Core Viewpoint - The performance of XPeng Motors in Q1 2025 met expectations, with significant year-on-year revenue growth and a notable reduction in net losses [2][3]. Group 1: Financial Performance - In Q1 2025, XPeng Motors reported total revenue of 15.81 billion yuan, a year-on-year increase of 141.5% and a quarter-on-quarter decrease of 1.8% [2]. - The gross margin improved to 15.6%, reflecting a year-on-year increase of 2.7 percentage points and a quarter-on-quarter increase of 1.2 percentage points [2]. - Non-GAAP net loss narrowed by 69.8% year-on-year and 69.4% quarter-on-quarter to 430 million yuan [2]. Group 2: Business Operations and Projections - The automotive business revenue reached 14.37 billion yuan in Q1 2025, with an average selling price (ASP) of 153,000 yuan, showing a year-on-year increase of 159.2% but a quarter-on-quarter decrease of 2.1% [3]. - The delivery volume increased significantly by 330.8% year-on-year and 2.7% quarter-on-quarter to 94,000 units [3]. - The company expects to see a gradual improvement in ASP and gross margin in Q2 2025, driven by new model launches and ongoing cost reductions [3]. Group 3: Product Development and Technological Advancements - XPeng Motors plans to deliver approximately 102,000 to 108,000 vehicles in Q2 2025, with key upcoming models including the Mona M03 Max and G7 [4]. - The company is focusing on software and hardware integration, with advancements in AI technology and self-developed chips expected to enhance product offerings and reduce costs [4]. - The introduction of the fourth-generation humanoid robot, IRON, is anticipated to create long-term growth potential, leveraging technology developed for the automotive sector [4].

5月21日晚，小鹏汽车-W（09868.HK）召开业绩会。同日稍早，小鹏汽车刚刚发布了第一季度业绩，单 季销量同比增长3.3倍至9.4万台，取得新势力销量第一，营收同比增长1.4倍至158亿元，成绩相当亮 眼。 业绩会上，何小鹏认为，强劲的增长势能在2025年将会持续。他的依据是，今年第二季度，小鹏汽车将 完成5个车型的年款升级或者增配，在三季度会有两款全新的重磅车型开始交付和放量。 具体来看，今年6月，小鹏汽车将推出全新车型小鹏G7。何小鹏认为，G7会是25万级别SUV市场非常有 竞争力的新产品。此外，今年第三季度小鹏还将推出30万级别豪华运动轿跑、全新一代小鹏P7。 据了解，5月28日，小鹏汽车即将发布MONA M03 Max满血版本，将图灵AI辅助驾驶首次普及到15万级 产品。何小鹏指出，目前市面上15万级别的产品所搭载的智驾功能基本上都是高速或者城市记忆驾驶， 他认为都不是"满血版"，他期望满血版的智能辅助驾驶在15万级的用户比例"越高越好"。 关于MONA系列，何小鹏透露，在2026年会推出MONA系列更多车型，该系列针对年轻用户，会做到 高颜值、强智能化。"我相信明年大家会看到，MONA系列会成为 ...