended March 31, December 31, March 31, March 31, 2024 2024 2025 2025 RMB RMB Loss from operations (1,645,971 ) (1,556,013 ) (1,041,447 ) (143,515 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (175,131 ) (204,637 ) 118,229 16,292 Share-based compensation expenses 134,711 143,675 120,028 16,540 Non-GAAP loss from operations (1,686,391 ) (1,616,975 ) (803,190 ) (110,683 ) Net loss (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (175,131 ) (204,637 ) 118,229 16,292 Share-based compensation expenses 134,711 143,675 120,028 16,540 Non-GAAP net loss (1,408,310 ) (1,390,935 ) (425,789 ) (58,677 ) Net loss attributable to ordinary shareholders (1,367,890 ) (1,329,973 ) (664,046 ) (91,509 ) Fair value (gain) loss on derivative liability relating to the contingent consideration (175,131 ) (204,637 ) 118,229 16,292 Share-based compensation expenses 134,711 143,675 120,028 16,540 Non-GAAP net loss attributable to ordinary shareholders of XPeng Inc. (1,408,310 ) (1,390,935 ) (425,789 ) (58,677 ) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per share Basic and diluted 1,885,395,377 1,898,086,802 1,899,365,591 1,899,365,591 Non-GAAP net loss per ordinary share Basic and diluted (0.75 ) (0.73 ) (0.22 ) (0.03 ) Weighted average number of ADS used in calculating Non-GAAP net loss per share Basic and diluted 942,697,689 949,043,401 949,682,796 949,682,796 Non-GAAP net loss per ADS Basic and diluted (1.49 ) (1.47 ) (0.45 ) (0.06 )Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
