XPENG Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

Core Insights - XPeng Inc. reported significant growth in vehicle deliveries and revenues for the fourth quarter and fiscal year ended December 31, 2024, indicating a strong performance in the smart electric vehicle market [1][2][28]. Financial Performance - Total deliveries for Q4 2024 reached 91,507, a 52.1% increase from 60,158 in Q4 2023 [3]. - Quarterly total revenues were RMB 16.11 billion (US $2.21 billion), representing a 23.4% increase year-over-year and a 59.4% increase quarter-over-quarter [10]. - Full year revenues for 2024 were RMB 40.87 billion (US$ 5.60 billion), a 33.2% increase from RMB 30.68 billion in 2023 [28]. - Vehicle sales revenues for Q4 2024 were RMB 14.67 billion (US $2.01 billion), up 20.0% year-over-year and 66.8% quarter-over-quarter [11]. - Full year vehicle deliveries totaled 190,068, marking a 34.2% increase year-over-year [2]. Profitability Metrics - Quarterly gross margin improved to 14.4%, an increase of 8.2 percentage points from the same period in 2023 [2]. - Vehicle margin for Q4 2024 was 10.0%, up from 4.1% in Q4 2023 [14]. - Full year gross margin for 2024 was 14.3%, a significant increase from 1.5% in the prior year [30]. Operational Highlights - As of December 31, 2024, XPeng operated 690 stores across 226 cities and had a charging station network of 1,920 stations [3]. - Research and development expenses for Q4 2024 were RMB 2.01 billion (US$ 0.27 billion), reflecting a 53.4% increase year-over-year [16]. Future Outlook - For Q1 2025, the company expects vehicle deliveries to be between 91,000 and 93,000, representing a year-over-year increase of approximately 317.0% to 326.2% [40]. - Total revenues for Q1 2025 are projected to be between RMB 15.0 billion and RMB 15.7 billion, indicating a year-over-year increase of approximately 129.1% to 139.8% [41].