Sales and New Model Launch Plans - In August 2025, Xpeng Motors achieved total sales of 37,000 vehicles, with management expecting monthly deliveries to exceed 40,000 starting in September. To boost sales during the traditional off-season (Q1), Xpeng plans to launch multiple range-extended electric vehicles (REEVs) in Q4 2025 to Q1 2026, including the X9 REEV. Management indicated that most models in Xpeng's current battery electric vehicle (BEV) product matrix will have REEV versions launched, with two SUV models from the MONA series expected in 2026 [1]. Vehicle Gross Margin Performance - In Q2 2025, Xpeng's vehicle gross margin was 14.3%, an increase of 8.0 percentage points year-on-year and 3.9 percentage points quarter-on-quarter. Management anticipates that the vehicle gross margin will reach "mid-double digits" in Q3 2025 and the overall gross margin will achieve "high-double digits" in Q4 2025. All new models launched this year are expected to have double-digit gross margins. Specific model gross margins include: MONA M03 with a "high single-digit" gross margin, where the Max version accounts for 80% of sales; the X9 pure electric version with a gross margin exceeding 20%; and the upcoming X9 REEV version, which will have a pricing and bill of materials (BOM) cost similar to the pure electric version [2]. R&D Investment - In 2024, Xpeng's R&D expenses were 6.5 billion RMB, with management projecting R&D expenses to reach 8 billion RMB in 2025, representing a year-on-year increase of 39%. R&D expenses are expected to maintain a similar growth rate in 2026. Management stated that R&D investments will primarily focus on artificial intelligence technology, intelligent driving, and humanoid robotics [3]. Overseas Strategic Layout - In the first half of 2025, Xpeng's overseas sales reached 18,700 vehicles, a year-on-year increase of 209%. Management expects that by the end of 2025, overseas sales, the number of overseas markets, and the number of dealership stores will double compared to 2024, reaching 23,000 vehicles, over 30 countries and regions, and more than 150 sales stores, respectively. The overseas model launch plan includes the introduction of the P7+ in the second half of 2025 and the MONA SUV and Xpeng REEV models in 2026, with an average selling price exceeding 40,000 euros, contributing a gross margin significantly higher than that of the domestic market [4].