Xpeng Motors released its strongest financial report to date, recording 101.0 billion yuan in revenue for the third quarter. This marks an 18.4% increase compared to the same period in 2023 and a 24.5% rise from the second quarter of 2024. The company reduced its net loss to 1.81 billion yuan, compared to 3.89 billion yuan in 2023 and 1.28 billion yuan in Q2 2024. The quarterly gross margin stood at 15.3%.
Under non-GAAP standards, Xpeng reported a net loss of 1.53 billion yuan (approximately 220 million USD), down from 2.79 billion yuan in 2023 and 1.22 billion yuan in Q2 2024. Vehicle deliveries totaled 46,533 units, a 16.3% increase from 40,008 units in the previous year.
Xpeng projects fourth-quarter revenue to range between 153 billion and 162 billion yuan, supported by strong sales of its new models, the Xpeng MONA M03 and P7+, along with ranking first in overseas exports among emerging players. They anticipate Q4 deliveries between 87,000 and 91,000 vehicles.
Following this announcement, Xpeng's stock (XPEV, Financial) rose over 5% in pre-market trading. Xpeng's new models have driven significant sales increases, with the MONA M03 achieving over 20,000 monthly sales for the first time this year, while the P7+ broke sales records with 31,528 orders within three hours of launch.
In October, Xpeng delivered a record high of 23,917 vehicles, continuing its streak of over 20,000 monthly deliveries. The MONA M03 model alone exceeded 10,000 deliveries for two consecutive months.
CEO He Xiaopeng stated that due to delivery delays for the MONA M03, the company plans to increase production capacity by 30% to 40% in November and December. The P7+, which features a single rear-drive motor and a range of up to 725 kilometers, launched with strong demand, causing server issues due to an unexpectedly high number of orders.
