Executive Summary
In Q2 2024, XPeng Inc reported a substantial revenue increase of 60.2% year-over-year (YoY) to RMB 8.11 billion, largely driven by a robust delivery volume of 30,207 smart electric vehicles, marking a 38% increase quarter-over-quarter (QoQ) and a 30% rise YoY. The company improved its gross profit margin to 14%, a positive shift from a negative margin of 3.9% in Q2 2023. Notable advancements in operational efficiency, strategic partnerships, particularly with Volkswagen, and innovative product launches, such as the MONA M03, have positioned XPeng favorably in the competitive electric vehicle market. The management anticipates continued momentum with guidance reflecting total deliveries forecasted between 41,000 to 45,000 units for Q3 2024, potentially setting new records.
Key Performance Indicators
QoQ: 34.61% | YoY:675.40%
Key Insights
**Revenue Performance**: Q2 2024 revenue of RMB 8.11 billion, up 60.2% YoY and 23.9% QoQ.
**Gross Profit**: Reported at RMB 1.14 billion, yielding a gross margin of 14%.
**Operating Income**: Loss of RMB 1.61 billion compared to RMB 3.09 billion for Q2 2023.
**Net Income**: Net loss of RMB 1.28 billion improved from RMB 2.8 billion YoY.
**EPS**: Reported at -0.7345 CNY per share.
**Cash Position**: As of June 30, 2024, cash and cash equivalents totaled RMB 37.33 billion, indicating a strong...
Financial Highlights
Revenue Performance: Q2 2024 revenue of RMB 8.11 billion, up 60.2% YoY and 23.9% QoQ.
Gross Profit: Reported at RMB 1.14 billion, yielding a gross margin of 14%.
Operating Income: Loss of RMB 1.61 billion compared to RMB 3.09 billion for Q2 2023.
Net Income: Net loss of RMB 1.28 billion improved from RMB 2.8 billion YoY.
EPS: Reported at -0.7345 CNY per share.
Cash Position: As of June 30, 2024, cash and cash equivalents totaled RMB 37.33 billion, indicating a strong liquidity position to support further investment.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
8.11B |
60.22% |
23.87% |
| Gross Profit |
1.14B |
675.40% |
34.61% |
| Operating Income |
-1.61B |
47.93% |
2.24% |
| Net Income |
-1.28B |
54.19% |
6.08% |
| EPS |
-0.73 |
77.47% |
6.94% |
Key Financial Ratios
operatingProfitMargin
-19.8%
Management Commentary
Product Innovation: CEO Xiaopeng noted "Support by technology-driven cost reductions and efficient operations... our gross margin has further improved to 14%, placing us at the forefront of Chinese EV makers."
Market Expansion: Management indicated strong early reception for MONA M03 with pre-sale orders exceeding last year's comparable models.
Growth Strategy: The upcoming P7+ model is projected to drive substantial market share expansion, representing a significant advance in their Autonomous Driving Assistance System (ADAS) technology.
"We're consistently addressing gaps and solidifying our strengths to foster well-rounded competitiveness." - Xiaopeng He, CEO
— Xiaopeng He
"I believe that the impact of AI on vehicles will be even more significant than that of electrification for the automotive industry." - Xiaopeng He, CEO
— Xiaopeng He
Forward Guidance
Looking ahead, management projects substantial quarter-over-quarter growth with delivery volumes expected to reach between 41,000 and 45,000 units in Q3 2024, driven by strong demand for new models and international expansion. Revenue is anticipated to fall between RMB 9.1 billion to RMB 9.8 billion, indicating a QoQ increase of 12.2% to 20.8%. Investors should monitor the operational efficiency of new model rollouts and market conditions in international territories, particularly in Europe and Asia.