XPeng delivered 118,390 vehicles in the third quarter, within the 115,000 to 121,000 range it guided in August and 390 above the midpoint, as new SUVs lifted volumes to the highest quarterly total in its history.
Third-quarter deliveries rose 2.1% from a year earlier and 14.6% from the second quarter as the brand prepares to launch two new models in the upcoming months.
September deliveries rose 5% from August to 41,256, the company’s highest month of 2026, but fell 0.8% from a year earlier. The decline ended three straight months of year-on-year growth.
Year to date sales remain below 2025 levels. XPeng delivered 284,367 vehicles in the first nine months, down 9.2% from a year earlier.
The Guangzhou-headquartered brand will hold the global launch of its new G9L SUV at the Paris Motor Show, which runs from October 12 to 18.
Three Quarters Inside Guidance
The third quarter was the third in a row inside XPeng’s forecast range this year.
It delivered 62,682 vehicles in the first quarter, against guidance of 61,000 to 66,000, and 103,295 in the second, against 100,000 to 106,000.
It had missed its guidance in the fourth quarter of 2025, when it delivered 116,249 against a forecast of 125,000 to 132,000.
The Q4 Push
Founder and CEO He Xiaopeng has set a much higher bar for the last three months of the year.
“We believe XPeng’s deliveries to increase significantly in the fourth quarter with monthly deliveries targeting more than 60,000 units,” he said on the second-quarter earnings call on August 24.
The goal is about 45% above September’s deliveries.
That would take fourth-quarter deliveries to more than 180,000, up about 55% from a year earlier, and full-year deliveries to about 464,400, up 8.1%.
XPeng set a 2026 target of 550,000 to 600,000 deliveries at an internal strategy meeting in January, according to a report at the time.
Reaching the bottom of that range would require 265,633 deliveries in the fourth quarter, or about 88,500 a month.
“In the third quarter, new uncancelable orders increased by 50% quarter-over-quarter to a record high,” He said in August.
Four New SUVs
XPeng is relying on a run of new SUVs.
The GX, a large SUV launched in May with fully electric and range-extender versions, delivered 7,224 units in September, its third straight month above 7,000, the company said.
The Mona L03, launched in China in July from 123,800 yuan ($18,500), delivered more than 10,000 units in September.
XPeng launched the G9L, a five-seat flagship SUV, on September 17 at limited-time prices of 231,800 to 309,800 yuan ($34,600 to $46,200).
The company will launch the Mona L05 in China in the fourth quarter, He said in August.
“With the launch of 4 brand-new SUV models, we will cover all major SUV segments,” he said.
Sales of older models have fallen, with retail sales of the X9 multipurpose vehicle in China nearly halving to 688 units in August, according to China Passenger Car Association data.
XPeng’s vehicle margin was 12.1% in the second quarter, down from 14.3% a year earlier, and it posted a net loss of 1.34 billion yuan ($199.9 million).
Its shares plunged after the results and the third-quarter forecast.
Paris and Overseas
XPeng’s overseas deliveries exceeded 20,000 in a quarter for the first time in the second quarter, up 81% from a year earlier, He said in August.
He said overseas deliveries of the Mona L03 would start in the fourth quarter, lifting quarterly overseas deliveries above 40,000.
XPeng did not disclose overseas deliveries for the third quarter.
XPeng plans to sell the G9L in 64 countries and regions, and began building right-hand-drive versions in September, with the first batch going to Australia.
It will be among more than a dozen Chinese brands at the show.
XPeng’s European registrations more than quadrupled in August.
The company plans to start assembling a fourth model in Europe, at Magna Steyr’s plant in Graz, Austria.
