- Xpeng's first quarter net loss was RMB660 million, the lowest since the second quarter of 2020.
- Xpeng's first quarter gross margin was a record 15.6 percent, an increase of 2.7 percentage points year-on-year.
Xpeng (NYSE: XPEV) has reported solid first-quarter results, as the company's operating conditions improved significantly.
The electric vehicle (EV) maker reported revenue of RMB 15.81 billion ($2.18 billion) in the first quarter, beating analysts' estimates of RMB 15.66 billion in a Bloomberg survey, according to its unaudited earnings report released today.
That's up 141.5 percent from RMB 6.55 billion in the same period in 2024, though down 1.8 percent from RMB 16.11 billion in the fourth quarter of 2024.
Xpeng delivered 94,008 vehicles in the first quarter, up 330.81 percent from 21,821 in the same period last year.
Deliveries for the quarter exceeded the upper end of Xpeng's previously guided range of 91,000 to 93,000 vehicles.
It reported a net loss of RMB 660 million in the first quarter, the lowest since the second quarter of 2020.
This was 51.45 percent lower than the RMB 1.37 billion in the same period in 2024 and 50.07 percent lower than the RMB 1.33 billion in the fourth quarter of 2024.
Non-GAAP net loss for the first quarter was RMB 430 million, compared to RMB 1.41 billion in the same period in 2024 and RMB 1.39 billion in the fourth quarter of 2024.
Xpeng's gross margin for the first quarter was a record 15.6 percent, an increase of 2.7 percentage points year-on-year and up 1.2 percentage points from the fourth quarter last year.
First quarter vehicle margin was 10.5 percent, compared to 5.5 percent in the same period in 2024 and 10.0 percent in the fourth quarter of 2024.
The year-on-year and quarter-on-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, it said.
Services and others margin was 66.4 percent in the first quarter, compared to 53.9 percent in the same period in 2024 and 59.6 percent in the fourth quarter of 2024.
The year-on-year increase was primarily attributable to higher gross margin from the technical development service revenues. The quarter-on-quarter increase was primarily attributable to higher gross margin from repair and maintenance services.
Xpeng's R&D expenses for the first quarter were RMB 1.98 billion, an increase of 46.7 percent from RMB1.35 billion for the same period in 2024 and a decrease of 1.3 percent from RMB 2.01 billion in the fourth quarter of 2024.
The year-on-year increase was mainly attributable to the increase in expenses related to new models and technology development as the company expanded its product portfolio to support future growth.
Selling, general and administrative (SG&A) expenses for the first quarter were RMB 1.95 billion, an increase of 40.2 percent from RMB 1.39 billion for the same period in 2024 and a decrease of 14.5 percent from RMB 2.28 billion for the fourth quarter of 2024.
The year-on-year increase was primarily attributable to the higher commission to the franchised stores driven by higher sales volume. The quarter-on-quarter decrease was mainly due to the lower marketing and advertising expenses.
Xpeng guided second-quarter deliveries to be in the range of 102,000 to 108,000 units, representing year-on-year growth of about 237.7 percent to 257.5 percent.
It guided second-quarter revenue in the range of RMB 17.5 billion to RMB 18.7 billion, representing year-on-year growth of about 115.7 percent to 130.5 percent.
As of March 31, 2025, Xpeng held cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB 45.28 billion, compared to RMB 41.40 billion and RMB 41.96 billion as of March 31, 2024 and December 31, 2024, respectively.
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