XPeng Inc., a leading Chinese smart electric vehicle company, reported its unaudited financial results for the first quarter of 2024. The company experienced a 62.3% year-over-year increase in total revenues, amounting to RMB6.55 billion, but a 49.8% decrease from the previous quarter. Vehicle sales contributed RMB5.54 billion, up 57.8% from the same period in 2023, yet down 54.7% from Q4 2023. The gross margin improved significantly to 12.9%, compared to 1.7% in Q1 2023. Vehicle deliveries for Q1 2024 reached 21,821, marking a 19.7% increase from the previous year. XPeng's net loss for the quarter was RMB1.37 billion, a reduction from RMB2.34 billion in Q1 2023. The company's cash and cash equivalents, along with other liquid assets, totaled RMB41.40 billion as of March 31, 2024. XPeng's management highlighted their lead in AI-based large models in the automobile industry and a strategic partnership with the Volkswagen Group. For Q2 2024, XPeng forecasts vehicle deliveries between 29,000 and 32,000 and total revenues between RMB7.5 billion and RMB8.3 billion.

XPeng Inc., a leading Chinese smart electric vehicle company, reported its unaudited financial results for the first quarter of 2024. The company experienced a 62.3% year-over-year increase in total revenues, amounting to RMB6.55 billion, but a 49.8% decrease from the previous quarter. Vehicle sales contributed RMB5.54 billion, up 57.8% from the same period in 2023, yet down 54.7% from Q4 2023. The gross margin improved significantly to 12.9%, compared to 1.7% in Q1 2023. Vehicle deliveries for Q1 2024 reached 21,821, marking a 19.7% increase from the previous year. XPeng's net loss for the quarter was RMB1.37 billion, a reduction from RMB2.34 billion in Q1 2023. The company's cash and cash equivalents, along with other liquid assets, totaled RMB41.40 billion as of March 31, 2024. XPeng's management highlighted their lead in AI-based large models in the automobile industry and a strategic partnership with the Volkswagen Group. For Q2 2024, XPeng forecasts vehicle deliveries between 29,000 and 32,000 and total revenues between RMB7.5 billion and RMB8.3 billion.