Xpeng posted record revenue of RMB 16.11 billion ($2.21 billion) in the fourth quarter of 2024, exceeding analyst expectations and its own forecast, driven by record-high deliveries. The Chinese EV maker also reported a reduced net loss, though its gross margin edged lower.
Revenue for the quarter rose 23.4% year-on-year and 59.4% sequentially, surpassing the upper end of its previous guidance. Vehicle sales contributed RMB 14.67 billion, up 20% from the prior year and 66.8% from Q3, supported by strong delivery figures. Xpeng delivered 91,507 units in the quarter, exceeding its target and marking a 52.1% year-on-year and 96.7% quarterly increase.
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The company reported a net loss of RMB 1.33 billion, narrower than market estimates and a 26.4% improvement from the prior quarter. Non-GAAP net loss stood at RMB 1.39 billion. Loss per ADS was RMB 1.40, compared to RMB 1.51 a year ago. Gross margin fell to 14.4% from 15.3% in Q3 but was significantly higher than 6.2% in Q4 2023. Vehicle margin improved to 10%, reflecting cost reductions.
Xpeng increased R&D spending by 53.4% year-on-year to RMB 2.01 billion, while SG&A expenses rose 17.5% to RMB 2.28 billion, mainly due to higher sales commissions. The company ended 2024 with RMB 41.96 billion in cash and equivalents.
For Q1 2025, Xpeng expects to deliver between 91,000 and 93,000 units, representing a year-on-year increase of over 317%, with revenue projected between RMB 15 billion and RMB 15.7 billion, up at least 129%.
