XPeng expects to deliver between 100,000 and 106,000 vehicles in the second quarter, guidance issued alongside its first-quarter results on Thursday that sets a demanding pace for the final two months of the period.
With 31,011 vehicles delivered in April, the company needs between 68,989 and 74,989 deliveries across May and June combined to reach the range disclosed amid its first-quarter earnings results.
That implies a monthly average of roughly 34,500 to 37,500 vehicles, or about 11% to 21% above April’s pace, making the back half of the quarter the decisive stretch.
The Math Behind the Guidance
April deliveries of 31,011 were already up 13% from March, the company’s strongest sequential month of the year so far.
Were May to match April at around 31,000 units, June alone would need to reach roughly 38,000 to 44,000 vehicles, a level the company has not approached in 2026.
The guidance therefore leans heavily on a continued ramp through the quarter, with the steepest month likely to be June.
A Rebound Off a Weak Start
The Q2 target marks a sharp turn from the first quarter, when XPeng delivered 62,682 vehicles, down 33.3% from a year earlier.
Against the first quarter, the guidance represents a sequential increase of about 60% to 69%.
In year-over-year terms, however, the range is roughly flat, between a 3.1% decline and a 2.7% gain, since XPeng delivered about 103,000 vehicles in the second quarter of 2025.
The guidance points to a recovery back toward year-ago levels rather than fresh record territory.
Still Carried by the Cheapest Model
The challenge for XPeng is that its volume remains concentrated in its most affordable model.
The Mona M03, an electric sedan starting at 119,800 yuan, delivered 13,699 units in April, or 44% of the company’s total.
Deliveries of the model jumped nearly 47% from March, even as they slipped 3.6% from a year earlier.
The G6 SUV, priced from 176,800 yuan, was the second-best seller at 5,692 units, down 26.9% year-over-year. The P7+ sedan followed at 3,999 units, down 45.9%.
Together the three models accounted for about three-quarters of April deliveries, underscoring how far the premium end of the lineup has slipped even as the entry-level Mona holds up.
The GX as the Engine
The acceleration hinges in large part on the GX, the six-seat SUV XPeng launched on May 20.
The company priced the model between 279,800 and 359,800 yuan before incentives, with the entry trim set 30% below the 399,800-yuan pre-sale price announced in April.
A limited-time 10,000-yuan discount for customers ordering before June 30 cuts the effective entry price to 269,800 yuan.
That positions the GX within striking distance of the L90 three-row SUV from Nio‘s mass-market sub-brand Onvo, which starts at 265,800 yuan.
The GX drew 24,863 non-cancellable firm orders in its first 12 hours on sale, a result founder and CEO He Xiaopeng said exceeded his own expectations.
Deutsche Bank estimates total May orders reached approximately 50,000 units, a 40% increase from April, driven primarily by the GX launch.
Because the GX launched late in May, the bulk of its delivery contribution would fall in June, consistent with the back-loaded shape the guidance implies.
Revenue and the Full-Year Target
XPeng expects second-quarter revenue of 19.60 billion yuan to 20.80 billion yuan, a year-over-year increase of roughly 7% to 14% and a sequential gain of about 50% to 60% over the first quarter’s 13.03 billion yuan.
The faster revenue growth relative to deliveries points to a richer product mix, with higher-priced models such as the GX making up a larger share of sales.
For the full year, XPeng is targeting deliveries of 550,000 to 600,000 vehicles, a 28.1% to 39.7% increase over the 429,445 it delivered in 2025.
Through April, the company had delivered 93,693 vehicles, leaving the bulk of the annual target dependent on a substantial second-half ramp.
“Kickstarted by the successful launch of the GX, XPeng will deliver four new models this year, positioning us for a robust sales growth trajectory,” He said.
