XPeng Reports Q2 Revenue Of CNY 3.76 Billion, Above Expectations

The company to increase R&D headcount by 1500 to 4500 by the end of 2021.

CNEV

XPeng Motors (XPEV) reported revenue of CNY 3.761 billion (USD 582.5 million) in the second quarter, beating market expectations of CNY 3.436 billion, according to the company's unaudited financial report released Thursday.

That was up 536.7 percent from a year ago and 27.5 percent from the first quarter.

The company reported revenue from vehicle sales of CNY 3.584 billion in the second quarter, up 562.4 percent from a year earlier and 27.5 percent from the first quarter.

It reported a net loss of CNY 1.19 billion in the second quarter, below Wall Street analysts' expectations for a net loss of CNY 1.236 billion. This was up about 52 percent from CNY 786.6 million in the first quarter.

XPeng reported a loss of CNY 0.75 per share in the second quarter with an adjusted loss of CNY 0.69 per share.

Its gross margin was 11.9 percent in the second quarter, up from 11.2 percent in the first quarter. Its gross margin was -2.7 percent in the same period last year.

The company's vehicle gross margin for the second quarter was 11.0 percent, compared with -5.6 percent for the same period of 2020 and 10.1 percent for the first quarter of 2021.

XPeng delivered 17,398 new vehicles in the second quarter, up 439 percent year-over-year and up 30 percent from the first quarter.

XPeng P7 deliveries in the second quarter were 11,522 units, up 44.5 percent from the first quarter, 97 percent of which support XPILOT 2.5 or XPILOT 3.0, the company said.

XPeng expects third-quarter revenue of CNY 4.8 billion to CNY 5 billion, compared with analyst estimates of CNY 4.27 billion.

The company expects third-quarter deliveries of 21,500 to 22,500 units, representing a year-over-year increase of approximately 150.6 percent to 162.3 percent.

As of June 30, XPeng had 200 brick-and-mortar retail stores and 64 service centers covering 74 cities. It has 231 XPeng-branded supercharging stations covering 65 cities.

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