XPeng Inc., a leading Chinese smart electric vehicle company, reported its unaudited financial results for the second quarter of 2024. The company saw a significant increase in total revenues, which reached RMB8.11 billion, marking a 60.2% increase from the same period in 2023. Vehicle sales were a major contributor to the revenue, with a 54.1% increase year-over-year. The gross margin improved to 14.0%, up from negative 3.9% in the previous year, indicating a stronger profitability. Despite these gains, XPeng reported a net loss of RMB1.28 billion, which is an improvement from the RMB2.80 billion loss in the same period of 2023. The company attributes the net loss reduction to increased deliveries, cost reductions, and improved product mix. XPeng's vehicle deliveries for the quarter stood at 30,207, a 30.2% increase...Show More

XPeng Inc., a leading Chinese smart electric vehicle company, reported its unaudited financial results for the second quarter of 2024. The company saw a significant increase in total revenues, which reached RMB8.11 billion, marking a 60.2% increase from the same period in 2023. Vehicle sales were a major contributor to the revenue, with a 54.1% increase year-over-year. The gross margin improved to 14.0%, up from negative 3.9% in the previous year, indicating a stronger profitability. Despite these gains, XPeng reported a net loss of RMB1.28 billion, which is an improvement from the RMB2.80 billion loss in the same period of 2023. The company attributes the net loss reduction to increased deliveries, cost reductions, and improved product mix. XPeng's vehicle deliveries for the quarter stood at 30,207, a 30.2% increase from the second quarter of 2023. The company also expanded its physical sales network and self-operated charging stations. Looking ahead, XPeng expects vehicle deliveries to be between 41,000 and 45,000 in the third quarter of 2024, with total revenues projected to increase by 6.7% to 14.9% year-over-year. The company also highlighted its technical collaboration with Volkswagen on electrical/electronic architecture for vehicles produced in China.