XPENG-W releases second-quarter financial results, achieving total revenue of RMB 8.111 billion, a year-on-year increase of 60.22%, with gross profit margin further improving to 14.0%

Zhitong
2024.08.20 09:45
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XPENG-W released its second-quarter performance for 2024, with total revenue of 8.111 billion RMB, a year-on-year increase of 60.22%. Net loss attributable to common stockholders narrowed to 1.285 billion RMB, a decrease of 54.19% year-on-year; gross profit margin increased to 14.0%. The car delivery volume for this quarter was 30,200 units, a 30.2% year-on-year increase. Chairman He Xiaopeng stated that the company will enter a strong product cycle and is confident in returning to a fast growth track. The improvement in gross profit margin is attributed to cost reduction through technology and strategic cooperation

According to the financial report released by XPENG-W (09868) on the second quarter ending June 30, 2024, the group achieved a total revenue of RMB 8.111 billion, a year-on-year increase of 60.22%. The net loss attributable to common shareholders narrowed to RMB 1.285 billion, a decrease of 54.19% compared to the same period last year. The gross profit margin was 14.0%, an increase of 17.9 percentage points year-on-year, with a basic net loss per share of 0.68 yuan.

The announcement stated that the total delivery volume of XPENG-W in the second quarter of 2024 was 30,200 units, a 30.2% increase from the same period in 2023.

As of June 30, 2024, XPENG-W had a total of 611 physical sales outlets covering 185 cities. The self-operated charging network of XPENG-W reached 1,298 charging stations, including 442 XPENG S4 ultra-fast charging stations.

The automotive sales revenue in the second quarter of 2024 was RMB 6.82 billion (USD 940 million), a 54.1% increase from the same period in 2023 and a 23.0% increase from the first quarter of 2024.

"Starting from the launch of MONA M03 in August, we are about to enter a strong product cycle. In the next three years, we will have a large number of new models and facelift models launched," said Mr. He Xiaopeng, Chairman and CEO of XPENG-W. "I believe that with a strong product cycle, a more efficient marketing system, our long-term technological advantages, and breakthroughs in AI, will translate into sales growth in the Chinese and global markets. We not only have confidence in returning to the fast lane of growth but also have the determination to win in the industry's intelligent and global competition."

"With the realization of cost reduction through technological advancements and technology monetization income from strategic cooperation with Volkswagen, our gross profit margin further increased to 14.0% in the second quarter of 2024," said Dr. Gu Hongdi, Honorary Vice Chairman and Co-President of XPENG-W. "I look forward to significant improvements in our economies of scale, operational efficiency, and cash flow as global market sales grow driven by the large product cycle."

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