Summary by Moomoo AI
Xpeng announced its 2024 interim report, showing that as of June 30, 2024, the total car deliveries reached 52,028 vehicles, a year-on-year increase of 25.6%. The physical sales network has expanded to 611 stores, with a proprietary charging station network of 1,298 stations. Total revenue for the period reached RMB 14.66 billion, a year-on-year increase of 61.2%, with car sales revenue at RMB 12.36 billion, an increase of 55.7%. The gross margin improved from -1.4% to 13.5%, and the gross margin for automobiles improved from -5.9% to 6.0%. The net loss for the period decreased to RMB 2.65 billion, an improvement from RMB 5.14 billion in the same period last year. In addition, Xpeng signed an electronic electrical architecture technology strategic cooperation joint development agreement with Volkswagen Group and launched the Asia Vets all-electric smart coupe MONA M03 in July 2024. As of June 30, 2024, cash and cash equivalents, restricted cash, short-term investments, and time deposits amounted to RMB 37.33 billion.
