Strong Growth at EV Manufacturer XPeng: Revenue Doubled – Operating Loss Halved
Guangzhou, China – XPeng Inc., a Chinese manufacturer of smart electric vehicles, has released its unaudited financial results for the first quarter of 2025. The key figures show significant growth in deliveries and revenue, along with continued improvement in profitability.
Q1 2025 Results: Solid Financial Performance
XPeng's revenue rose in Q1 2025 to RMB 15.81 billion (approx. €2.02 billion), up from RMB 6.55 billion in the same quarter of the previous year—an increase of 141.5%. Vehicle sales revenue amounted to RMB 14.37 billion (approx. €1.83 billion), compared to RMB 5.54 billion in Q1 2024—up 159.2%.
The gross margin climbed to 15.6% (Q1 2024: 12.9%). The vehicle margin improved to 10.5%, a five percentage point increase year-on-year. XPeng reduced its operating loss for the quarter to RMB 1.04 billion (approx. €140 million), compared to RMB 1.65 billion in the previous year's quarter.
The net loss fell significantly to RMB 660 million (approx. €90 million) from RMB 1.37 billion in Q1 2024. Excluding stock-based compensation and derivative effects, the non-GAAP net loss was RMB 430 million (approx. €60 million).
As of March 31, 2025, XPeng held cash and cash equivalents, including short-term investments and term deposits, of RMB 45.28 billion (approx. €5.78 billion).
Strong Deliveries, Infrastructure Expansion, and R&D Investment
In Q1 2025, XPeng delivered 94,008 vehicles—a 330.8% increase from Q1 2024 (21,821 vehicles). The number of physical retail stores grew to 690 across 223 cities. XPeng's proprietary charging network expanded to 2,115 stations, including 1,089 ultra-fast chargers of the XPENG S4 and S5 types.
Selling, general, and administrative (SG&A) expenses increased by 40.2% year-on-year to RMB 1.95 billion (approx. €250 million), but fell from RMB 2.28 billion in Q4 2024. Research and development (R&D) expenses rose to RMB 1.98 billion (approx. €250 million), up 46.7% compared to the same quarter last year.
New Products and Outlook for Q2 2025
On April 15, 2025, the company unveiled its new flagship model, the XPENG X9 (2025 model year), featuring the standard Turing AI Smart Driving system, at its “Global Brand Night” event. In April 2025 alone, XPeng delivered 35,045 vehicles. This brings total vehicle deliveries since the beginning of 2025 to 129,053 units.
For the second quarter of 2025, XPeng forecasts revenue between RMB 17.5 and 18.7 billion (approx. €2.23 to €2.39 billion), representing a year-over-year increase of approximately 116% to 131%.
Source: IWR Online, 05 Jun 2025
