XPENG-W released its third-quarter results, with automotive sales revenue of 8.8 billion yuan, a year-on-year increase of 12.1%, and gross margin further increased to 15.3%

Zhitong
2024.11.19 09:14
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XPENG-W released its unaudited financial performance for the third quarter of 2024, with automotive sales revenue of 8.8 billion yuan, a year-on-year increase of 12.1%; gross margin improved to 15.3%. Total revenue reached 10.1 billion yuan, a year-on-year increase of 18.4%; net loss was 1.81 billion yuan, an increase of 53.5% compared to the same period last year. The delivery volume for the third quarter was 46,533 vehicles, an increase of 16.3% compared to the same period last year. The company stated that it will focus on AI automotive technology research and development in the future to promote healthy growth in sales and gross profit

According to the Zhitong Finance APP, XPeng Motors-W (09868) released its unaudited financial results for the third quarter of 2024. The group achieved automotive sales revenue of RMB 8.8 billion (same unit below), an increase of 12.1% year-on-year; the automotive gross margin was 8.6%, an increase of 14.7 percentage points year-on-year; total revenue was RMB 10.1 billion, an increase of 18.4% year-on-year; the net loss attributable to ordinary shareholders was RMB 1.81 billion, an increase of 53.5% year-on-year; the basic and diluted net loss per American Depositary Share was RMB 1.91.

In the third quarter of 2024, the total vehicle delivery volume was 46,533 units, an increase of 16.3% compared to 40,008 units in the same period of 2023. As of September 30, 2024, XPeng Motors had a physical sales network of 639 stores covering 206 cities. As of September 30, 2024, XPeng Motors' self-operated charging station network reached 1,557 charging stations, including 654 XPeng S4 supercharging stations. Total revenue for the third quarter of 2024 was RMB 10.1 billion (USD 1.44 billion), an increase of 18.4% compared to the same period in 2023, and an increase of 24.5% compared to the second quarter of 2024.

"Our system capabilities have been comprehensively improved after the transformation, and the successful launch of the M03 and P7+ marks the beginning of a positive cycle of growth in our major product cycle," said Mr. He Xiaopeng, Chairman and CEO of XPeng Motors. "I believe the next decade is the era of AI, and I am confident in leading XPeng Motors to become a global AI automotive company, leading the large-scale application of AI in the mobility sector."

"With the full realization of technology cost reduction and significant growth in scale, our gross margin further increased to 15.3%, achieving continuous improvement for five consecutive quarters, setting a new historical high," said Dr. Gu Hongdi, Vice Chairman and Co-President of XPeng Motors. "The major product cycle will not only drive sales growth but also bring us healthier gross margins and cash flow, allowing us to confidently invest in the R&D of AI automotive technology, providing better products and services for car owners in China and globally."

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