XPENG(XPEV) - 2025 Q1 - Quarterly Results

Deliveries and Revenue - Total deliveries for Q1 2025 reached 94,008 vehicles, a 330.8% increase from 21,821 in Q1 2024[5] - Quarterly total revenues were RMB 15.81 billion (US$2.18 billion), a 141.5$ 1.98 billion), representing a 159.2% increase from RMB 5.54 billion in Q1 2024[11] - Vehicle deliveries are expected to be between 102,000 and 108,000, representing a year-over-year increase of approximately 237.7% to 257.5%[32] - Total revenues are projected to be between RMB 17.5 billion and RMB 18.7 billion, indicating a year-over-year increase of approximately 115.7% to 130.5%[32] Profitability and Loss - Gross margin improved to 15.6%, up 2.7 percentage points from 12.9% in Q1 2024[15] - Vehicle margin was 10.5%, an increase of 5.0 percentage points from 5.5% in Q1 2024[16] - Net loss narrowed to RMB 0.66 billion (US$0.09 billion), down 51.5$ 0.06 billion), a 69.8% improvement from RMB 1.41 billion in Q1 2024[25] - Basic and diluted net loss per ordinary share for the same period was RMB (0.35), an improvement from RMB (0.70) in the previous quarter[49] Cash and Assets - Cash and cash equivalents totaled RMB 45.28 billion (US$6.24 billion) as of March 31, 2025, compared to RMB 41.40 billion a year earlier[29] - As of March 31, 2025, total assets amounted to RMB 88.89 billion (approximately US$ 12.25 billion) compared to RMB 82.71 billion as of December 31, 2024[43] - Current liabilities increased from RMB 39.86 billion to RMB 42.93 billion from December 31, 2024, to March 31, 2025[45] - Shareholders' equity decreased from RMB 31.27 billion to RMB 30.71 billion during the same period[45] Research and Development - Research and development expenses increased by 46.7% year-over-year to RMB 1.98 billion (US$ 0.27 billion) in Q1 2025[18] - Research and development expenses for the three months ended March 31, 2025, were RMB 1,980,724, slightly lower than RMB 2,006,463 in the previous quarter[47] - The company is focused on developing in-house advanced driver-assistance system technology and intelligent operating systems for its Smart EVs[34] Company Outlook and Strategy - The company anticipates that the business outlook for Q2 2025 is based on current market conditions and customer demand, which are subject to change[30] - XPENG's mission is to drive Smart EV transformation with technology, targeting technology-savvy middle-class consumers[34] - The company launched the 2025 XPENG X9 with Turing AI Smart Driving on April 15, 2025[9] - The company utilizes non-GAAP financial measures to evaluate operating results, excluding share-based compensation expenses and fair value gains/losses[35] Financial Performance Comparison - Total revenues for the three months ended March 31, 2025, were RMB 15,810,628, a decrease of 1.8% compared to RMB 16,105,096 for the previous quarter[47] - Vehicle sales revenue for the same period was RMB 14,369,298, down 2.1% from RMB 14,671,128 in the prior quarter[47] - Gross profit for the three months ended March 31, 2025, was RMB 2,459,530, representing a gross margin of approximately 15.6%[47] - Net loss attributable to ordinary shareholders for the three months ended March 31, 2025, was RMB 664,046, a significant reduction of 50.1% compared to RMB 1,329,973 in the previous quarter[49] - Non-GAAP net loss for the same period was RMB 425,789, down from RMB 1,390,935 in the prior quarter, indicating improved operational efficiency[51] Interest Income - Interest income for the three months ended March 31, 2025, was RMB 291,227, compared to RMB 301,177 in the previous quarter[47]