Summary by Futu AI
Xpeng announced its interim performance for the six months ended June 30, 2024, showing that the delivery of automobiles increased by 25.6% year-on-year to 52,028. During this period, the company's total revenue reached CNY 14.66 billion, up 61.2% year-on-year, and automobile sales revenue was CNY 12.36 billion, up 55.7%. The gross margin increased from negative 1.4% in the same period last year to 13.5%, and the automobile gross margin turned positive from negative 5.9% to 6.0%. However, the company still recorded a net loss of CNY 2.65 billion, although it improved from CNY 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 time deposits of the company was CNY 37.33 billion. In addition, Xpeng has signed a strategic cooperative development agreement with Volkswagen Group for electronic and electrical architecture technology and released the OTA upgrade of XOS 5.2.0 version in July. The management of the company expresses confidence in the future product cycle and market sales growth.