XPENG-W(09868) released its third quarter financial results, with automotive sales revenue of 8.8 billion yuan, a year-on-year increase of 12.1%. The gross profit margin further increased to 15.3%.

XPENG-W(09868) released the unaudited financial performance for the third quarter of 2024, with the group achieving automotive sales revenue of RMB 8.8 billion (same units), an increase of 12.1% compared to the same period last year. The automotive gross margin was 8.6%, up 14.7 percentage points year-on-year; total revenue was RMB 10.1 billion, up 18.4% year-on-year; net loss attributable to ordinary shareholders was RMB 1.81 billion, an increase of 53.5% year-on-year; basic and diluted net loss per American Depository Share was RMB 1.91. The total number of car deliveries in the third quarter of 2024 was 46,533 vehicles, an increase of 16.3% compared to the same period in 2023 where 40,008 vehicles were delivered. As of September 30, 2024, Xiaopeng Motors had 639 physical sales outlets covering 206 cities. As of September 30, 2024, Xiaopeng Motors' self-operated charging station network reached 1,557 charging stations, including 654 Xiaopeng S4 ultra-fast charging stations. The total revenue for the third quarter of 2024 was RMB 101.0 billion ($14.4 billion), an increase of 18.4% compared to the same period in 2023, and 24.5% compared to the second quarter of 2024. "Our systematic capabilities have significantly improved post-transformation, and the successful listing of M03 and P7+ signifies that our product cycle growth positive cycle has begun," said Mr. He Xiaopeng, Chairman and CEO of Xiaopeng Motors. "I believe the next decade will be the era of AI, and I am confident in leading Xiaopeng Motors to become a global AI automotive company, leading the large-scale application of AI in the field of travel." "With the full realization of cost reductions through technology and significant growth in scale, our gross margin further increased to 15.3%, achieving continuous improvement for five consecutive quarters and hitting a historical high," said Dr. Gu Hongdi, Vice Chairman and Co-President of Xiaopeng Motors. "The product cycle will not only drive sales growth, but also bring us healthier gross margins and cash flow, giving us the confidence to confidently invest in the R&D of AI automotive technology, providing better products and services to car owners in China and globally."