单季亏损创近五年新低，小鹏汽车盈利“临门”？｜钛度车库

Core Insights - Xiaopeng Motors is recovering from a low point in 2023, with significant growth in Q1 2025, achieving total deliveries of 94,000 vehicles, a year-on-year increase of 330.8% and a quarter-on-quarter increase of 2.7% [2] - The company's total revenue for Q1 2025 reached 15.81 billion yuan, a year-on-year growth of 141.5%, although it saw a slight quarter-on-quarter decline of 1.8% [3] - The net loss for the quarter narrowed significantly by 51.5% to 660 million yuan, marking the lowest level since Q3 2020 [5] Financial Performance - Total revenue for Q1 2025 was 15.81 billion yuan, with automotive sales revenue at 14.37 billion yuan, reflecting a quarter-on-quarter decline of 2.1% despite increased delivery volumes [3] - The overall gross margin reached 15.6%, up from 12.9% year-on-year, while automotive gross margin improved to 10.5%, a significant increase from 5.5% in the same period last year [3][4] - The average selling price per vehicle decreased by 4.6% from the previous quarter, indicating a potential pricing pressure in the market [3] Product and R&D Strategy - Xiaopeng Motors has invested heavily in R&D, with 1.98 billion yuan allocated to smart driving research in Q1 2025, a 46.7% increase year-on-year [6] - The company is focusing on the development of its self-researched Turing AI chip, which is expected to enhance autonomous driving capabilities and is set to enter mass production [6] - The product lineup includes the MONA M03 and P7 series, which have become key contributors to sales, with MONA M03 accounting for about 50% of total sales in Q1 2025 [4] Market Position and Challenges - Xiaopeng aims to achieve profitability by Q4 2025, with a clear path involving product mix optimization, cost reductions from Turing chip production, and increased software subscription services [7] - The company plans to launch several new models in 2025, including the G7 SUV and the Kunpeng super electric vehicle, to enhance its competitive position [8] - Ongoing price wars in the industry, particularly with competitors like Tesla and BYD, pose significant challenges to maintaining profit margins [8] International Expansion - Xiaopeng has begun deliveries in several European countries and plans to enter the French and Spanish markets later in the year, alongside local production projects in Southeast Asia [9] - The overseas business is still in the investment phase and may not provide substantial support to financial performance in the short term [9] Conclusion - Xiaopeng Motors is at a critical transformation stage, making substantial progress in smart driving technology and cost control, while facing intense market competition and profitability pressures [10]