He Xiaopeng: "...our first quarter gross margin expanded substantially to 12.9%, doubling from the previous quarter..."
— He Xiaopeng
03Detailed Report
XPEV
XPeng Inc
Period
Q1 2024
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
XPeng Inc. (XPEV) reported notable financial results for Q1 2024 amidst a challenging market environment characterized by intense competition in the electric vehicle sector. The company achieved revenues of approximately RMB 6.55 billion, reflecting a robust year-over-year increase of 62.3%, although down 49.8% sequentially. Key growth drivers included the successful delivery of 21,821 smart EVs, a 20% rise compared to the same quarter last year. Management emphasized the significance of improving gross margins, which expanded to 12.9%, a substantial recovery from the prior quarter's 6.2%. Despite persistent net losses of RMB 1.37 billion, XPeng's strategic investments in R&D and its partnership with Volkswagen are positioned to enhance operational efficiencies and market competitiveness moving forward. Management anticipates a bullish outlook for Q2 2024, projecting a delivery volume increase between 29,000 and 32,000 units, corresponding with significant revenue growth. Investors are advised to monitor XPeng's progress on its product launches and international expansion strategies.
Key Performance Indicators
Revenue
Increasing
6.55B
QoQ: -49.82% | YoY: 27.39%
Gross Profit
Increasing
843.75M
12.90% margin
QoQ: 4.23% | YoY: 89.58%
Operating Income
Increasing
-1.65B
QoQ: 19.83% | YoY: 34.62%
Net Income
Increasing
-1.37B
QoQ: -1.50% | YoY: 42.18%
EPS
Increasing
-0.79
QoQ: 73.86% | YoY: 42.80%
Revenue Trend
Margin Analysis
Financial Highlights
Key Financial Metrics for Q1 2024:
- Revenue: RMB 6.55 billion (YoY: +62.3%, QoQ: -49.8%)
- Gross Profit: RMB 843.75 million (Gross Margin: 12.9%)
- Operating Loss: RMB 1.65 billion
- Net Loss: RMB 1.37 billion
- EPS: -0.7893 CNY
- Cash Position: RMB 41.4 billion as of March 31, 2024
Management highlighted these changes during the call: "...notwithstanding significant market competition, our first quarter gross margin expanded substantially to 12.9%, doubling from the previous quarter..." This demonstrates XPeng's adeptness at enhancing profitability amidst challenges.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
6.55B
27.39%
-49.82%
Gross Profit
843.75M
89.58%
4.23%
Operating Income
-1.65B
34.62%
19.83%
Net Income
-1.37B
42.18%
-1.50%
EPS
-0.79
42.80%
73.86%
Key Financial Ratios
Gross Profit Margin
Weak
12.90%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.25%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.21%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.02%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.04%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.50
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Moderate
0.40
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-9.64x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.50x
Price-to-book ratio reasonable for profitable companies
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