Xpeng boosts sales and reduces losses in 2024

Xpeng reported 91,507 vehicle deliveries for the fourth quarter of last year, an increase of 52 per cent compared to the 60,158 units delivered in Q4/2023. With this result, the manufacturer exceeded its previously announced target range of 87,000 to 91,000 vehicles for the period October to December.

These sales contributed to total revenues of 16.11 billion yuan (approximately 2.04 billion euros) in Q4, 23 per cent higher than in the previous year. The non-GAAP net loss posted below the line totalled 1.39 billion yuan (approximately 180 million euros), 22 per cent lower than the loss in Q4/2023. Xpeng reported a gross margin of 14.4 per cent, compared to 6.2 per cent in the fourth quarter of 2023 and 15.3 per cent in the third quarter of 2024.

This relatively strong finish is also reflected in Xpeng’s annual results. The Chinese manufacturer generated revenues of 40.9 billion yuan (around 5.19 billion euros, +33% YoY) in 2024 and at the same time reduced its non-GAAP net loss from 9.4 to 5.6 billion yuan (from around 1.2 billion to 710 million euros). The gross margin jumped to 14.3 per cent in 2024 from 1.5 per cent in the previous year, driven in part by a one-third increase in sales (190,068 units, +34% YoY).

“In the fourth quarter of 2024, we achieved a series of notable results that reflect a holistic upgrade in our capabilities to grow scale. We are well-positioned to significantly expand our market share in the Smart EV industry both in and globally,” said Xiaopeng He, Chairman and CEO of Xpeng. “I believe that AI will accelerate the development of L3 and L4 autonomous driving in the automotive sector. We are committed to building into an AI-empowered global automotive company and a smart technology brand beloved by users worldwide.”

Xpeng also provided new figures for its sales and charging business. At the turn of the year 2024/25, Xpeng had a total of 690 stores in 226 cities. In terms of charging networks, Xpeng operated 1,920 stations at the turn of the year, including 928 of the newer S4 and S5 generations. In the annual report, Xpeng also refers to an initiative launched in early 2025 with Volkswagen Group China to jointly establish one of the largest fast-charging networks in China.

Looking ahead, Xpeng hopes to between 91,000 and 93,000 units in the first quarter. Since 30,350 vehicles were delivered in January and 30,453 in February, the manufacturer expects to deliver between 30,200 and 32,200 vehicles in March. In the next quarters, it should also be noticeable that pre-sales of the G6 and X9 have also started in Indonesia. Local production in Indonesia, which is also planned, is scheduled to start in the second half of this year.

cnevpost.com, ir.xiaopeng.com, cnevpost.com (Indonesia)