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XPEV Q1 Loss Narrows, Revenues Rise Y/Y on Higher Vehicle Delivery
ZACKSยท 2025-05-22 15:46
Core Insights - XPeng (XPEV) reported a first-quarter 2025 loss of 10 cents per share, an improvement from a loss of 20 cents in the same quarter last year. Revenues surged to $2.18 billion, up from $907 million, driven by a 330.8% year-over-year increase in vehicle deliveries [1] Financial Performance - Vehicle deliveries reached 94,008 in Q1 2025, with revenues from vehicle sales amounting to $1.98 billion, reflecting a 159.2% increase year-over-year. The gross margin from vehicle sales improved to 10.5% from 5.5% in the prior year [2][3] - Revenues from services and others were $200 million, a 43.6% increase year-over-year, with a gross margin of 66.4%, up from 53.9% in the previous year. The total gross margin for Q1 was 15.6%, compared to 12.9% in the prior-year quarter [3] Expenses and Cash Position - Research and development expenses rose by 46.7% year-over-year to $270 million, while selling, general, and administrative expenses increased by 40.2% to the same amount. As of March 31, 2025, cash and cash equivalents were RMB 45.28 billion, up from RMB 41.96 billion at the end of 2024 [4] Q2 Outlook - For Q2 2025, XPeng anticipates vehicle deliveries between 102,000 and 108,000, indicating a year-over-year increase of 237.7% to 257.5%. Total revenues are expected to be between RMB 17.5 billion and RMB 18.7 billion, suggesting a year-over-year growth of 115.7% to 130.5% [5]