On May 21st, Xiaopeng Motors released its financial report for the first quarter of 2024.
The report shows that Xiaopeng's revenue in the first quarter was 65.5 billion yuan, a 62.3% increase year-on-year; a total of 21,821 vehicles were delivered, a 19.7% increase year-on-year.
The net loss in the first quarter was 1.37 billion yuan, compared to a net loss of 2.34 billion yuan in the same period last year and a loss of 1.35 billion yuan in the previous quarter, indicating a significant narrowing of the loss.
With the increasing sales of the high-end model X9, Xiaopeng Motors' profit margin has also doubled to 12.9%.
Currently, Xiaopeng has six models for sale: G3, G6, G9, P5, P7, and X9, covering SUVs, sedans, and MPVs.
In the first quarter of this year, Xiaopeng's high-end model X9 delivered a total of 7,872 units, claiming the top spot in China's pure electric MPV sales. The strong sales of Xiaopeng X9 have greatly boosted Xiaopeng's premium brand image.
Xiaopeng expects to deliver between 29,000 and 32,000 vehicles in the second quarter, with market expectations at 38,147 units. Revenue for the second quarter is projected to be between 7.5 billion and 8.3 billion yuan.
Following the financial report release, Xiaopeng's stock price on the US market immediately rose. As of the current writing, Xiaopeng's pre-market stock price has increased by 6.88%.
