On August 20, Xiaopeng Motors released its latest financial report, showing that in the second quarter of 2024, it achieved revenue of 8.11 billion yuan, a year-over-year increase of 60.2% and a quarter-over-quarter increase of 23.9%. The net loss was 1.28 billion yuan, down from a net loss of 2.8 billion yuan in the same period last year, indicating a reduction in losses.
On August 21, 2024, customers were viewing cars at a Xiaopeng Motors dealership in Shanghai.
In terms of sales, Xiaopeng Motors delivered a total of 30,200 vehicles in the second quarter, a year-over-year increase of 30.2% and a quarter-over-quarter increase of 38.4%. However, this figure is only half of the third quarter of 2023's deliveries.
Notably, Xiaopeng Motors' gross margin in the second quarter of 2024 was 14.0%, compared to -3.9% in the same period of 2023 and 12.9% in the first quarter of 2024. The gross margin for the automotive business in the second quarter was 6.4%, up from -8.6% in the previous year, marking a 15 percentage point increase year-over-year. He Hongdi, Xiaopeng Motors' honorary vice-chairman and co-president, stated: “With the cost reduction driven by technology and the revenue from technology monetization through our partnership with Volkswagen, our gross margin further improved in the second quarter of 2024. I look forward to significant improvements in our economies of scale, operational efficiency, and cash flow as global market sales grow driven by the product cycle.”
Xiaopeng Motors' chairman, He Xiaopeng, mentioned during the second quarter earnings call that since the launch of the Xiaopeng MONA M03, the company would enter a strong product cycle and a phase of rapid development, with several new and updated models expected to debut over the next three years.
He expressed confidence in achieving a significant quarter-over-quarter increase in deliveries in the third and fourth quarters, aiming for a new delivery record in the fourth quarter. Previously, Xiaopeng Motors' highest quarterly delivery record was 60,000 units, achieved in the third quarter of 2023.
In July, Xiaopeng signed a joint development agreement with the Volkswagen Group for the electronic and electrical architecture technology, collaborating on the development of the CMP and MEB platforms produced by Volkswagen in China. The first model equipped with the jointly developed electronic and electrical architecture is expected to enter mass production within 24 months.
In its traditional area of strength, intelligent driving, Xiaopeng believes that the combination of "end-to-end + large model" will not only achieve significant safety and experiential advancements in autonomous driving but also greatly reduce cost barriers, accelerating the acceptance of smart technologies by users.
It was revealed that starting in the fourth quarter of this year, the P7+ model will feature advanced intelligent driving capabilities. Soon, Xiaopeng plans to be the world's first automaker to offer high-level intelligent assisted driving on vehicles priced around $20,000.
Additionally, Xiaopeng Motors experienced significant growth in its overseas business during the second quarter, with overseas sales contributing over 10% for the first time. Currently, the Xiaopeng G6 has been launched in right-hand drive versions in several countries, including Thailand, Singapore, and Malaysia, with plans to begin deliveries within this year. This year, Xiaopeng will expand its export destinations from three to over twenty countries.
