XPeng Q1 Revenues Drop 17.6%, Deliveries Down 33.3%, Net Loss RMB1.78B
XPEV•XPeng generated RMB13.03 billion in Q1 revenues, down 17.6% year-over-year, while vehicle sales fell 23.5% to RMB11.00 billion and deliveries dropped 33.3% to 62,682 units. The company maintained a 20.6% gross margin (up 5.0 ppts) and ended March with RMB42.09 billion in cash despite a RMB1.78 billion net loss.
1. Q1 Financial Results
XPeng posted RMB13.03 billion in total revenues for Q1 2026, a 17.6% year-over-year decline and a 41.4% drop from Q4, with vehicle sales revenue down 23.5% to RMB11.00 billion. Gross margin rose to 20.6% (up 5.0 points) and vehicle margin to 12.1%, yet the quarter closed with a RMB1.78 billion net loss (RMB1.69 billion non-GAAP).
2. Delivery, Sales Network, and Cash Position
Deliveries totaled 62,682 units in Q1, marking a 33.3% decrease from 94,008 units in Q1 2025, with April adding 31,011 vehicles and YTD reaching 93,693. The physical sales network expanded to 733 stores in 256 cities and the charging network grew to 3,455 stations (including 2,398 ultra-fast), while cash position slipped to RMB42.09 billion at quarter-end, down from RMB47.66 billion in December.
3. Outlook and New Model Launch
XPeng launched the GX tech-flagship SUV on May 20 and plans four new models this year, targeting mass production of Robotaxis and humanoid robots as new growth drivers. Management emphasized leveraging in-house AI innovations and international expansion to sustain margins and revenue through the seasonal slowdown.
