"Crisis often presents opportunities. Having overcome these adversities, XPeng has emerged stronger than ever. We're now poised to accelerate our growth and move forward steadily."
— He Xiaopeng
03Detailed Report
XPEV
XPeng Inc
Period
Q3 2024
CurrencyCNY
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
Swipe to view all report sections
Executive Summary
In the third quarter of 2024, XPeng Inc recorded significant milestones in both delivery volume and financial performance, with total revenues reaching RMB 10.1 billion, an 18.4% year-over-year growth and a 24.5% increase from the previous quarter. The company reported a gross profit margin of 15.3%, marking a robust recovery from the -2.7% margin in Q3 2023. Management emphasized the successful delivery of 46,533 units, showcasing a remarkable 54% quarter-over-quarter and 16% year-over-year increase. This performance underscores XPeng's effective strategy underpinned by technological advancements, particularly in AI and autonomous driving capabilities. However, despite these promising figures, the company remains in operational losses, and addressing these will be crucial as they approach 2025 with ambitious growth targets.
Key Performance Indicators
Revenue
Increasing
10.10B
QoQ: 24.54% | YoY: 18.43%
Gross Profit
Increasing
1.54B
15.26% margin
QoQ: 35.72% | YoY: 776.20%
Operating Income
Increasing
-1.85B
QoQ: -14.79% | YoY: 41.56%
Net Income
Increasing
-1.81B
QoQ: -40.71% | YoY: 53.49%
EPS
Increasing
-0.96
QoQ: -30.70% | YoY: 78.67%
Revenue Trend
Margin Analysis
Financial Highlights
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.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
10.10B
18.43%
24.54%
Gross Profit
1.54B
776.20%
35.72%
Operating Income
-1.85B
41.56%
-14.79%
Net Income
-1.81B
53.49%
-40.71%
EPS
-0.96
78.67%
-30.70%
Key Financial Ratios
Gross Profit Margin
Weak
15.30%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-0.18%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.18%
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
-0.06%
Return on equity suggests inefficient capital allocation
Current Ratio
Adequate
1.37
Current ratio meets minimum requirements but limited cushion
Debt to Equity
Moderate
0.48
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Negative
-12.48x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
2.82x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.