XPENG(US:XPEV) 3 6 Ke·2025-08-20 08:47Core Insights - Xiaopeng Motors reported significant growth in key metrics for Q2 2025, with total deliveries reaching 103,181 units, a 241.6% increase year-over-year and a 9.8% increase quarter-over-quarter [1][3] - The total revenue for the quarter was 18.27 billion RMB, with automotive sales revenue at 16.88 billion RMB, reflecting a year-over-year growth of 147.6% [1] - The overall gross margin improved to 17.3%, while the automotive gross margin rose to 14.3%, marking eight consecutive quarters of improvement [1][3] - The net loss for the quarter was 480 million RMB, a 62.8% reduction compared to the same period last year [1][3] Delivery and Revenue Performance - Xiaopeng's total delivery volume for Q2 2025 was 103,181 units, compared to 30,207 units in Q2 2024, indicating a substantial year-over-year growth [1] - The average selling price (ASP) for vehicles in Q2 was approximately 163,600 RMB, up from 152,800 RMB in Q1, suggesting a shift towards higher-value models [7][10] Cost and Profitability - The gross margin for the automotive business improved to 14.3%, driven by scale effects, cost control, and supply chain management optimization [1][3] - Research and development expenses for Q2 were 2.21 billion RMB, a 50.4% increase year-over-year, while selling, general, and administrative expenses were 2.17 billion RMB, up 37.7% [1] Competitive Landscape - Xiaopeng's sales composition differs from competitors, with a higher proportion of sedan sales compared to SUVs [4] - The introduction of new models like the G7 and the increase in SUV and MPV sales could impact future performance [4][6] - Xiaopeng's ASP is significantly higher than that of competitors like Leap Motor, which reported an ASP of approximately 104,200 RMB [10] Strategic Outlook - Xiaopeng provided a delivery guidance of 113,000 to 118,000 units for Q3 2025, indicating confidence in the continued ramp-up of new models [14] - The competitive landscape is intensifying, with rivals like BYD and Li Auto making significant strides in the market [15][17] - The company is navigating a path of opportunities and challenges, focusing on converting technological advantages into market and financial success [19]