Driving Smart EV Transformation: XPeng's Unparalleled Innovations and Global ExpansionXPeng Inc., a leading Chinese smart electric vehicle (EV) company, has announced its unaudited financial results for the second quarter of 2024, showcasing remarkable growth and technological advancements. The company's robust performance, driven by a powerful product cycle and strategic collaborations, positions it as a trailblazer in the dynamic smart EV market.## Powering Ahead: XPeng's Exceptional Q2 2024 PerformanceXPeng's second-quarter results underscore its unwavering commitment to innovation and customer satisfaction. With a staggering 60.2% increase in total revenues and a significant improvement in gross margin, the company has demonstrated its ability to navigate the ever-evolving EV landscape.### Soaring Deliveries, Expanding FootprintDuring the second quarter of 2024, XPeng delivered an impressive 30,207 vehicles, representing a remarkable 30.2% increase compared to the same period in 2023. This surge in deliveries can be attributed to the company's strategic expansion of its physical sales network, which now encompasses 611 stores across 185 cities.### Enhancing the Charging ExperienceAlongside its growing vehicle fleet, XPeng has diligently built out its self-operated charging station network, reaching 1,298 stations, including 442 XPENG S4 ultra-fast charging stations, as of June 30, 2024. This robust charging infrastructure not only enhances the driving experience for XPeng owners but also reinforces the company's commitment to providing a seamless and sustainable mobility solution.### Technological Advancements and Strategic CollaborationsFueling its growth, XPeng has made significant strides in its technological prowess. The rollout of the XOS 5.2.0 update, which elevates the XNGP navigation system to "smooth experience anywhere," showcases the company's dedication to delivering cutting-edge in-car technology. Furthermore, the recently announced Master Agreement on E/E Architecture Technical Collaboration with the Volkswagen Group solidifies XPeng's position as a strategic partner in the industry's technological advancement.### Impressive Financial PerformanceThe company's financial performance during the second quarter of 2024 is equally remarkable. Total revenues reached RMB8.11 billion (US.12 billion), a 60.2% increase year-over-year, driven by a 54.1% rise in vehicle sales revenue. Gross margin also saw a significant improvement, reaching 14.0%, compared to negative 3.9% in the same period of 2023.### Navigating the Path to ProfitabilityWhile the company continues to invest in research and development, as well as marketing and promotional activities, it has made substantial progress in reducing its net loss. The non-GAAP net loss for the second quarter of 2024 stood at RMB1.22 billion (US{{royaItemContent}}.17 billion), a 54.3% decrease compared to the same period in 2023. This improved financial performance reflects XPeng's ability to optimize its operations and drive towards profitability.### Charting the Course for the FutureLooking ahead, XPeng's management has provided a positive business outlook for the third quarter of 2024, with expected vehicle deliveries between 41,000 and 45,000, representing a year-over-year increase of 2.5% to 12.5%. The company also anticipates total revenues to be in the range of RMB9.1 billion to RMB9.8 billion, showcasing its confidence in sustaining its growth trajectory.## Transforming the Future of MobilityXPeng's relentless pursuit of technological innovation, combined with its strategic partnerships and global expansion, positions the company as a formidable player in the smart EV market. As the industry continues to evolve, XPeng's unwavering commitment to shaping the mobility experience of the future will undoubtedly propel it to new heights.### Driving Innovation Through CollaborationThe Master Agreement with the Volkswagen Group underscores XPeng's ability to forge industry-leading partnerships, harnessing the collective expertise to develop cutting-edge E/E Architecture. This collaboration not only strengthens XPeng's technological capabilities but also demonstrates its strategic vision to drive the smart EV transformation.### Enhancing the In-Vehicle ExperienceXPeng's focus on delivering exceptional in-vehicle experiences is evident in the rollout of the XOS 5.2.0 update, which significantly improves the XNGP navigation system. By providing a "smooth experience anywhere," the company is empowering its customers with the latest advancements in autonomous driving and in-car intelligence.### Global Expansion: Unlocking New FrontiersAs XPeng continues to solidify its presence in the Chinese market, it has also set its sights on international expansion. The company's strategic initiatives and partnerships will enable it to leverage its technological prowess and deliver its innovative smart EVs to global consumers, broadening its reach and solidifying its position as a leading player in the global EV landscape.### Committed to Sustainability and Environmental ResponsibilityAlongside its technological advancements, XPeng remains committed to sustainable practices and environmental responsibility. By investing in its charging infrastructure and promoting the adoption of electric vehicles, the company is contributing to the reduction of carbon emissions and the creation of a more sustainable future.## Embracing the Future of Mobility with XPengXPeng's unwavering commitment to innovation, strategic partnerships, and global expansion has solidified its position as a trailblazer in the dynamic smart EV market. As the company continues to push the boundaries of technological excellence and deliver exceptional customer experiences, it is poised to lead the charge in the transformation of the mobility landscape.
