Xpeng Motors (XPEV, Financial) recently announced its financial results for the third quarter of 2024. The company's total revenue reached RMB 10.1 billion, marking an 18.4% increase year-over-year and a 24.5% rise quarter-over-quarter. Despite narrowing, the net loss stood at RMB 1.81 billion, compared to RMB 3.89 billion in the same period last year and RMB 1.28 billion in the previous quarter. After adjustments, the net loss was RMB 1.53 billion, down from RMB 2.79 billion a year ago and RMB 1.22 billion last quarter.
During the third quarter, Xpeng Motors delivered 46,533 vehicles, a 16.3% increase from the 40,008 units delivered in the same period of 2023. As of September 30, 2024, Xpeng’s sales network expanded to 639 stores across 206 cities. The company's proprietary charging station network included 1,557 stations, featuring 654 Xpeng S4 super-fast charging stations. In October 2024, the company delivered an additional 23,917 vehicles, bringing the year-to-date total to 122,478 units by the end of October.
Breaking down Q3 financials, revenue from automotive sales was RMB 8.8 billion, up 12.1% year-over-year and 29.0% quarter-over-quarter. Revenue from services and other sources surged by 90.7% year-over-year to RMB 1.31 billion, with a slight increase of 1.1% from the previous quarter. By the end of September 2024, Xpeng held RMB 35.75 billion in cash, cash equivalents, restricted cash, short-term investments, and term deposits, slightly down from RMB 36.48 billion a year ago and RMB 37.33 billion at the end of June 2024.
Looking ahead, Xpeng Motors forecasts Q4 2024 vehicle deliveries between 87,000 and 91,000 units, representing a year-over-year growth of 44.6% to 51.3%. Total revenue is projected to reach RMB 15.3 billion to RMB 16.2 billion, indicating a growth of 17.2% to 24.1% compared to the previous year.
