Financial Performance Overview:
- Total Revenues: RMB 10.1 billion (up 18.4% YoY, 24.5% QoQ)
- Gross Profit: RMB 1.54 billion (up 776.2% YoY, up 35.7% QoQ)
- Gross Margin: 15.3%, improved from -2.7% YoY and 14% QoQ
- Deliveries: 46,533 units (54% QoQ, 16% YoY).
The significant YoY revenue growth was primarily driven by higher deliveries and improved product mix, boosting both gross and vehicle margins. Management executed a successful cost-reduction strategy in R&D and manufacturing, supporting profitability improvements.
Comparative Metrics Against Competitors (as of Q3 2024):
- XPeng: Gross Profit Margin: 15.3%, Vehicle Margin: 8.6%
- Tesla (TSLA): Gross Profit Margin: 19.8%, Operating Profit Margin: 10.8%
- Li Auto (LI): Gross Profit Margin: 21.5%, Operating Profit Margin: 8.01%.
This positions XPeng favorably within the sector, albeit still trailing industry leaders like Tesla in profitability metrics.