XPeng published its first quarter financial earnings on Wednesday, reporting a total revenue of 15.81 billion yuan ($2.19), beating Wall Street consensus estimate of 15.56 billion yuan ($2.16 billion).
Total revenue more than doubled when compared to the first three months of 2024 while revenue from vehicle sales jumped 159.2% to 14.37 billion, equivalent to $1.98 billion.
XPeng delivered 94,008 vehicles in the first three months, exceeding the company’s guidance of 91,000 to 93,000 units issued during its fourth-quarter earnings.
The company said on Wednesday it expects second quarter deliveries to range between 102,000 and 108,000 vehicles. Total revenue for the April-June period are estimated to jump between 115% and 130% to 17.5 billion yuan and 18.7 billion yuan.
The Ghangzhou-based brand saw its gross margin surge both sequentially and year over year to 15.6% in the first quarter of 2025, compared to 12.9% a year earlier.
Immediately after the first quarter results were published, XPeng shares are trading 7% higher at $21.20
Vehicle margin rose to 10.5%, increasing from the 5.5% reported a year ago and from the 10% registered in the fourth quarter of 2024.
XPeng‘s CEO He Xiaopeng said earlier this year he is “confident” about more than doubling last year’s delivery figures, setting a target of 380,000 units this year. From January 1 to April 30, the brand completed 34% of the target.
The company aims to double its presence to 60 markets by year-end. After entering Poland, Switzerland, Czech Republic and Slovakia in March, XPeng entered Italy and announced a new partnership with Modus Group for Latvia, Lithuania and Estonia.
On Tuesday, the brand revealed the Mona M03 Max, a new version of its best-selling model — which was launched in August. Last week, it also unveiled the refreshed version of its P7 sedan, which was first rolled out in 2019 in its home market.
As of the time of writing, XPeng‘s U.S.-listed shares are trading 7% at over 21%. The stock more than doubled in the past twelve months and surged 68% year to date.
