Key Takeaways:
- Q1 revenue reached RMB 13.03 billion with gross margin of 20.6%
- Overseas deliveries surpassed 6,000 units in April for the first time
- Company targets mass production of humanoid robots by year-end
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XPENG forecasts Q2 delivery rebound as gross margin hits 20.6%
XPENG reported first-quarter revenue of RMB 13.03 billion and a gross margin of 20.6%, forecasting a sharp rebound in second-quarter deliveries after a weaker start to the year as the company pivots toward physical AI applications including robotaxis and humanoid robots.
"The smart EV business has already achieved profitability, generating strong cash flow to support our research and development investment for physical AI," Chairman and Chief Executive Officer He Xiaopeng said on the earnings call.
Overseas deliveries surpassed 6,000 units in April for the first time, with international markets expected to contribute above 20 percent of second-quarter revenue. The company ranked No. 1 among emerging Chinese EV brands across six countries including Norway, Denmark and Indonesia during the first quarter.
The results position XPENG as more than an electric-vehicle maker. The company is advancing three physical AI pillars: its VLA 2.0 advanced driver-assistance system, now being tested in Europe with ADAS mileage penetration exceeding 50 percent on equipped vehicles; a robotaxi pilot in Guangzhou set for the third quarter using the GX fleet; and mass production of its IRON humanoid robots by year-end, with commercial deliveries in China and overseas starting next year.
The GX, a six-seater flagship SUV launched May 20 with pricing above RMB 350,000, saw its Ultra trim capture more than 80 percent of early orders, making it one of the most popular premium models in China.
XPENG plans to introduce four models globally in the second half, targeting sustained monthly overseas deliveries above 10,000 units in the fourth quarter and more than doubling full-year deliveries abroad. The company's VLA 2.0 system is decoupled from the vehicle platform, enabling deployment across the entire lineup including the MONA series.
The guidance raise signals management expects overseas expansion and AI-driven products to accelerate growth. Investors will watch second-quarter delivery numbers and the robotaxi pilot launch in the third quarter for signs of commercial traction.
This article is for informational purposes only and does not constitute investment advice.
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