XPeng Motors' Q2 2024 Financial Report Strong Growth and Future Outlook

TapTechNews August 20th news, XPeng Motors just announced the latest financial report for the second quarter of 2024, and TapTechNews summarizes the highlights of Q2 as follows:

Revenue of 8.11 billion yuan, a year-on-year increase of 60.2% and a quarter-on-quarter increase of 23.9%.

Gross margin of 14.0%, an increase of 17.9 percentage points from the same period in 2023.

Net loss was 1.28 billion yuan, a 54.29% contraction from 2.80 billion yuan last year and a 6.57% contraction from 1.37 billion yuan in Q1.

30,207 vehicles were delivered, a year-on-year increase of 30.2%; a total of 63,173 vehicles were delivered during the year.

Automotive sales revenue was 6.82 billion yuan, a year-on-year increase of 54.1% and a quarter-on-quarter increase of 23.0%.

The automotive gross margin (that is, the percentage of automotive sales gross profit or loss to automotive sales revenue) was 6.4%, while it was -8.6% in the same period of 2023 and 5.5% in the first quarter of 2024.

A total of 611 stores have been built, covering 185 cities.

There are 1,298 self-operated charging stations, including 442 S4 super-fast charging stations.

As of June 30, 2024, the cash and cash equivalents, restricted cash, short-term investments and time deposits of XPeng Motors were 37.33 billion yuan. In contrast, as of March 31, 2024, it was 41.40 billion yuan.

In the second quarter of 2024, XPeng's R & D expenditure was 1.47 billion yuan, an increase of 7.3% from 1.37 billion yuan in the same period of 2023 and an increase of 8.6% from 1.35 billion yuan in the first quarter of 2024.

For the third quarter of 2024, XPeng expects the delivery volume of vehicles to be 41,000 to 45,000 units, an increase of approximately 2.5% to 12.5% year-on-year; the total revenue will range from 9.1 billion yuan to 9.8 billion yuan, an increase of approximately 6.7% to 14.9% year-on-year.