"We're consistently addressing gaps and solidifying our strengths to foster well-rounded competitiveness." - Xiaopeng He, CEO
— Xiaopeng He
03Detailed Report
XPEV
XPeng Inc
Period
Q2 2024
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
In Q2 2024, XPeng Inc reported a substantial revenue increase of 60.2% year-over-year (YoY) to RMB 8.11 billion, largely driven by a robust delivery volume of 30,207 smart electric vehicles, marking a 38% increase quarter-over-quarter (QoQ) and a 30% rise YoY. The company improved its gross profit margin to 14%, a positive shift from a negative margin of 3.9% in Q2 2023. Notable advancements in operational efficiency, strategic partnerships, particularly with Volkswagen, and innovative product launches, such as the MONA M03, have positioned XPeng favorably in the competitive electric vehicle market. The management anticipates continued momentum with guidance reflecting total deliveries forecasted between 41,000 to 45,000 units for Q3 2024, potentially setting new records.
Key Performance Indicators
Revenue
Increasing
8.11B
QoQ: 23.87% | YoY: 60.22%
Gross Profit
Increasing
1.14B
14.00% margin
QoQ: 34.61% | YoY: 675.40%
Operating Income
Increasing
-1.61B
QoQ: 2.24% | YoY: 47.93%
Net Income
Increasing
-1.28B
QoQ: 6.08% | YoY: 54.19%
EPS
Increasing
-0.73
QoQ: 6.94% | YoY: 77.47%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: Q2 2024 revenue of RMB 8.11 billion, up 60.2% YoY and 23.9% QoQ. Gross Profit: Reported at RMB 1.14 billion, yielding a gross margin of 14%. Operating Income: Loss of RMB 1.61 billion compared to RMB 3.09 billion for Q2 2023. Net Income: Net loss of RMB 1.28 billion improved from RMB 2.8 billion YoY. EPS: Reported at -0.7345 CNY per share. Cash Position: As of June 30, 2024, cash and cash equivalents totaled RMB 37.33 billion, indicating a strong liquidity position to support further investment.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
8.11B
60.22%
23.87%
Gross Profit
1.14B
675.40%
34.61%
Operating Income
-1.61B
47.93%
2.24%
Net Income
-1.28B
54.19%
6.08%
EPS
-0.73
77.47%
6.94%
Key Financial Ratios
Gross Profit Margin
Weak
14.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.20%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.16%
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
0.41
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-10.10x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.53x
Price-to-book ratio reasonable for profitable companies
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