NYSE$XPEV
XPeng Inc ADR · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
XPeng Q1 2025: deliveries surge 331% as revenue hits RMB15.81B; net loss narrows
XPeng reported first quarter 2025 results on May 21 with total revenues of RMB15.81 billion (US$2.18 billion), up 141.5% year over year, as vehicle deliveries jumped 330.8% to 94,008 units. Vehicle sales revenue was RMB14.37 billion and gross margin improved to 15.6% from 12.9% a year ago, while vehicle margin rose to 10.5%. Net loss narrowed to RMB664 million from RMB1.37 billion in Q1 2024, and non-GAAP net loss was RMB430 million. The company ended the quarter with RMB45.28 billion in cash, restricted cash, short-term investments and time deposits. Management guided Q2 deliveries of 102,000 to 108,000 vehicles and total revenues of RMB17.5 billion to RMB18.7 billion.
- Total revenue of RMB15.81B (+141.5% YoY) on 94,008 deliveries (+330.8% YoY); vehicle sales revenue was RMB14.37B.
- Gross margin improved to 15.6% and vehicle margin to 10.5%, up 2.7 and 5.0 percentage points year over year.
- Net loss narrowed to RMB664M from RMB1.37B; non-GAAP net loss was RMB430M with diluted loss per ADS of RMB0.45.
- Cash, restricted cash, short-term investments and time deposits totaled RMB45.28B at March 31, 2025.
- Q2 guidance: 102,000–108,000 deliveries and total revenues of RMB17.5B–RMB18.7B (+115.7% to +130.5% YoY).
Headline financials
Revenue & EPS history
XPeng · Revenue · Quarterly
¥15.8B
Revenue by segment
XPeng · ¥15.8B total across 2 segments · Q1 2025
- Vehicle sales¥14.4B—90.9%
- Services and others¥1.44B—9.1%
Forward guidance
For Q2 2025, XPeng expects deliveries of 102,000 to 108,000 vehicles and total revenues of RMB17.5 billion to RMB18.7 billion.
Tailwinds
- Deliveries hit a quarterly record despite seasonality, making XPeng the top-selling emerging EV maker in the quarter.
- Vehicle gross margin rose for seven consecutive quarters on cost reduction and scale.
Headwinds
- Company remained loss-making with GAAP operating loss of RMB1.04 billion in Q1 2025.
- R&D and SG&A expenses rose with the expanded product portfolio and higher sales commissions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports · overlaid with Q1 2025
+3.0%
Avg return
Earnings day
+8.4%
Avg return
5 days after
+10.3%
Avg return
30 days after
50%
9 / 18 earnings
Positive
+35.8%
Q3 2022
Best reaction
-12.7%
Q1 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | +8.6% | — | |
| Q4 2026 | -6.6% | -1.1% | +1.7% | |
| Q1 2025 | -7.8% | +5.3% | +4.1% | |
| Q2 2024 | -1.9% | -2.6% | +30.4% | |
| Q1 2024 | +5.7% | +0.7% | -16.4% | |
| Q3 2023 | -4.5% | +7.2% | -14.9% | |
| Q2 2023 | +5.0% | +2.6% | +16.9% | |
| Q1 2023 | -12.1% | -10.0% | +8.7% | |
| Q4 2022 | +9.8% | +16.4% | +19.1% | |
| Q3 2022 | +35.8% | +54.5% | +35.4% | |
| Q2 2022 | -9.1% | -9.9% | -34.6% | |
| Q1 2022 | -12.7% | -3.3% | +31.4% | |
| Q4 2021 | +4.3% | +7.9% | -12.3% | |
| Q3 2021 | +14.7% | +7.8% | -2.7% | |
| Q2 2021 | -1.4% | +4.0% | -13.5% | |
| Q1 2021 | +3.8% | +10.3% | +67.6% | |
| Q4 2020 | +6.9% | +25.4% | +21.5% | |
| Q3 2020 | +25.2% | +28.0% | +32.2% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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