Summary by Moomoo AI
XPeng announced its mid-year performance as of June 30, 2024, showing that the automobile delivery volume increased by 25.6% year-on-year to 52,028 vehicles. During the period, the company's total revenue reached RMB 14.66 billion, a year-on-year increase of 61.2%, and the revenue from automobile sales was RMB 12.36 billion, an increase of 55.7%. The gross margin increased from negative 1.4% in the same period last year to 13.5%, and the automobile gross margin changed from negative 5.9% to positive 6.0%. However, the company still recorded a net loss of RMB 2.65 billion, although it improved from RMB 5.14 billion in the same period last year. As of June 30, 2024, the total amount of cash and cash equivalents, restricted cash, short-term investments, and fixed deposits of XPeng was RMB 37.33 billion. In addition, XPeng and Volkswagen Group signed a strategic cooperation agreement for the development of electronic and electrical architecture technology and released the OTA upgrade version of XOS 5.2.0 in July. The company's management expressed confidence in the future product cycle and market sales growth.