On August 20th, Caixin reported that Xpeng Motors released the Q2 and H1 financial data for 2024. In Q2, Xpeng Motors realized total revenue of RMB 8.11 billion, a year-on-year increase of 60.2% and an increase of 23.9% from the previous quarter. The net loss was RMB 1.28 billion, compared with a net loss of RMB 2.8 billion in the same period last year and a net loss of RMB 1.37 billion in the first quarter of this year. In the first half of this year, the company's total revenue was RMB 14.66 billion, a year-on-year increase of 61.2%; the net loss was RMB 2.65 billion, compared with RMB 5.14 billion in the same period last year, a decrease of 48.44%.

The improvement of Xpeng Motors' trend in Q2 is inseparable from its technical cooperation with Volkswagen Group. On July 27, 2023, Volkswagen Group made a strategic minority equity investment in Xpeng Motors and signed a share purchase agreement; on February 29, 2024, Xpeng and Volkswagen entered into a joint procurement plan for the sharing of parts for both parties' models and platforms; and on April 17, 2024, Xpeng and Volkswagen signed a CEA electric and electronic architecture technology strategic cooperation framework agreement again.

Xpeng Motors Chairman He Xiaopeng mentioned in the financial report conference call that in July 2024, Xpeng and Volkswagen Group signed a joint development agreement for electronic and electrical architecture technology cooperation to jointly develop the industry-leading electronic and electrical architecture for CMP and MEB platforms produced by Volkswagen in China. From 2026, the domestically produced Volkswagen brand models based on the CMP and MEB platforms will be equipped with this electronic and electrical architecture. The first mass-produced model equipped with the electronic and electrical architecture jointly developed by both parties is expected to be delivered within 24 months.

Benefiting from this, Xpeng Motors' service and other revenue in the second quarter was RMB 1.29 billion, a year-on-year increase of 102.5%, and a quarter-on-quarter increase of 28.8%; for the first half of the year, it was RMB 2.3 billion, a year-on-year increase of 98.3%. In the Q2 report, Xpeng stated that this is mainly due to the consistent growth of repair service sales and cumulative auto sales growth, and the technical and R&D services sales growth related to the platform and software strategic technical cooperation with Volkswagen Group. Xpeng Motor's Q2 gross profit margin rose to 14%, compared with -3.9% in the same period last year and 12.9% in the first quarter of this year, also due to the realization of technology cost reduction and the technical realization income from Volkswagen's strategic cooperation.

"Since the launch of the Xpeng MONA M03, Xpeng will enter a strong product cycle and a rapidly growing period. Multiple new products and redesigned models will be introduced in the next three years." He Xiaopeng said in an optimistic judgment.

It is reported that the Xpeng MONA M03 will be officially launched on August 27th and will quickly start large-scale delivery, and plans to launch the first mass-produced model of the new generation of automatic driving hardware platform P7+ in the fourth quarter. "The delivery of MONA M03 and P7+ will significantly expand Xpeng's market share, and Xpeng Motors is confident that its delivery volume will increase significantly quarter on quarter in the third and fourth quarters of this year, with a new delivery volume high in the fourth quarter." He Xiaopeng said.

In response to the impact of Tesla's FSD entering the Chinese smart driving market, He Xiaopeng stated that on July 30, the AI MediaTek 5.2 system was pushed to Xpeng users in full, and XNGP began to enter a new stage of "unrestricted cities, unrestricted routes, and nationwide availability." Next, it will connect ETC toll stations, community parking lot gates and other breakpoints to realize the experience of "available from parking space to parking space" throughout XNGP and achieve the capability of the second step of end-to-end large models. "At some point next year, Xpeng's intelligent driving version will improve several times to more than a dozen times than it is now, and will bring huge sales changes. At the same time, with this year's end The second step of end-to-end large model hardware platform cost competitiveness advantage first launched by P7+ can allow more customers to experience higher-level intelligent driving at a payable cost." He Xiaopeng expected.

In the current hot Robotaxi track, He Xiaopeng revealed that Xpeng does plan a Robotaxi plan, but does not want to enter the heavy operation side. "Xpeng hopes to make good cars first, so that it can cooperate with global operators."

According to the financial report, Xpeng Motors delivered 0.0302 million new cars in the second quarter, a year-on-year increase of 30.2%; a total of 0.052 million in the first half of the year, a year-on-year increase of 25.6%. After achieving a good quarterly performance, Xpeng Motors continues to give high performance guidance. It is estimated that the total delivery volume in the third quarter of this year will be approximately 41,000 to 45,000 units, a quarter-on-quarter increase of 35.7%-49%, and the expected sales revenue will be 9.1 billion-9.8 billion yuan, a quarter-on-quarter increase of 12.2%-20.8%.