Reported by Pulsestack on May 22nd, on May 21st, XPeng Motors officially released its financial report for the first quarter of 2024. The financial data shows that the company's total revenue in the first quarter reached 6.55 billion RMB, a significant increase compared to 4.03 billion RMB in the same period last year. Despite the impressive revenue, XPeng Motors still faced certain financial pressures in the first quarter, with a net loss of 1.37 billion RMB and an adjusted loss per share of 0.75 RMB. It is worth noting that, thanks to its cooperation with Volkswagen, XPeng Motors' gross profit margin has finally reached double digits.
With the sales of the high-end model Xiaopeng X9 on the rise, Xiaopeng Motors' gross profit margin has also increased to 12.9%, doubling compared to the previous period. Currently, Xiaopeng has six models available for sale, namely Xiaopeng G3, G6, G9, as well as Xiaopeng P5, P7, and Xiaopeng X9, covering the SUV, sedan, and MPV categories.
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; anticipating revenue of 7.5 billion to 8.3 billion yuan in the second quarter.
In terms of sales, Xiaopeng delivered a total of 9,393 vehicles in April, a 33% increase from the same period last year and a 4% increase from the previous month. Among them, X9 deliveries reached 1,959 units, with cumulative deliveries nearing 10,000 units in the four months since its launch, becoming a growth point in Xiaopeng's product line. Looking back at the overall performance in the first four months of 2024, Xiaopeng has delivered a total of 31,214 electric vehicles, a 23% increase from the same period in 2023.
According to the financial report, in the first quarter of this year, Xiaopeng Motors' service and other sales reached 462.3 million, while in the first quarter of 2023, the revenue from this business was 365.9 million. Related analysis indicates that Xiaopeng Motors' gross profit margin has achieved a breakthrough growth, reaching 12.9%, thanks to its cooperation with Volkswagen, marking the first time the company's gross profit margin has surpassed the double-digit mark.
He Xiaopeng mentioned that XPeng Motors will further deepen cooperation with Volkswagen to jointly develop industry-leading electric and electronic architecture, expected to be applied to Volkswagen's electric vehicle models starting from 2026. In addition, XPeng Motors will accelerate its overseas expansion plan, with overseas markets expected to become a significant driver of sales and profit growth.
In addition, at the recent Xiaopeng Motors AI DAY event, Chairman and CEO He Xiaopeng revealed Xiaopeng Motors' plans in the field of intelligence. He stated that the intelligent driving team plans to expand its scale by 4000 employees in 2024. He also shared that Xiaopeng Motors' investment in intelligent research and development in 2024 will reach 3.5 billion yuan, with an annual investment of over 700 million yuan for computing power training.
