XPENG Reports Second Quarter 2025 Unaudited Financial Results
XPENG (NYSE:XPEV) reported strong Q2 2025 financial results with record-breaking performance across key metrics. Total revenues reached RMB18.27 billion (US$2.55 billion), up 125.3% year-over-year, driven by vehicle deliveries of 103,181 units, a 241.6% increase from Q2 2024.
The company achieved significant margin improvements, with vehicle margin rising to 14.3% (up 7.9 percentage points YoY) and gross margin reaching 17.3% (up 3.3 percentage points YoY). Net loss narrowed to RMB0.48 billion, a 62.8% improvement from the previous year.
XPENG maintained a strong financial position with cash and equivalents of RMB47.57 billion (US$6.64 billion) as of June 30, 2025. The company expanded its sales network to 677 stores and operates 2,348 charging stations, including 1,304 ultra-fast charging stations.
XPENG (NYSE:XPEV) ha pubblicato i risultati finanziari del secondo trimestre 2025 registrando performance record sui principali indicatori. I ricavi totali sono saliti a RMB18,27 miliardi (US$2,55 miliardi), in aumento del 125,3% su base annua, grazie a consegne di veicoli pari a 103.181 unit脿, +241,6% rispetto al Q2 2024.
La societ脿 ha migliorato significativamente i margini: il margine sui veicoli 猫 salito al 14,3% (in aumento di 7,9 punti percentuali su base annua) e il margine lordo ha raggiunto il 17,3% (in crescita di 3,3 punti percentuali su base annua). La perdita netta si 猫 ridotta a RMB0,48 miliardi, un miglioramento del 62,8% rispetto all鈥檃nno precedente.
Al 30 giugno 2025 XPENG presentava una solida posizione finanziaria con liquidit脿 e equivalenti per RMB47,57 miliardi (US$6,64 miliardi). La rete commerciale 猫 stata ampliata a 677 punti vendita e l鈥檃zienda gestisce 2.348 stazioni di ricarica, di cui 1.304 ultraveloci.
XPENG (NYSE:XPEV) public贸 s贸lidos resultados del segundo trimestre de 2025 con rendimientos r茅cord en sus m茅tricas clave. Los ingresos totales alcanzaron RMB18.27 mil millones (US$2.55 mil millones), un aumento interanual del 125.3%, impulsados por entregas de 103,181 unidades, un 241.6% m谩s que en el Q2 de 2024.
La compa帽铆a logr贸 mejoras significativas en los m谩rgenes: el margen por veh铆culo subi贸 al 14.3% (incremento de 7.9 puntos porcentuales interanuales) y el margen bruto lleg贸 al 17.3% (alza de 3.3 puntos porcentuales interanuales). La p茅rdida neta se redujo a RMB0.48 mil millones, una mejora del 62.8% respecto al a帽o anterior.
Al 30 de junio de 2025 XPENG mantuvo una posici贸n financiera s贸lida con efectivo y equivalentes por RMB47.57 mil millones (US$6.64 mil millones). La empresa ampli贸 su red de ventas a 677 tiendas y opera 2,348 estaciones de carga, incluidas 1,304 de carga ultrarr谩pida.
XPENG (NYSE:XPEV)電� 欤检殧 歆�響滌棎靹� 旮半鞝侅澑 靹标臣毳� 氤挫澊氅� 2025雲� 2攵勱赴 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 齑濍Г於滌潃 RMB182.7鞏�(氙疙檾 25.5鞏� 雼煬)鞙茧 鞝勲厔 雽�牍� 125.3% 歃濌皜頄堨溂氅�, 彀焿 鞚鸽弰 雽�靾橂姅 103,181雽赌搿� 2024雲� 2攵勱赴 雽�牍� 241.6% 歃濌皜頄堨姷雼堧嫟.
須岇偓 毵堨霃� 韥矊 臧滌劆霅橃柎 彀焿 毵堨鞚� 14.3%搿�(鞝勲厔 雽�牍� 7.9%韽澑韸� 靸侅姽) 氚� 齑濍歆勳澊 17.3%搿�(鞝勲厔 雽�牍� 3.3%韽澑韸� 靸侅姽) 雮橅儉雮姷雼堧嫟. 靾滌啇鞁れ潃 搁惭叠4.8巩�鞙茧 欷勳柎 鞝勲厔 雽�牍� 62.8% 臧滌劆霅橃棃鞀惦媹雼�.
XPENG電� 2025雲� 6鞗� 30鞚� 旮办 順勱笀 氚� 順勱笀靹膘瀽靷� RMB475.7鞏�(氙疙檾 66.4鞏� 雼煬)鞙茧 瓴“頃� 鞛靸來儨毳� 鞙犾頃橁碃 鞛堨姷雼堧嫟. 韺愲Г毵濎潃 677臧� 毵れ灔鞙茧 頇曥灔霅橃棃瓿�, 2,348臧� 於╈爠靻�毳� 鞖挫榿 欷戩澊氅� 鞚� 欷� 1,304臧滊姅 齑堦碃靻� 於╈爠靻岇瀰雼堧嫟.
XPENG (NYSE:XPEV) a publi茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, affichant des performances record sur les principaux indicateurs. Le chiffre d鈥檃ffaires total a atteint RMB18,27 milliards (US$2,55 milliards), en hausse de 125,3% par rapport 脿 l鈥檃n dernier, port茅 par des livraisons de v茅hicules de 103 181 unit茅s, soit une hausse de 241,6% par rapport au T2 2024.
L鈥檈ntreprise a enregistr茅 des am茅liorations significatives des marges : la marge par v茅hicule est pass茅e 脿 14,3% (en hausse de 7,9 points de pourcentage sur un an) et la marge brute a atteint 17,3% (en hausse de 3,3 points). La perte nette s鈥檈st r茅duite 脿 RMB0,48 milliard, une am茅lioration de 62,8% par rapport 脿 l鈥檃nn茅e pr茅c茅dente.
Au 30 juin 2025, XPENG disposait d鈥檜ne solide position financi猫re avec des liquidit茅s et 茅quivalents de RMB47,57 milliards (US$6,64 milliards). Le r茅seau commercial s鈥檈st 茅tendu 脿 677 magasins et la soci茅t茅 exploite 2 348 stations de recharge, dont 1 304 stations ultra-rapides.
XPENG (NYSE:XPEV) ver枚ffentlichte starke Finanzergebnisse f眉r Q2 2025 mit rekordverd盲chtigen Werten in den wichtigsten Kennzahlen. Der Umsatz stieg auf RMB18,27 Milliarden (US$2,55 Milliarden), ein Plus von 125,3% gegen眉ber dem Vorjahr, getrieben durch Fahrzeuglieferungen von 103.181 Einheiten, ein Anstieg von 241,6% gegen眉ber Q2 2024.
Das Unternehmen erzielte deutliche Margenverbesserungen: die Fahrzeugmarge stieg auf 14,3% (plus 7,9 Prozentpunkte gegen眉ber dem Vorjahr) und die Bruttomarge erreichte 17,3% (plus 3,3 Prozentpunkte gegen眉ber dem Vorjahr). Der Nettoverlust verringerte sich auf RMB0,48 Milliarden, eine Verbesserung um 62,8% gegen眉ber dem Vorjahr.
Zum 30. Juni 2025 befand sich XPENG in einer starken finanziellen Lage mit Barmitteln und Zahlungsmitteln in H枚he von RMB47,57 Milliarden (US$6,64 Milliarden). Das Vertriebsnetz wurde auf 677 Stores ausgeweitet und das Unternehmen betreibt 2.348 Ladestationen, darunter 1.304 Ultra-Schnellladestationen.
- Total revenues increased by 125.3% year-over-year to RMB18.27 billion
- Vehicle deliveries grew 241.6% year-over-year to 103,181 units
- Vehicle margin improved to 14.3%, up 7.9 percentage points year-over-year
- Net loss decreased by 62.8% year-over-year to RMB0.48 billion
- Strong cash position of RMB47.57 billion, up from RMB45.28 billion in Q1 2025
- Expanded retail presence to 677 stores and 2,348 charging stations
- Research and development expenses increased 50.4% year-over-year to RMB2.21 billion
- Selling, general and administrative expenses rose 37.7% year-over-year to RMB2.17 billion
- Other income decreased by 56.4% quarter-over-quarter due to lower government subsidies
- Company continues to operate at a loss despite improvements
Insights
XPENG shows remarkable turnaround with record vehicle deliveries, 125% revenue growth, and significantly improved margins despite continued losses.
XPENG has delivered an exceptionally strong quarter with record-breaking performance across key metrics. The company achieved 103,181 vehicle deliveries in Q2 2025, representing a dramatic 241.6% year-over-year increase and continuing their upward trajectory from Q1's 94,008 deliveries.
Total revenue reached
The margin story is particularly compelling. Gross margin expanded to
While XPENG is still reporting losses, they've narrowed significantly. Net loss decreased to
The company maintains a strong liquidity position with
R&D spending increased
For Q3 2025, XPENG expects to deliver between 113,000 and 118,000 vehicles, representing year-over-year growth of
The company also announced expanded technical collaboration with Volkswagen Group on E/E Architecture and launched the G7 smart electric family SUV in July 2025, which should contribute to future growth.
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB47.57 billion (US
$6.64 billion ) as of June 30, 2025 - Quarterly total revenues were RMB18.27 billion, a
125.3% increase year-over-year - Quarterly gross margin was
17.3% , an increase of 3.3 percentage points over the same period of 2024 - Quarterly vehicle margin was
14.3% , an increase of 7.9 percentage points over the same period of 2024
GUANGZHOU, China, Aug. 19, 2025 (GLOBE NEWSWIRE) -- XPeng Inc. (鈥淴笔贰狈骋鈥� or the 鈥淐辞尘辫补苍测,鈥� NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (鈥淪mart EV鈥�) company, today announced its unaudited financial results for the three months ended June 30, 2025.
Operational and Financial Highlights for the Three Months Ended June 30, 2025
| 听 | 2025Q2 | 2025Q1 | 2024Q4 | 2024Q3 | 2024Q2 | 2024Q1 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total deliveries | 103,181 | 94,008 | 91,507 | 46,533 | 30,207 | 21,821 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 |
- Total deliveries of vehicles were 103,181 for the second quarter of 2025, representing an increase of
241.6% from 30,207 in the corresponding period of 2024.
- XPENG鈥檚 physical sales network had a total of 677 stores, covering 224 cities as of June 30, 2025.
- XPENG self-operated charging station network reached 2,348 stations, including 1,304 XPENG S4 and S5 ultra-fast charging stations as of June 30, 2025.
- Total revenues were RMB18.27 billion (US
$2.55 billion ) for the second quarter of 2025, representing an increase of125.3% from the same period of 2024, and an increase of15.6% from the first quarter of 2025.
- Revenues from vehicle sales were RMB16.88 billion (US
$2.36 billion ) for the second quarter of 2025, representing an increase of147.6% from the same period of 2024, and an increase of17.5% from the first quarter of 2025.
- Gross margin was
17.3% for the second quarter of 2025, compared with14.0% for the same period of 2024 and15.6% for the first quarter of 2025.
- Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was
14.3% for the second quarter of 2025, compared with6.4% for the same period of 2024 and10.5% for the first quarter of 2025.
- Net loss was RMB0.48 billion (US
$0.07 billion ) for the second quarter of 2025, compared with RMB1.28 billion for the same period of 2024 and RMB0.66 billion for the first quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB0.39 billion (US$0.05 billion ) for the second quarter of 2025, compared with RMB1.22 billion for the same period of 2024 and RMB0.43 billion for the first quarter of 2025.
- Net loss attributable to ordinary shareholders of XPENG was RMB0.48 billion (US
$0.07 billion ) for the second quarter of 2025, compared with RMB1.28 billion for the same period of 2024 and RMB0.66 billion for the first quarter of 2025. Excluding share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB0.39 billion (US$0.05 billion ) for the second quarter of 2025, compared with RMB1.22 billion for the same period of 2024 and RMB0.43 billion for the first quarter of 2025.
- Basic and diluted net loss per American depositary share (ADS) were both RMB0.50 (US
$0.07) and basic and diluted net loss per ordinary share were both RMB0.25 (US$0.04) for the second quarter of 2025. Each ADS represents two Class A ordinary shares.
- Non-GAAP basic and diluted net loss per ADS were both RMB0.41 (US
$0.06) and non-GAAP basic and diluted net loss per ordinary share were both RMB0.20 (US$0.03) for the second quarter of 2025.
- Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB47.57 billion (US
$6.64 billion ) as of June 30, 2025, compared with RMB45.28 billion as of March 31, 2025. Time deposits include restricted short-term deposits, short-term deposits, current portion and non-current portion of restricted long-term deposits, current portion and non-current portion of long-term deposits.
Key Financial Results
(in RMB billions, except for percentage)
| 听 | For the Three Months Ended | % Changei | ||||
| 听 | June 30, | March 31, | June 30, | 听 | ||
| 听 | 2025 | 2025 | 2024 | YoY | QoQ | |
| 听 | 听 | 听 | 听 | 听 | 听 | |
| Vehicle sales | 16.88 | 14.37 | 6.82 | |||
| Vehicle margin | 14.3% | 7.9pts | 3.8pts | |||
| Total revenues | 18.27 | 15.81 | 8.11 | |||
| Gross profit | 3.17 | 2.46 | 1.14 | |||
| Gross margin | 17.3% | 3.3pts | 1.7pts | |||
| Net loss | 0.48 | 0.66 | 1.28 | - | - | |
| Non-GAAP net loss | 0.39 | 0.43 | 1.22 | - | - | |
| Net loss attributable to ordinary shareholders | 0.48 | 0.66 | 1.28 | - | - | |
| Non-GAAP net loss attributable to ordinary shareholders | 0.39 | 0.43 | 1.22 | - | - | |
| Comprehensive loss attributable to ordinary shareholders | 0.49 | 0.69 | 1.20 | - | - | |
____________
i Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented
Management Commentary
鈥淚n the second quarter of 2025, XPENG achieved record-high performance across key operational and financial metrics, including vehicle deliveries, revenue, gross margin, and cash position.鈥� said Mr. Xiaopeng He, Chairman and CEO of XPENG. 鈥淏y 2025, we have completed upgrades to the next generation technology platforms for smart and electrification technologies, further strengthening our technology leadership over our peers. This will enable our strong product cycle to generate stronger momentum and accelerate sales growth.鈥�
鈥淚n the face of intense industry-wide price competition, we remain committed to a long-term, sustainable growth strategy, with rapidly improving operational quality. Our vehicle margin has improved for eight consecutive quarters. In the second quarter, the vehicle margin increased by 3.8 percentage points quarter-on-quarter to
Recent Developments
Deliveries in July 2025
- Total deliveries were 36,717 vehicles in July 2025.
- As of July 31, 2025, year-to-date total deliveries were 233,906 vehicles.
Launch of G7
On July 3, 2025, XPENG officially launched the G7, a smart electric family SUV and started deliveries in the same month.
Entry into Agreement on Expanding E/E Architecture Technical Collaboration with the Volkswagen Group
On August 15, 2025, XPENG and the Volkswagen Group announced entry into an agreement on expanding technical collaboration with respect to Electrical/Electronic architecture (鈥�E/E Architecture鈥�). For details, please refer to the announcement of the Company dated August 15, 2025.
Unaudited Financial Results for the Three Months Ended June 30, 2025
Total revenues听were RMB18.27 billion (US
Revenues from vehicle sales were RMB16.88 billion (US
Revenues from services and others were RMB1.39 billion (US
Cost of sales was RMB15.11 billion (US
Gross margin was
Vehicle margin was
Services and others margin was
Research and development expenses were RMB2.21 billion (US
Selling, general and administrative expenses were RMB2.17 billion (US
Other income, net was RMB0.24 billion (US
Fair value gain (loss) on derivative liability relating to the contingent consideration was gain of RMB0.03 billion (US
Loss from operations was RMB0.93 billion (US
Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.84 billion (US
Net loss was RMB0.48 billion (US
Non-GAAP net loss, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.39 billion (US
Net loss attributable to ordinary shareholders of XPENG was RMB0.48 billion (US
Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, was RMB0.39 billion (US
Basic and diluted net loss per ADS were both RMB0.50 (US
Non-GAAP basic and diluted net loss per ADS were both RMB0.41 (US
Balance Sheets
As of June 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term investments and time deposits of RMB47.57 billion (US
Business Outlook
For the third quarter of 2025, the Company expects:
- Deliveries of vehicles to be between 113,000 and 118,000, representing a year-over-year increase of approximately
142.8% to153.6% .
- Total revenues to be between RMB19.6 billion and RMB21.0 billion, representing a year-over-year increase of approximately
94.0% to107.9% .
The above outlook is based on the current market conditions and reflects the Company鈥檚 preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.
Conference Call
The Company鈥檚 management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 19, 2025 (8:00 PM Beijing/Hong Kong Time on August 19, 2025).
For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.
| Event Title: | XPENG Second Quarter 2025 Earnings Conference Call |
| Pre-registration link: | |
| 听 | 听 |
Additionally, a live and archived webcast of the conference call will be available on the Company鈥檚 investor relations website at .
A replay of the conference call will be accessible approximately an hour after the conclusion of the call until August 26, 2025, by dialing the following telephone numbers:
| United States: | +1-855-883-1031 |
| International: | +61-7-3107-6325 |
| Hong Kong, China: | 800-930-639 |
| Mainland China: | 400-120-9216 |
| Replay Access Code: | 10049063 |
| 听 | 听 |
About XPENG
XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers鈥� mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company鈥檚 Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit .
Use of Non-GAAP Financial Measures
The Company uses non-GAAP measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic loss per weighted average number of ordinary shares and non-GAAP basic loss per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value (gain) loss on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company鈥檚 past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company鈥檚 management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company鈥檚 operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company鈥檚 performance.
For more information on the non-GAAP financial measures, please see the table captioned 鈥淯naudited Reconciliations of GAAP and non-GAAP Results鈥� set forth in this announcement.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.1636 to US
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the 鈥渟afe harbor鈥� provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渇uture,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥渆stimates鈥� and similar statements. Statements that are not historical facts, including statements about XPENG鈥檚 beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG鈥檚 goal and strategies; XPENG鈥檚 expansion plans; XPENG鈥檚 future business development, financial condition and results of operations; the trends in, and size of, China鈥檚 EV market; XPENG鈥檚 expectations regarding demand for, and market acceptance of, its products and services; XPENG鈥檚 expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG鈥檚 filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For Investor Enquiries
IR Department
XPeng Inc.
E-mail:
Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail:
For Media Enquiries
PR Department
XPeng Inc.
E-mail:
Source: XPeng Inc.
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||
| 听 | |||||||
| 听 | December 31, 2024 RMB | 听 | March 31, 2025 RMB | 听 | June 30, 2025 RMB | 听 | June 30, 2025 US$ |
| ASSETS Current assets Cash and cash equivalents | 18,586,274 | 听 | 17,758,846 | 听 | 18,809,493 | 听 | 2,625,704 |
| Restricted cash | 3,153,390 | 听 | 4,384,322 | 听 | 4,531,074 | 听 | 632,514 |
| Short-term deposits | 12,931,757 | 听 | 13,414,023 | 听 | 13,405,550 | 听 | 1,871,343 |
| Restricted short-term deposits | 110,699 | 听 | 247,119 | 听 | 324,144 | 听 | 45,249 |
| Short-term investments | 751,290 | 听 | 1,333,692 | 听 | 1,655,299 | 听 | 231,071 |
| Long-term deposits, current portion | 452,326 | 听 | 1,122,725 | 听 | 1,079,259 | 听 | 150,659 |
| Restricted long-term deposits, current portion | 鈥� | 听 | 鈥� | 听 | 591,322 | 听 | 82,545 |
| Accounts and notes receivable, net | 2,449,629 | 听 | 2,169,732 | 听 | 1,764,392 | 听 | 246,300 |
| Installment payment receivables, net, current portion | 2,558,756 | 听 | 2,403,322 | 听 | 2,671,329 | 听 | 372,903 |
| Inventory | 5,562,922 | 听 | 5,968,952 | 听 | 6,602,952 | 听 | 921,737 |
| Amounts due from related parties | 43,714 | 听 | 46,110 | 听 | 53,516 | 听 | 7,471 |
| Prepayments and other current assets | 3,135,312 | 听 | 3,162,637 | 听 | 3,282,626 | 听 | 458,232 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total current assets | 49,736,069 | 听 | 52,011,480 | 听 | 54,770,956 | 听 | 7,645,728 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Non-current assets | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Long-term deposits | 4,489,036 | 听 | 5,239,108 | 听 | 6,055,377 | 听 | 845,298 |
| Restricted long-term deposits | 1,487,688 | 听 | 1,780,099 | 听 | 1,118,577 | 听 | 156,147 |
| Property, plant and equipment, net | 11,521,863 | 听 | 11,386,033 | 听 | 11,887,778 | 听 | 1,659,470 |
| Right-of-use assets, net | 1,261,663 | 听 | 3,959,117 | 听 | 3,863,234 | 听 | 539,287 |
| Intangible assets, net | 4,610,469 | 听 | 4,473,265 | 听 | 4,333,824 | 听 | 604,979 |
| Land use rights, net | 2,744,424 | 听 | 3,248,877 | 听 | 3,254,589 | 听 | 454,323 |
| Installment payment receivables, net | 4,448,416 | 听 | 4,274,761 | 听 | 4,583,734 | 听 | 639,865 |
| Long-term investments | 1,963,194 | 听 | 2,077,850 | 听 | 2,144,004 | 听 | 299,291 |
| Other non-current assets | 443,283 | 听 | 438,364 | 听 | 414,886 | 听 | 57,916 |
Total non-current assets | 32,970,036 | 听 | 36,877,474 | 听 | 37,656,003 | 听 | 5,256,576 |
| Total assets | 82,706,105 | 听 | 88,888,954 | 听 | 92,426,959 | 听 | 12,902,304 |
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||
| 听 | |||||||||||
| 听 | December 31, 2024 RMB | 听 | 听 | March 31, 2025 RMB | 听 | 听 | June 30, 2025 RMB | 听 | 听 | June 30, 2025 US$ | 听 |
| LIABILITIES Current liabilities Short-term borrowings | 4,609,123 | 听 | 听 | 3,599,123 | 听 | 听 | 3,199,123 | 听 | 听 | 446,580 | 听 |
| Accounts payable | 15,181,585 | 听 | 听 | 16,039,347 | 听 | 听 | 16,958,863 | 听 | 听 | 2,367,366 | 听 |
| Notes payable | 7,898,896 | 听 | 听 | 10,943,996 | 听 | 听 | 13,727,997 | 听 | 听 | 1,916,354 | 听 |
| Amounts due to related parties | 9,364 | 听 | 听 | 6,374 | 听 | 听 | 984 | 听 | 听 | 137 | 听 |
| Operating lease liabilities, current portion | 324,496 | 听 | 听 | 359,639 | 听 | 听 | 466,496 | 听 | 听 | 65,120 | 听 |
| Finance lease liabilities, current portion | 41,940 | 听 | 听 | 12,323 | 听 | 听 | 12,096 | 听 | 听 | 1,689 | 听 |
| Deferred revenue, current portion | 1,275,716 | 听 | 听 | 1,172,087 | 听 | 听 | 1,491,637 | 听 | 听 | 208,224 | 听 |
| Long-term borrowings, current portion | 1,858,613 | 听 | 听 | 2,531,582 | 听 | 听 | 2,262,827 | 听 | 听 | 315,878 | 听 |
| Accruals and other liabilities | 8,650,636 | 听 | 听 | 8,249,108 | 听 | 听 | 9,838,487 | 听 | 听 | 1,373,400 | 听 |
| Income taxes payable | 14,514 | 听 | 听 | 13,555 | 听 | 听 | 5,237 | 听 | 听 | 731 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total current liabilities | 39,864,883 | 听 | 听 | 42,927,134 | 听 | 听 | 47,963,747 | 听 | 听 | 6,695,479 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Non-current liabilities | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Long-term borrowings | 5,664,518 | 听 | 听 | 5,844,002 | 听 | 听 | 5,794,528 | 听 | 听 | 808,885 | 听 |
| Operating lease liabilities | 1,345,852 | 听 | 听 | 4,594,734 | 听 | 听 | 4,413,697 | 听 | 听 | 616,128 | 听 |
| Finance lease liabilities | 777,697 | 听 | 听 | 759,660 | 听 | 听 | 796,947 | 听 | 听 | 111,250 | 听 |
| Deferred revenue | 822,719 | 听 | 听 | 876,804 | 听 | 听 | 1,051,654 | 听 | 听 | 146,805 | 听 |
| Derivative liability | 167,940 | 听 | 听 | 285,387 | 听 | 听 | 251,085 | 听 | 听 | 35,050 | 听 |
| Deferred tax liabilities | 341,932 | 听 | 听 | 341,932 | 听 | 听 | 330,353 | 听 | 听 | 46,116 | 听 |
| Other non-current liabilities | 2,445,776 | 听 | 听 | 2,554,240 | 听 | 听 | 1,487,581 | 听 | 听 | 207,658 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total non-current liabilities | 11,566,434 | 听 | 听 | 15,256,759 | 听 | 听 | 14,125,845 | 听 | 听 | 1,971,892 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total liabilities | 51,431,317 | 听 | 听 | 58,183,893 | 听 | 听 | 62,089,592 | 听 | 听 | 8,667,371 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| SHAREHOLDERS' EQUITY | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Class A Ordinary shares | 104 | 听 | 听 | 105 | 听 | 听 | 105 | 听 | 听 | 15 | 听 |
| Class B Ordinary shares | 21 | 听 | 听 | 21 | 听 | 听 | 21 | 听 | 听 | 3 | 听 |
| Additional paid-in capital | 70,671,685 | 听 | 听 | 70,791,713 | 听 | 听 | 70,918,187 | 听 | 听 | 9,899,797 | 听 |
| Statutory and other reserves | 95,019 | 听 | 听 | 106,220 | 听 | 听 | 111,841 | 听 | 听 | 15,612 | 听 |
| Accumulated deficit | (41,585,549 | ) | 听 | (42,260,796 | ) | 听 | (42,744,171 | ) | 听 | (5,966,856 | ) |
| Accumulated other comprehensive income | 2,093,508 | 听 | 听 | 2,067,798 | 听 | 听 | 2,051,384 | 听 | 听 | 286,362 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total shareholders' equity | 31,274,788 | 听 | 听 | 30,705,061 | 听 | 听 | 30,337,367 | 听 | 听 | 4,234,933 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Total liabilities and shareholders鈥� equity | 82,706,105 | 听 | 听 | 88,888,954 | 听 | 听 | 92,426,959 | 听 | 听 | 12,902,304 | 听 |
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||
| 听 | |||||||||||
| 听 | Three Months Ended | ||||||||||
| 听 | June 30, | 听 | 听 | March 31, | 听 | 听 | June 30, | 听 | 听 | June 30, | 听 |
| 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2025 | 听 | 听 | 2025 | 听 |
| 听 | RMB | 听 | 听 | RMB | 听 | 听 | RMB | 听 | 听 | US$ | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Revenues | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Vehicle sales | 6,818,867 | 听 | 听 | 14,369,298 | 听 | 听 | 16,883,696 | 听 | 听 | 2,356,873 | 听 |
| Services and others | 1,292,540 | 听 | 听 | 1,441,330 | 听 | 听 | 1,390,709 | 听 | 听 | 194,135 | 听 |
| Total revenues | 8,111,407 | 听 | 听 | 15,810,628 | 听 | 听 | 18,274,405 | 听 | 听 | 2,551,008 | 听 |
| Cost of sales | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Vehicle sales | (6,384,289 | ) | 听 | (12,866,303 | ) | 听 | (14,461,688 | ) | 听 | (2,018,774 | ) |
| Services and others | (591,328 | ) | 听 | (484,795 | ) | 听 | (645,387 | ) | 听 | (90,093 | ) |
| Total cost of sales | (6,975,617 | ) | 听 | (13,351,098 | ) | 听 | (15,107,075 | ) | 听 | (2,108,867 | ) |
| Gross profit | 1,135,790 | 听 | 听 | 2,459,530 | 听 | 听 | 3,167,330 | 听 | 听 | 442,141 | 听 |
| Operating expenses | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Research and development expenses | (1,466,752 | ) | 听 | (1,980,724 | ) | 听 | (2,206,144 | ) | 听 | (307,966 | ) |
| Selling, general and administrative expenses | (1,573,601 | ) | 听 | (1,946,064 | ) | 听 | (2,167,241 | ) | 听 | (302,535 | ) |
| Other income, net | 278,843 | 听 | 听 | 544,040 | 听 | 听 | 237,402 | 听 | 听 | 33,140 | 听 |
| Fair value gain (loss) on derivative liability relating to the听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| contingent consideration | 16,662 | 听 | 听 | (118,229 | ) | 听 | 34,004 | 听 | 听 | 4,747 | 听 |
| Total operating expenses, net | (2,744,848 | ) | 听 | (3,500,977 | ) | 听 | (4,101,979 | ) | 听 | (572,614 | ) |
| Loss from operations | (1,609,058 | ) | 听 | (1,041,447 | ) | 听 | (934,649 | ) | 听 | (130,473 | ) |
| Interest income | 356,682 | 听 | 听 | 291,227 | 听 | 听 | 308,224 | 听 | 听 | 43,026 | 听 |
| Interest expense | (81,399 | ) | 听 | (128,935 | ) | 听 | (75,161 | ) | 听 | (10,492 | ) |
| Investment (loss) gain on long-term investments | (35,836 | ) | 听 | 79,653 | 听 | 听 | 24,401 | 听 | 听 | 3,406 | 听 |
| Exchange gain from foreign currency transactions | 20,801 | 听 | 听 | 130,448 | 听 | 听 | 142,684 | 听 | 听 | 19,918 | 听 |
| Other non-operating income, net | 3,525 | 听 | 听 | 20,275 | 听 | 听 | 3,454 | 听 | 听 | 482 | 听 |
| Loss before income tax benefit听(expenses) and share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| of results of equity method investees | (1,345,285 | ) | 听 | (648,779 | ) | 听 | (531,047 | ) | 听 | (74,133 | ) |
| Income tax benefit (expenses) | 33,773 | 听 | 听 | (7,991 | ) | 听 | 9,421 | 听 | 听 | 1,315 | 听 |
| Share of results of equity method investees | 26,831 | 听 | 听 | (7,276 | ) | 听 | 43,872 | 听 | 锟斤拷 | 6,124 | 听 |
| Net loss | (1,284,681 | ) | 听 | (664,046 | ) | 听 | (477,754 | ) | 听 | (66,694 | ) |
| Net loss attributable to ordinary shareholders of XPeng Inc. | (1,284,681 | ) | 听 | (664,046 | ) | 听 | (477,754 | ) | 听 | (66,694 | ) |
| XPENG INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (CONTINUED) (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | ||||||||||||
| 听 | ||||||||||||
| 听 | Three Months Ended | |||||||||||
| 听 | June 30, | 听 | 听 | March 31, | 听 | 听 | June 30, | 听 | 听 | June 30, | 听 | |
| 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2025 | 听 | 听 | 2025 | 听 | |
| 听 | RMB | 听 | 听 | RMB | 听 | 听 | RMB | 听 | 听 | US$ | 听 | |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Net loss | (1,284,681 | ) | 听 | (664,046 | ) | 听 | (477,754 | ) | 听 | (66,694 | ) | |
| Other comprehensive income (loss) | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Foreign currency translation adjustment, net of tax | 86,709 | 听 | 听 | (25,710 | ) | 听 | (16,414 | ) | 听 | (2,291 | ) | |
| Total comprehensive loss听attributable to XPeng Inc. | (1,197,972 | ) | 听 | (689,756 | ) | 听 | (494,168 | ) | 听 | (68,985 | ) | |
| Comprehensive loss attributable to ordinary | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |
| shareholders of听XPeng Inc. | (1,197,972 | ) | 听 | (689,756 | ) | 听 | (494,168 | ) | 听 | (68,985 | ) | |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Weighted average number of ordinary shares used in | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| computing net loss per ordinary share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Basic and diluted | 1,888,024,660 | 听 | 听 | 1,899,365,591 | 听 | 听 | 1,902,441,632 | 听 | 听 | 1,902,441,632 | 听 | |
| Net loss per ordinary share attributable | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| to ordinary shareholders | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Basic and diluted | (0.68 | ) | 听 | (0.35 | ) | 听 | (0.25 | ) | 听 | (0.04 | ) | |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Weighted average number of ADS used in听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| computing net loss per share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Basic and diluted | 944,012,330 | 听 | 听 | 949,682,796 | 听 | 听 | 951,220,816 | 听 | 听 | 951,220,816 | 听 | |
| Net loss per ADS attributable to ordinary shareholders | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||
| Basic and diluted | (1.36 | ) | 听 | (0.70 | ) | 听 | (0.50 | ) | 听 | (0.07 | ) | |
| XPENG INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data) | |||||||||||
| 听 | |||||||||||
| 听 | Three Months Ended | ||||||||||
| 听 | June 30, | 听 | 听 | March 31, | 听 | 听 | June 30, | 听 | 听 | June 30, | 听 |
| 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2025 | 听 | 听 | 2025 | 听 |
| 听 | RMB | 听 | 听 | RMB | 听 | 听 | RMB | 听 | 听 | US$ | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Loss from operations | (1,609,058 | ) | 听 | (1,041,447 | ) | 听 | (934,649 | ) | 听 | (130,473 | ) |
| Fair value (gain) loss on derivative liability | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| relating to the contingent consideration | (16,662 | ) | 听 | 118,229 | 听 | 听 | (34,004 | ) | 听 | (4,747 | ) |
| Share-based compensation expenses | 81,306 | 听 | 听 | 120,028 | 听 | 听 | 126,475 | 听 | 听 | 17,655 | 听 |
| Non-GAAP loss from operations | (1,544,414 | ) | 听 | (803,190 | ) | 听 | (842,178 | ) | 听 | (117,565 | ) |
| Net loss | (1,284,681 | ) | 听 | (664,046 | ) | 听 | (477,754 | ) | 听 | (66,694 | ) |
| Fair value (gain) loss on derivative liability | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| relating to the contingent consideration | (16,662 | ) | 听 | 118,229 | 听 | 听 | (34,004 | ) | 听 | (4,747 | ) |
| Share-based compensation expenses | 81,306 | 听 | 听 | 120,028 | 听 | 听 | 126,475 | 听 | 听 | 17,655 | 听 |
| Non-GAAP net loss | (1,220,037 | ) | 听 | (425,789 | ) | 听 | (385,283 | ) | 听 | (53,786 | ) |
| Net loss attributable to ordinary shareholders | (1,284,681 | ) | 听 | (664,046 | ) | 听 | (477,754 | ) | 听 | (66,694 | ) |
| Fair value (gain) loss on derivative liability relating听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| to the contingent consideration | (16,662 | ) | 听 | 118,229 | 听 | 听 | (34,004 | ) | 听 | (4,747 | ) |
| Share-based compensation expenses | 81,306 | 听 | 听 | 120,028 | 听 | 听 | 126,475 | 听 | 听 | 17,655 | 听 |
| Non-GAAP net loss attributable to ordinary | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| shareholders of听XPeng Inc. | (1,220,037 | ) | 听 | (425,789 | ) | 听 | (385,283 | ) | 听 | (53,786 | ) |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Weighted average number of ordinary shares used in | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| calculating Non-GAAP net loss per share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Basic and diluted | 1,888,024,660 | 听 | 听 | 1,899,365,591 | 听 | 听 | 1,902,441,632 | 听 | 听 | 1,902,441,632 | 听 |
| Non-GAAP net loss per ordinary share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Basic and diluted | (0.65 | ) | 听 | (0.22 | ) | 听 | (0.20 | ) | 听 | (0.03 | ) |
| Weighted average number of ADS used in calculating听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Non-GAAP net loss per share | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Basic and diluted | 944,012,330 | 听 | 听 | 949,682,796 | 听 | 听 | 951,220,816 | 听 | 听 | 951,220,816 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| Non-GAAP net loss per ADS | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Basic and diluted | (1.29 | ) | 听 | (0.45 | ) | 听 | (0.41 | ) | 听 | (0.06 | ) |
FAQ
What were XPENG's Q2 2025 revenue and delivery numbers?
How did XPENG's vehicle margin improve in Q2 2025?
What is XPENG's current cash position as of Q2 2025?
How much did XPENG reduce its net loss in Q2 2025?
What is XPENG's delivery guidance for Q3 2025?
How many stores and charging stations does XPENG operate?
