Xpeng Stock Earnings Reports

XPeng reported Q1 2026 revenue of RMB 13.03 billion, with vehicle deliveries of 62,680 units. Revenue and deliveries declined both year-over-year and sequentially (vehicle revenue down 23.5% YoY and 42.3% QoQ) due to a soft domestic NEV market. Gross margin improved YoY to 20.6% (vehicle margin 12.1%), while R&D spend rose ~47% YoY as the company accelerates investments in AI, autonomous driving and robotics. XPeng reiterated aggressive growth and product roadmaps: management expects Q2 deliveries of 100,000–106,000 units (up ~60% QoQ) and Q2 revenue guidance of RMB 19.6–20.8 billion. Key product updates: GX flagship SUV launched (strong orders, >80% in premium trim), Mona M3 Turing SoC upgrade completed (MAX/Ultra SE adoption >85%), rollout of VLA 2.0 (ADAS/robotaxi enabler) with overseas certification efforts underway, and continuing development toward mass production of robotaxis and humanoid robots (targeting humanoid mass production by year-end and initial commercial deployments in 1H 2027). International expansion is accelerating (monthly international deliveries >6,000; target >10,000 monthly by Q4), with localized production in Southeast Asia and Austria. Cash balance at quarter end: RMB 42.09 billion. Management emphasizes prioritizing operating quality, long-term commercialization of 'physical AI' (vehicles + robotaxis + humanoids), and expects AI-driven recurring software/model revenues to become material contributors over time.