-- Cash position[i] was RMB42.09 billion (US$6.10 billion) as of March 31,
2026
-- Quarterly total revenues were RMB13.03 billion, a 17.6% decrease
year-over-year
-- Quarterly gross margin was 20.6%, an increase of 5.0 percentage points
over the same period of 2025
-- Quarterly vehicle margin was 12.1%, an increase of 1.6 percentage points
over the same period of 2025
GUANGZHOU, China, May 28, 2026 /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company," NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months ended March 31, 2026.
Operational and Financial Highlights for the Three Months Ended March 31, 2026
2026Q1 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4
Total deliveries 62,682 116,249 116,007 103,181 94,008 91,507
-- Total deliveries of vehicles were 62,682 for the first quarter of 2026,
representing a decrease of 33.3% from 94,008 in the corresponding period
of 2025.
-- XPENG's physical sales network had a total of 733 stores, covering 256
cities as of March 31, 2026.
-- XPENG self-operated charging station network reached 3,455 stations,
including 2,398 XPENG ultra-fast charging stations as of March 31, 2026.
-- Total revenues were RMB13.03 billion (US$1.89 billion) for the first
quarter of 2026, representing a decrease of 17.6% from the same period of
2025, and a decrease of 41.4% from the fourth quarter of 2025.
-- Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for
the first quarter of 2026, representing a decrease of 23.5% from the same
period of 2025, and a decrease of 42.3% from the fourth quarter of 2025.
-- Gross margin was 20.6% for the first quarter of 2026, compared with 15.6%
for the same period of 2025 and 21.3% for the fourth quarter of 2025.
-- Vehicle margin, which is gross profit of vehicle sales as a percentage of
vehicle sales revenue, was 12.1% for the first quarter of 2026, compared
with 10.5% for the same period of 2025 and 13.0% for the fourth quarter
of 2025.
-- Net loss was RMB1.78 billion (US$0.26 billion) for the first quarter of
2026, compared with a loss of RMB0.66 billion for the same period of 2025
and a profit of RMB0.38 billion for the fourth quarter of 2025. Excluding
share-based compensation expenses and fair value loss (gain) on
derivative liability relating to the contingent consideration, non-GAAP
net loss was RMB1.69 billion (US$0.24 billion) for the first quarter of
2026, compared with a loss of RMB0.43 billion for the same period of 2025
and a profit of RMB0.51 billion for the fourth quarter of 2025.
-- Net loss attributable to ordinary shareholders of XPENG was RMB1.78
billion (US$0.26 billion) for the first quarter of 2026, compared with a
loss of RMB0.66 billion for the same period of 2025 and a profit of
RMB0.38 billion for the fourth quarter of 2025. Excluding share-based
compensation expenses and fair value loss (gain) on derivative liability
relating to the contingent consideration, non-GAAP net loss attributable
to ordinary shareholders of XPENG was RMB1.69 billion (US$0.24 billion)
for the first quarter of 2026, compared with a loss of RMB0.43 billion
for the same period of 2025 and a profit of RMB0.51 billion for the
fourth quarter of 2025.
-- Basic and diluted net loss per American depositary share (ADS) were both
RMB1.87 (US$0.27) and basic and diluted net loss per ordinary share were
both RMB0.93 (US$0.14) for the first quarter of 2026. Each ADS represents
two Class A ordinary shares.
-- Non-GAAP basic and diluted net loss per ADS were both RMB1.76 (US$0.26),
and non-GAAP basic and diluted net loss per ordinary share were both
RMB0.88 (US$0.13) for the first quarter of 2026.
-- Cash position was RMB42.09 billion (US$6.10 billion) as of March 31,
2026, compared with RMB47.66 billion as of December 31, 2025.
([i]) Cash position includes cash and cash equivalents, restricted cash,
short-term investments and time deposits. Time deposits include restricted
short-term deposits, short-term deposits, current portion and non-current
portion of restricted long-term deposits, current portion and non-current
portion of long-term deposits.
Key Financial Results
------------------------------------------------------------------------------
(in RMB billions, except for percentages)
For the Three Months Ended % Change([) (ii])
March 31, December 31, March 31,
2026 2025 2025 YoY QoQ
Vehicle sales 11.00 19.07 14.37 -23.5 % -42.3 %
Vehicle margin 12.1 % 13.0 % 10.5 % 1.6pts -0.9pts
Total revenues 13.03 22.25 15.81 -17.6 % -41.4 %
Gross profit 2.68 4.74 2.46 9.1 % -43.4 %
Gross margin 20.6 % 21.3 % 15.6 % 5.0pts -0.7pts
Net (loss)
profit (1.78) 0.38 (0.66) 168.7 % N/A
Non-GAAP net
(loss)
profit (1.69) 0.51 (0.43) 295.9 % N/A
Net (loss)
profit
attributable
to ordinary
shareholders (1.78) 0.38 (0.66) 168.7 % N/A
Non-GAAP net
(loss) profit
attributable to
ordinary
shareholders (1.69) 0.51 (0.43) 295.9 % N/A
Comprehensive
(loss) profit
attributable to
ordinary
shareholders (2.06) 0.22 (0.69) 198.4 % N/A
([ii]) Except for vehicle margin and gross margin, where absolute changes
instead of percentage changes are presented
Management Commentary
"Kickstarted by the successful launch of the GX, XPENG will deliver four new models this year, positioning us for a robust sales growth trajectory," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "This year, I am dedicated to leading our team to achieve the mass production of Robotaxis and humanoid robots. We are nurturing a global business ecosystem to transform physical AI technologies into new growth drivers for revenue and profit."
"For the first quarter of 2026, our gross margin surpassed 20%. Our in-house technological innovation and surging international revenue enabled us to remain resilient through the industry's seasonal slowdown, " added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "We will accelerate the mass adoption and commercialization of physical AI applications as a corporate strategic priority."
Recent Developments
Deliveries in April 2026
-- Total deliveries were 31,011 vehicles in April 2026. -- As of April 30, 2026, year-to-date total deliveries were 93,693 vehicles.
Launch of XPENG GX
On May 20, 2026, XPENG launched the XPENG GX, its tech flagship SUV.
Unaudited Financial Results for the Three Months Ended March 31, 2026
Total revenues were RMB13.03 billion (US$1.89 billion) for the first quarter of 2026, representing a decrease of 17.6% from RMB15.81 billion for the same period of 2025 and a decrease of 41.4% from RMB22.25 billion for the fourth quarter of 2025.
Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for the first quarter of 2026, representing a decrease of 23.5% from RMB14.37 billion for the same period of 2025, and a decrease of 42.3% from RMB19.07 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries.
Revenues from services and others were RMB2.03 billion (US$0.29 billion) for the first quarter of 2026, representing an increase of 41.2% from RMB1.44 billion for the same period of 2025 and a decrease of 36.1% from RMB3.18 billion for the fourth quarter of 2025. The year-over-year increase was primarily attributable to increased revenues from technical research and development services ("technical R&D services") and parts and accessories sales. The quarter-over-quarter decrease was primarily due to the reduction in technical R&D services revenues following a significant milestone catch-up in the prior quarter, as well as no revenue contribution from carbon credit trading in the current quarter.
Cost of sales was RMB10.35 billion (US$1.50 billion) for the first quarter of 2026, representing a decrease of 22.5% from RMB13.35 billion for the same period of 2025 and a decrease of 40.9% from RMB17.51 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly in line with vehicle deliveries as described above.
Gross margin was 20.6% for the first quarter of 2026, compared with 15.6% for the same period of 2025 and 21.3% for the fourth quarter of 2025.
Vehicle margin was 12.1% for the first quarter of 2026, compared with 10.5% for the same period of 2025 and 13.0% for the fourth quarter of 2025. The year-over-year increase was primarily attributable to the cost reduction and improvement in product mix of models. The quarter-over-quarter decrease was due to higher unit vehicle costs resulting from increased memory chip and battery related costs.
Services and others margin was 66.5% for the first quarter of 2026, compared with 66.4% for the same period of 2025 and 70.8% for the fourth quarter of 2025. The quarter-over-quarter decrease was due to a decreased share of the revenue from technical R&D services and parts and accessories sales within total services and other revenue.
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