Key Takeaways:
XPeng reported Q1 revenue of RMB 13.03 billion, missing estimates by RMB 130 million, while Q2 delivery guidance topped consensus.
"Kickstarted by the successful launch of the GX, XPENG will deliver four new models this year, positioning us for a robust sales growth trajectory," Chairman and CEO Xiaopeng He said.
Vehicle sales revenue fell 23.5% year-over-year to RMB 11 billion as deliveries dropped 33.3% to 62,682 units. Gross margin improved to 20.6% from 15.6% a year earlier, while vehicle margin rose to 12.1% from 10.5%. Net loss widened to RMB 1.78 billion from RMB 660 million. Research and development expenses surged 46.8% to RMB 2.91 billion as the company invested in new vehicle models and AI-related technologies.
The company ended the quarter with RMB 42.09 billion in cash, down from RMB 47.66 billion in December. Services and other revenue rose 41.2% year-over-year to RMB 2.03 billion, driven by technical R&D services and parts sales. Selling, general and administrative expenses fell 3.2% to RMB 1.88 billion on lower franchise store commissions.
The stock rose nearly 2% in pre-market trading. The Q2 outlook implies a 59.5% to 69.1% sequential jump in deliveries, as the GX launch and new model pipeline are expected to reverse the first-quarter slump. XPeng plans to mass-produce robotaxis and humanoid robots this year, according to He. Investors will watch April's delivery tally of 31,011 units — bringing year-to-date volume to 93,693 — for signs of whether the recovery is on track.
This article is for informational purposes only and does not constitute investment advice.
