Xpeng Motors Reports gross profit margin of 15.3%
London, November 21, 2024, (Oilandgaspress) –––2024 third quarter operating and financial summary:
Total vehicle deliveries in the third quarter of 2024 were 46,533, exceeding expectations and up 16.3% from 40,008 in the same period of 2023.
Total revenue in the third quarter of 2024 was RMB 10.1 billion, a 24.5% increase from the second quarter of 2024.
The gross profit margin in the third quarter of 2024 was 15.3%, a record high, an increase of 18 percentage points year-on-year from the same period in 2023.
As of September 30, 2024, Xpeng Motors’ sales network continues to expand, with 639 stores covering 206 cities.
As of September 30, 2024, Xpeng Motors’ self-operated charging station network has further expanded to 1,557 charging stations, including 654 Xpeng S4 ultra-fast charging stations.
Management Comments
“Our system capabilities have been comprehensively improved after the transformation. The successful launch of M03 and P7+ marks the beginning of a positive growth cycle for our major product cycles,” said Mr. He Xiaopeng, Chairman and CEO of Xpeng Motors. “I believe the next decade will be the era of AI. I am confident that I can lead Xpeng Motors to become a global AI car company and lead the large-scale application of AI in the travel sector.”
“With the full realization of technology cost reduction and the significant month-on-month growth in scale, our gross profit margin has further increased to 15.3%, achieving continuous improvement for five consecutive quarters and setting a new record.” Dr. Gu Hongdi, Vice Chairman and Co-President of Xpeng Motors, said. “The big product cycle will not only drive sales growth, but also bring us healthier gross profit and cash flow, allowing us to invest firmly in the technology research and development of AI vehicles and provide better products and services to car owners in China and around the world.”
Recent Developments
Xiaopeng MONA M03 is a hot seller as soon as it is launched
On August 27, the “intelligent pure electric hatchback” Xiaopeng MONA M03 was officially launched and sold, with a total of 3 models. Only 22 days after the launch of the Xiaopeng MONA M03, the number of mass-produced vehicles rolled off the production line exceeded 10,000, setting a record for the fastest roll-off of 10,000 new vehicles of new forces. Xiaopeng MONA M03 has delivered more than 10,000 units in two months since its launch. It is expected that the production capacity will increase by 40% in December, and the monthly production capacity target will be 20,000 units before the Spring Festival in 2025.
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