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01/09 22:26
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
XPeng's earnings call highlights robust growth plans with new vehicle launches, technological advancements, and global expansion. The company's optimistic guidance, particularly in deliveries and revenue, suggests positive market sentiment. The Q&A session revealed no major concerns, with analysts appearing satisfied. The strong guidance outweighs any potential uncertainties, leading to a positive stock price prediction.
Vehicle Deliveries 116,007 units, a 149% increase year-over-year. The increase was driven by the launch of the all-new XPeng P7, which boosted monthly deliveries to over 40,000 units starting in September.
Total Revenues RMB 20.38 billion, an increase of 101.8% year-over-year and 11.5% quarter-over-quarter. The increase was mainly due to higher deliveries from newly launched vehicle models.
Revenues from Vehicle Sales RMB 18.05 billion, an increase of 105.3% year-over-year and 6.9% quarter-over-quarter. The increase was driven by higher deliveries from newly launched vehicle models.
Revenues from Services and Others RMB 2.33 billion, an increase of 78.1% year-over-year and 67.3% quarter-over-quarter. The increase was primarily due to increased revenues from after-sales services and technical R&D services rendered to the Volkswagen Group.
Gross Margin 20.1%, compared with 15.3% for the same period of 2024 and 17.3% for the second quarter of 2025. The year-over-year increase was due to ongoing cost reduction.
Vehicle Margin 13.1%, compared with 8.6% for the same period of 2024 and 14.3% for the second quarter of 2025. The year-over-year increase was due to ongoing cost reduction, while the quarter-over-quarter decrease was due to targeted promotion to clear outgoing inventory during product transition.
R&D Expenses RMB 2.43 billion, an increase of 48.7% year-over-year and 10.1% quarter-over-quarter. The increase was due to higher expenses related to the development of new vehicle models and technologies.
SG&A Expenses RMB 2.49 billion, an increase of 52.6% year-over-year and 15% quarter-over-quarter. The increase was due to higher commissions to franchised stores driven by higher sales volume, as well as higher marketing and advertising expenses.
Net Loss RMB 0.38 billion, compared with RMB 1.81 billion year-over-year and RMB 0.48 billion quarter-over-quarter. The reduction in net loss was due to increased revenues and cost management.
Cash and Cash Equivalents RMB 48.33 billion as of September 30, 2025.
XPeng P7: Launched recently and became one of the top 3 BEV sedans priced between RMB 200,000 to RMB 300,000, with monthly deliveries exceeding 40,000 units starting in September.
XPeng X9 Super Extended-Range EV: Presales launched on November 6, featuring a 5C rate high-capacity LFP battery and a total range of up to 1,602 kilometers. Preorders are nearly 3x higher than the previous X9 model. Official launch on November 20 with immediate deliveries.
Future Product Plans: Plans to introduce 3 super extended-range products in Q1 2026 and 4 new one vehicle, dual energy models in 2026, including MONA M03. Total of 7 new models with super extended-range technology to debut next year.
Global Expansion: Monthly overseas deliveries exceeded 5,000 units for the first time in September 2025, a 79% increase year-over-year. Expanded sales and service network to 52 countries and regions with 56 new overseas stores.
Localized Production: First European localized production facility in Graz, Austria, began operations, producing XPeng G6 and G9. R&D center in Munich, Germany, started functioning to better understand overseas customer needs.
New Overseas Models: Plans to introduce 3 new overseas models in 2026, including mid- to small SUVs tailored to global consumer preferences.
Gross Margin: Exceeded 20% for the first time in Q3 2025, reflecting operational improvements.
R&D Investments: Increased R&D expenses by 48.7% year-over-year to support new vehicle models and technologies, including VLA 2.0, Robotaxi, and humanoid robots.
Financial Performance: Total revenues reached RMB 20.38 billion in Q3 2025, a 101.8% increase year-over-year. Net loss reduced to RMB 0.38 billion, compared to RMB 1.81 billion year-over-year.
Physical AI and VLA 2.0: Focused on advancing physical AI applications, including VLA 2.0 model with 10x more parameters, aiming for mass production in early 2026.
Robotaxi and Humanoid Robots: Plans to launch 3 Robotaxi models and mass-produce humanoid robots by the end of 2026. Open sourcing SDKs to partners to expand ecosystem.
Volkswagen Partnership: Volkswagen to be the initial launch customer for VLA 2.0 model. Revenue from licensing technology to be reinvested into R&D.
Market Expansion Risks: The company is expanding its global presence with 56 new overseas stores and a production facility in Austria. However, rapid expansion into 52 countries and regions could strain resources and operational efficiency, and adapting to diverse market preferences may pose challenges.
R&D and Financial Strain: R&D expenses increased by 48.7% year-over-year, driven by the development of new vehicle models and technologies. This could pressure financials, especially as the company aims to achieve breakeven in Q4 2025.
Competitive Pressures: The company faces intense competition in the NEV and AI-driven vehicle markets, which could impact market share and profitability.
Supply Chain and Production Risks: The company is launching multiple new models and expanding production facilities, which could lead to supply chain disruptions or production delays.
Regulatory and Technological Risks: The development and deployment of advanced technologies like Robotaxi and humanoid robots may face regulatory hurdles and technological challenges, potentially delaying mass production and commercialization.
Economic and Market Uncertainties: Economic uncertainties and fluctuating market conditions, especially in overseas markets, could impact sales and revenue growth.
Revenue and Deliveries: XPeng projects total deliveries in Q4 2025 to range between 125,000 and 132,000 units, reflecting a year-over-year growth of 36.6% to 44.3%. Revenue for Q4 2025 is expected to be between RMB 21.5 billion and RMB 23 billion, representing a year-over-year increase of 33.5% to 42.8%.
Product Launches and Market Expansion: XPeng plans to launch three super extended-range products in Q1 2026 and four new dual-energy models in 2026, including the MONA M03. These launches aim to expand market share and address key challenges for EREV users. Additionally, XPeng will introduce three new overseas models in 2026, focusing on mid- to small SUVs to cater to global consumer preferences.
AI and Autonomous Driving: The VLA 2.0 model, with 10x more parameters than its predecessors, will be deployed across the Ultra lineup in early 2026. XPeng plans to open source the VLA 2.0 model to global partners, with Volkswagen as the initial launch customer. Revenue from licensing this technology will be reinvested into R&D.
Robotaxi and Humanoid Robots: XPeng plans to launch three Robotaxi models in 2026, with pilot operations in China. The company also aims to begin mass production of humanoid robots by the end of 2026, targeting commercial applications such as tour guiding and retail assistance. By 2030, XPeng envisions selling over 1 million humanoid robots annually.
Global Expansion: XPeng's first European localized production facility commenced operations, and the company plans to expand its global presence with new models and localized approaches. In 2026, XPeng aims to introduce three new overseas models to meet diverse global consumer needs.
The selected topic was not discussed during the call.
XPeng's earnings call highlights robust growth plans with new vehicle launches, technological advancements, and global expansion. The company's optimistic guidance, particularly in deliveries and revenue, suggests positive market sentiment. The Q&A session revealed no major concerns, with analysts appearing satisfied. The strong guidance outweighs any potential uncertainties, leading to a positive stock price prediction.
XPeng's earnings call indicates strong financial performance with record deliveries, high vehicle gross margins, and robust cash reserves. The company is expanding globally and investing heavily in AI and product development, with optimistic guidance for future profitability. Despite some concerns over declining ASPs, XPeng plans to address this by launching high-end models. Collaboration with Volkswagen and new product launches are expected to drive revenue growth. Overall, the sentiment is positive, with potential for stock price appreciation over the next two weeks.
The earnings call reveals strong financial performance with record vehicle deliveries and revenue growth, despite no share buyback program. The Q&A highlights strategic expansions and product launches, including the Turing chip and Mona series, which are seen positively by analysts. Although management avoided specifics on certain metrics, the overall sentiment remains positive with expected margin improvements and international growth. The partnership with VW and aggressive new model launches further boost sentiment. Therefore, the stock price is likely to see a positive movement in the next two weeks.
The earnings call reveals strong financial performance with record vehicle deliveries and significant revenue growth. Guidance indicates continued expansion and profitability by Q4 2025. Despite risks, the Q&A highlights aggressive new model launches and promising international growth. The absence of a share repurchase program is offset by improving margins and reduced losses. Overall, the outlook is positive with potential catalysts from new models and international expansion, suggesting a positive stock price movement.
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