Xpeng Sees Q2 Revenue Below Estimates at 19.6-20.8B Yuan After Q1 Loss
XPEV•Xpeng posted first-quarter revenue of RMB13.03 billion and a net loss of RMB1.78 billion, while deliveries plunged 33% to 62,682 units year-on-year. For the second quarter, the company forecast revenue of RMB19.60–20.80 billion, below analysts’ average estimate of RMB21.71 billion due to sluggish EV demand.
1. Q1 Financial Results
Xpeng reported first-quarter revenue of RMB13.03 billion, exceeding consensus by roughly RMB0.1 billion, while net loss widened to RMB1.78 billion from a RMB664 million loss in the prior year. Vehicle deliveries fell 33% year-over-year to 62,682 units, reflecting broader weakness in domestic EV sales.
2. Q2 Guidance and Market Outlook
The company projected second-quarter revenue between RMB19.60 billion and RMB20.80 billion, trailing analysts’ average estimate of RMB21.71 billion as it navigates prolonged demand weakness and fierce competition. It also forecast deliveries of 100,000–106,000 units for the June quarter, below market expectations amid a seventh consecutive monthly decline in China’s auto sales.
3. Margin Improvement Drivers
Gross margin improved to 20.6% from 15.6% year-on-year, supported by lower production costs and a more favorable product mix, notably strong Ultra trim uptake for the new GX SUV. Vehicle margin climbed to 12.1% from 10.5%, underscoring enhanced operational efficiency despite revenue contraction.
4. Physical AI and Global Expansion
Xpeng advanced its physical AI strategy with VLA 2.0 ADAS penetration surpassing 50%, ongoing robotaxi testing in Guangzhou ahead of a Q3 pilot, and plans to mass-produce humanoid robots by year-end. Overseas deliveries topped 6,000 units in April, with a goal of sustaining 10,000 monthly shipments by Q4 and international markets contributing over 20% of Q2 revenue.




