Mei Ri Jing Ji Xin Wen·2025-11-18 13:04Core Viewpoint - Xiaopeng Motors reported significant growth in Q3 2025, driven by a substantial increase in vehicle deliveries, although revenue fell short of market expectations [1][2]. Financial Performance - In Q3 2025, Xiaopeng Motors delivered 116,000 vehicles, representing a year-on-year increase of 149.3% and a quarter-on-quarter increase of 12.4% [1]. - The company achieved revenue of 20.38 billion yuan, a year-on-year increase of 101.8% and a quarter-on-quarter increase of 11.5%, but below market expectations of 20.47 billion yuan [2][3]. - Net loss narrowed to 380 million yuan from 1.81 billion yuan in the same period last year and 480 million yuan in Q2 2025 [1][3]. Profitability Metrics - The automotive gross margin for Q3 2025 was 13.1%, up 4.5 percentage points year-on-year but down 1.2 percentage points quarter-on-quarter [4]. - The overall gross margin reached 20.1%, marking a significant increase of 4.8 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [4]. - Service and other business revenue reached 2.33 billion yuan, significantly exceeding market expectations [2]. Future Outlook - The company aims to achieve breakeven in Q4 2025, with expectations of stable technology cooperation revenue and new product launches [4][5]. - Xiaopeng Motors plans to launch seven new models in 2026, including three super electric range-extended products and four "dual-energy" vehicles, with at least three models targeting international markets [6]. - The company is also focusing on the development of autonomous taxis, humanoid robots, and flying cars, with plans for mass production and operational scaling within the next 12 months [8][9].