Overview
- XPeng posted record Q3 revenue of RMB20.38 billion on 116,007 deliveries, narrowing its net loss to RMB380.9 million as gross margin reached 20.1% and vehicle margin 13.1%.
- The company guided Q4 deliveries to 125,000–132,000 and revenue to RMB21.5–23.0 billion, below many forecasts, and its shares fell on the outlook.
- Research and development spending rose 48.7% year over year to RMB2.43 billion, with cash and equivalents at roughly RMB48.33 billion at quarter end.
- Management reiterated a target of reaching profitability in Q4 2025 while advancing embodied-AI bets, including the IRON humanoid robot slated for mass production next year and robotaxi models planned for 2026.
- Analysts flagged softer near-term sales, though notes pointed to higher-margin tech revenue such as Volkswagen licensing and the Nov 20 X9 extended-range MPV launch as potential supports.