Xpeng increases turnover and reduces losses
At the same time, the net loss decreased significantly. It amounted to 1.28 billion yuan (around 161 million euros) in the second quarter of 2024, compared to 2.80 billion yuan in the same period of 2023 and 1.37 billion yuan in the first quarter of 2024.
In line with the significantly improved financial figures, Xpeng also increased its sales. The company recorded 30,207 EVs delivered in the past quarter, 30.2 per cent more than in the same quarter of the previous year. Car sales are now profitable; the vehicle margin, i.e. the gross profit or loss from vehicle sales as a percentage of vehicle sales, was 6.4 per cent in Q2 2024, compared to minus 8.6 per cent in the same period in 2023 and 5.5 per cent in Q1 2024.
“Starting from the launch of Mona M03 in August, we are about to enter into a strong product cycle. In the next 3 years, we will have a large number of new models and facelift versions in the pipeline for market launch,” said Xiaopeng He, Chairman and CEO of Xpeng. “I believe that through a powerful product cycle and more efficient marketing, the technological advantages we have accumulated through a long period of time and the breakthroughs we have achieved in AI will be transformed into sales growth in China and the international market. We are confident that we will return to the track of fast growth, and we resolve on winning the industry competition for smart technologies and global expansion.”
The financial report also traces Xpeng’s physical presence. The company now has 611 sales locations. Xpeng also has a network of 1,298 charging stations, 442 of which are ultra-fast S4 charging stations with 480 kW. Xpeng has also announced the new 800kW S5 charging stations for this quarter.
Meanwhile, Xpeng’s expansion in Germany is also progressing. The G9 and P7 models, already available, have also been available as leasing vehicles for a few days. And the G6 SUV coupé is also due to go on sale in Germany in August.
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