半年亏11亿，何小鹏放话了

Core Insights - Xiaopeng Motors reported a total revenue of 34.09 billion yuan for the first half of 2025, a year-on-year increase of 132.5% [1] - The company delivered approximately 197,200 new vehicles, representing a 279.0% increase year-on-year [1] - The automotive sales revenue reached 31.25 billion yuan, up 152.8% year-on-year, with a gross margin of 12.6% [1] Financial Performance - In Q2 2025, Xiaopeng Motors achieved a delivery volume of 103,200 units, a year-on-year increase of 241.6% [1] - Automotive sales revenue for Q2 was 16.88 billion yuan, a 147.6% increase year-on-year, with a quarterly gross margin of 17.3%, surpassing Tesla's 17.2% [1] - The net loss for the first half of 2025 was 1.14 billion yuan, a reduction from 2.65 billion yuan in the same period of 2024 [1] - Cash reserves increased by over 2.29 billion yuan, reaching 47.57 billion yuan [1] Strategic Developments - Xiaopeng Motors plans to achieve its first quarterly profit in Q4 2025 [1] - The company invested 2.21 billion yuan in R&D in Q2, a 50.4% increase year-on-year, and sales management expenses rose to 2.17 billion yuan, up 37.7% [2] - The company aims to deliver over 40,000 vehicles monthly starting September 2025 with the launch of the new Xiaopeng P7 [2] Product and Market Positioning - Xiaopeng's product lineup now includes sedans, SUVs, and MPVs, with price ranges from 119,800 yuan to 419,800 yuan [4] - The company is set to launch its first high-end model, the Xiaopeng X9, priced at 400,000 yuan, and plans to release multiple new models priced above 300,000 yuan in 2026 and 2027 [3] - The success of the MONA M03 and P7+ models has been attributed to their design and market appeal [2][3] Partnerships and Collaborations - Xiaopeng's service and other income for Q2 2025 was 1.39 billion yuan, a 7.6% increase year-on-year, with total income for the first half at 2.83 billion yuan, up 23.3% [4] - The partnership with Volkswagen, which includes a 7 billion USD investment for a 4.99% stake, is crucial for Xiaopeng's growth [4][5] - The company is also developing an electronic and electrical architecture in collaboration with Volkswagen, expected to generate additional revenue [5] Future Innovations - Xiaopeng plans to launch L4-capable models in 2026 and aims to pilot Robotaxi services in select regions [5] - The company anticipates that its humanoid robots will begin mass production in the second half of 2026 [5]