【9868 Performance】XPeng Motors Turned to Profit in Q4 Last Year, Full-Year Loss Narrowed Significantly, Expected Car Deliveries in Q1 This Year to Drop Up to 35%

Xpeng Motors (09868)
Net profit for Q4 last year was 380 million yuan (RMB), while the same period in 2024 was a loss of 1.33 billion yuan. Adjusted net profit was 510 million yuan, compared to a loss of 1.39 billion yuan in the same period in 2024.

Xpeng Motors Chairman and CEO He Xiaopeng stated that he believes Xpeng is at a historic turning point in physical AI applications. The company aims not only to expand its global market share for AI cars and to bridge L2+ assisted driving to L4 autonomous driving, as well as to take the second-generation VLA overseas, but also to achieve mass production of high-level humanoid robots.

During the period, Xpeng’s total revenue was 22.25 billion yuan, up 38.2% year-over-year and 9.2% quarter-over-quarter. Car sales revenue was 19.07 billion yuan, up 30% year-over-year and 5.6% quarter-over-quarter. Xpeng’s total vehicle deliveries in Q4 last year were 116,249 units, an increase of 27% year-over-year. The gross profit margin on cars was 13%, up 3 percentage points year-over-year, and overall gross margin increased by 6.9 percentage points to 21.3%.

For the full year, Xpeng’s revenue was 76.72 billion yuan, up 87.7% year-over-year, with a gross profit margin of 18.9%, up 4.6 percentage points. The net loss attributable to shareholders was 1.14 billion yuan, significantly narrowed from a loss of 5.79 billion yuan in the same period in 2024. Adjusted net loss was 460 million yuan, compared to a loss of 5.55 billion yuan in the same period in 2024.

Q1 this year is expected to see vehicle deliveries drop by up to 35%, revenue decrease by nearly 23%

Last year, Xpeng’s R&D expenditure was 9.49 billion yuan, up 47% year-over-year, mainly due to the company expanding its product portfolio to support future growth, with increased spending on new models and technology development.

As of the end of last year, Xpeng’s physical sales network included 721 stores across 255 cities. The self-operated charging station network reached 3,159 stations, including 2,108 Xpeng ultra-fast charging stations.

Looking ahead to Q1 this year, Xpeng expects vehicle deliveries to range between 61,000 and 66,000 units, a decrease of approximately 29.79% to 35.11% year-over-year. Total revenue is projected to be between 12.2 billion and 13.28 billion yuan, a decline of about 16.01% to 22.84% year-over-year.