The following is a summary of the XPeng Inc. (XPEV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• XPeng saw a 20% YoY increase in the delivery of Smart EVs in Q1 2024, with 21,821 units delivered.

• The gross margin expanded significantly to 12.9% in Q1 2024, doubling from the previous quarter.

• The company holds RMB41.4 billion in cash at the end of Q1 2024.

• For Q2 2024, XPeng projects a delivery volume of 29,000 to 32,000 units, reflecting a YoY increase between 25% to 37.9% and a QoQ increase between 32.9% to 46.6%.

• The company expects total revenue for Q2 2024 to range between RMB7.5 billion and RMB8.3 billion, representing a YoY increase between 48.1% to 63.9%.

Business Progress:

• XPeng has made significant investments in R&D for Smart EV platforms, Electrical/Electronic Architecture, and Advanced Driver Assistance Systems (ADAS).

• The company has been actively recruiting top talents in R&D, brand marketing, style design, and others.

• Several new models are planned to be launched within the next three years to cater to varied customer needs.

• The AI-powered in-car operating system, XOS 5.1.0 was fully rolled out on AI Day, May 20th.

• XPeng is working towards expanding its market from Nordic countries to over 20 countries worldwide.

• XPeng plans to maintain a mid to low-teen margin for its gross profit by the end of 2024 and expects to launch different car models quarterly from Q3 onwards.

• XPeng aims to open about 600 stores by Q3 and launch a powerful and price-appropriate MONA product in the A-class sedan segment.

• The company plans to expand the benefits of autonomous driving to the RMB100,000 to RMB200,000 price range and expects this to contribute to market growth from 2022 to 2025.

More details: XPeng IR

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