Track market-moving stories before they get noisy

Tesla stock dropped to a crucial support level on Friday as traders waited for the upcoming earnings. It also retreated as Xpeng, a top Chinese rival, hinted that it was about to launch a new Model Y killer. TSLA dropped to $380, down by over 23% from its highest point this year.

Xpeng, a top Chinese electric vehicle company worth over $12 billion, hinted that it was working on a new car that will take on Model Y in China and Europe. In a statement, the company’s co-founder said:

“I think we’re not far from beating Model Y. I really believe in that.”

The statement came after the company launched L03, its more affordable electric SUV that starts at about 35,600 euros. It launched this model simultaneously in China and Europe. It is a more affordable vehicle than Model Y, which starts at 39,990 euros.

Xpeng hopes that the new vehicle will help it supercharge its deliveries and stock. In a recent report, the company said that its deliveries stood at 40,126 vehicles in June and 103,295 in the second quarter. It delivered 34,611 vehicle in June and 103,181 vehicles in Q2 of last year.

Tesla has come under significant competition pressures in the past few years as Chinese companies have continued launching new models and gaining market share. Some of its top competitors are companies like BYD, SAIC, Nio, and Li Auto. 

The next key catalyst for the TSLA stock price will be the upcoming earnings report that comes out on Wednesday. 

Analysts expect these results to show that its revenue jumped in the second quarter after its strong deliveries. It produced 450,000 vehicles in the quarter and delivered 480k. This was a big turnaround after the company made 408k vehicles and delivered 358k.

One possible reason for the rebound is that gasoline prices jumped in the second quarter as the US-Iran war escalated. In most periods, a surge in gasoline prices pushes more people to buy EVs, which are often cheaper to maintain.

The average estimate among analysts is that the company’s revenue will come in at $26.36 billion, up by 17.20% YoY. For the year, analysts estimate that its revenue will jump by 10% to $104.5 billion.

In addition to the rising competition, the company is also seeing elevated costs, especially in the data center industry.

TSLA stock chart | Source: TradingView

The daily chart shows that the TSLA stock price has slumped in the past few months, moving from a high of $498 to the current $380. It has recently dropped below the 50-day Exponential Moving Average (EMA).

The Percentage Price Oscillator (PPO) has moved below the zero line and is pointing downwards. Notably, it is hovering slightly above the ascending trendline that links the lowest swing since April last year.

Therefore, the most likely scenario is where the stock drops further, potentially to $350 after earnings. On the other hand, a rebound above $400 will point to more upside.

XPeng had a soft first quarter where deliveries dipped and revenue growth turned negative, spooking a market already nervous about weak Chinese New Energy Vehicle sales. I expect a sharp reacceleration of vehicle sales and revenue through Q3 and Q4 2026, driven by new model releases including the GX flagship SUV and the upcoming L03/L05 SUVs. Gross margins have held firm above 20% despite rising component costs, driven by high-margin revenue from Volkswagen for VLA 2.0 and co-developed vehicles.

BEIJING — Humanoid startup LimX Dynamics is getting ready to go public, just over four years after it was founded during the pandemic.

"Listing is a must," said founder Will Zhang, emphasizing the importance of timing. He was speaking to reporters ahead of the company's announcement Tuesday that it had raised $200 million in a pre-IPO round.

Zhang compared the situation to Chinese electric car startups Nio, Xpeng and Li Auto, which successively listed in the U.S. from 2018 to 2020. "Once the technology is mature, if [the company] doesn't list, then like WM Motor, it may disappear," he said in Mandarin, translated by CNBC.

Several overseas investors, including UAE-based Stone Venture, Italy-based GGG and Germany-based Redstone VC participated in LimX's latest round, which valued the startup at 15 billion yuan ($2.21 billion), according to a press release.

The startup said it was already preparing for its IPO, likely in Hong Kong, and is in a confidential phase of review.

The urgency comes as China now has well over 100 humanoid companies, which fall under the national push for "embodied AI."

Reflecting a rapid surge in interest, investment in the sector hit 47.09 billion yuan ($6.95 billion) in the second quarter, more than double that of the first quarter — and up over six times versus the same period last year, according to industry data provider Xiniu.

A new phaseChina has fast-tracked approval for humanoid company Unitree to list in Shanghai, while Hong Kong processes applications from more than 500 companies across sectors.

"With more industrial and collaborative robot companies potentially coming to IPO, competitive pressure is likely to persist," Morgan Stanley said in a report last week, noting sector players DeepRobot and Leju that are looking to list soon.

The investment firm forecasts 18% growth in China's industrial robots market this year, and shipment of 50,000 humanoids.

LimX aims to create fully autonomous commercial service robots. The company said it will kick off a multi-year plan to ship thousands of humanoids to the Middle East, and is delivering its entertainment-focused Luna humanoid to customers in South Korea.

To founder Zhang, the technology behind humanoid robots has already crossed the "0 to 1" line of innovating from scratch. The next barrier to entry, he said, lies in making a good product that meets users' needs.

Other backers in the latest funding round include Chinese precision parts company Lens Technology, IDG Capital, WestSummit Capital, Nio Capital and Hefei Binhu Industry Development Group, the release said.

, /PRNewswire/ -- XPENG has officially started employee testing of its Robotaxi platform, marking a major milestone in the company's journey from intelligent electric vehicles to autonomous vehicles powered by Physical AI. The programme follows just eight months after XPENG first unveiled its Robotaxi initiative at XPENG AI Day 2025, reinforcing the company's rapid progress towards commercial deployment.

To mark the occasion, XPENG Chairman and CEO He Xiaopeng became the first internal passenger to complete a full end-to-end Robotaxi journey, successfully placing an order, being picked up and reaching his destination through the XPENG Robotaxi platform. The test demonstrated that the company has successfully connected the entire service chain, from ride hailing and autonomous dispatch to passenger transport and journey completion.

The employee testing programme was announced during XPENG's first company-wide Robotaxi business meeting, where He Xiaopeng outlined the strategic importance of autonomous mobility to the company's future development.

"Robotaxi represents an important step in XPENG's expansion from smart electric vehicles to robotic vehicles," said He Xiaopeng, Chairman and CEO of XPENG. "Over the next decade, Physical AI will increasingly evolve into robots. For XPENG, Robotaxi is not simply a new business, but one of the most important milestones in unlocking the real potential of Physical AI."

From Smart EVs to "Robotic Vehicles"

As autonomous driving advances from driver assistance to full autonomy, XPENG believes vehicles will increasingly become intelligent robotic platforms capable of perception, reasoning and decision-making.

Powered by XPENG's self-developed Turing AI chip, VLA2.0 AI model and proprietary infrastructure, Robotaxi represents one of the company's most complete Physical AI applications to date, bringing together its advances in intelligent vehicles, autonomous driving and embodied AI into a single platform.

Built for Global Scale

He Xiaopeng also used the meeting to outline its long-term Robotaxi strategy. Rather than operating ride-hailing fleets itself, the company intends to serve as a technology provider and ecosystem enabler - supplying the software, hardware and AI capabilities required for autonomous mobility, while working with local partners to deliver services on the ground.

Leveraging the same technology foundation underpinning both its L2 intelligent driving and L4 autonomous driving systems, XPENG's Robotaxi platform is designed for rapid deployment across different cities and markets without relying on LIDAR heavy architectures or high-definition maps.

"The second-generation VLA model's ability to generalise across different environments significantly reduces the cost and complexity of deployment," said Candice Yuan, Head of XPENG Robotaxi.

Following the launch of employee testing, XPENG plans to complete trial operations and establish regular demonstration services during 2026, using Guangzhou as a model city to develop operational experience that can be replicated globally. The company confirmed it is already exploring potential Robotaxi partnerships across Europe, the Middle East and Southeast Asia.

About XPENG

Founded in 2014, XPENG is a leading AI-driven mobility company that designs, develops, manufactures, and markets Smart EVs, catering to a growing base of tech-savvy consumers. With the rapid advancement of AI, XPENG aspires to become a global leader in AI mobility, with a mission to drive the Smart EV revolution through cutting-edge technology, shaping the future of mobility. To enhance the customer experience, XPENG develops its full-stack advanced driver-assistance system (ADAS) technology and intelligent in-car operating system in-house, along with core vehicle systems such as the powertrain and electrical/electronic architecture (EEA). Headquartered in Guangzhou, China, XPENG also operates key offices in Beijing, Shanghai, Silicon Valley, and Amsterdam. Its Smart EVs are primarily manufactured at its facilities in Zhaoqing and Guangzhou, Guangdong province. XPENG is listed at the New York Stock Exchange (NYSE: XPEV) and Hong Kong Exchange (HKEX: 9868).

Contacts: 
Email: [email protected]
Website: https://www.xpeng.com/

SOURCE XPENG

, /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV) (SSE: ALIVsdb), the global leader in automotive safety systems, today announced that XPENG Inc, a leading Chinese physical AI technology company with growing international presence, and Autoliv (Shanghai) Management Co., Ltd., have signed a strategic cooperation framework agreement to support the development of safer mobility solutions for global markets.

The partnership reflects both companies' ambition to strengthen collaboration across markets and support future mobility development in a rapidly changing global automotive landscape. XPENG is one of China's leading innovators in smart mobility, combining advanced electric vehicles, AI, autonomous driving, and humanoid robotics.

Under the agreement, Autoliv and XPENG will expand collaboration across several key areas, including technology development, digitalization, supply chain coordination, sustainability, and global business expansion, combining Autoliv's worldwide safety expertise with XPENG's innovation in smart electric mobility.

The partnership is designed to enhance system-level collaboration and improve innovation efficiency as the industry continues to evolve through electrification, connectivity, and globalization.

Autoliv will leverage its global footprint and longstanding expertise in automotive safety systems to support XPENG's product development and global expansion strategy.

"XPENG is striving to explore the future of mobility, and Autoliv is proud to support that journey. As vehicles become smarter, safety must be integrated from the very beginning. This agreement reflects our shared commitment to innovation and safety, combining XPENG's innovation in smart mobility with Autoliv's global safety expertise to help make the next generation of mobility safer," said Mikael Bratt, President and CEO of Autoliv.

Inquiries: 

Investors & Analysts: [email protected]

Anders Trapp, Tel +46 709 578 171, Henrik Kaar, Tel +46 709 578 114

Media: [email protected] 

Gabriella Etemad, Tel +46 70 612 64 24, Emelie Ericson, Tel +46 70 957 81 35

About Autoliv

Autoliv, Inc. (NYSE: ALV; Nasdaq Stockholm: ALIV.sdb) is the worldwide leader in automotive safety systems. Through our group companies, we develop, manufacture and market protective systems, such as airbags, seatbelts, and steering wheels for all major automotive manufacturers in the world, as well as mobility safety solutions, such as commercial vehicles and electrical safety solutions. At Autoliv, we challenge and re-define the standards of mobility safety to sustainably deliver leading solutions. In 2025, our products saved approximately 40,000 lives and reduced around 600,000 injuries.

We have operations in 25 countries, and we drive innovation, research, and development at our 13 technical centers. Our 64,000 employees are passionate about our vision of Saving More Lives and quality is at the heart of everything we do. Sales in 2025 amounted to $10.8 billion. For more information go to www.autoliv.com.

Safe Harbor Statement

This report contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future. All forward-looking statements are based upon our current expectations, various assumptions and data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any such statements in light of new information or future events, except as required by law.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/autoliv/r/autoliv-and-xpeng-partner-to-advance-safer-mobility-worldwide,c4371750

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SOURCE Autoliv

, /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company,"NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its vehicle delivery results for June and the second quarter of 2026.

XPENG delivered 40,126 vehicles in June 2026, bringing total second-quarter deliveries to 103,295 units. Additionally, deliveries of GX reached 6,739 units in June and the model's 10,000th unit rolled off the production line today.

The Company expects to debut the XPENG MONA L03 in China on July 2, 2026, with presale to commence the same day, followed by a global market launch in July.

XPENG's electric vehicles delivered from January to June 2026 are expected to reduce life-cycle greenhouse gas emissions by more than 2.66 million tons compared to internal combustion engine vehicles — equivalent to the carbon absorption of 43.92 million young trees over 10 years.

About XPENG

XPENG is a leading Chinese Smart EV and NEV company that designs, develops, manufactures, and markets Smart EVs and NEVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley, Amsterdam, and Munich. The Company's Smart EVs and NEVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contacts:

For Investor Enquiries:

IR Department
XPeng Inc.
Email: [email protected]

Jenny Cai
Piacente Financial Communications
Tel: +1 212 481 2050 / +86 10 6508 0677
Email: [email protected]

For Media Enquiries:

PR Department
XPeng Inc.
Email: [email protected]

SOURCE XPeng Inc.

China EV stocks are in a strong freefall this year as investors remain pessimistic about their growth prospects. Nio stock slipped to $5 on Friday, down nearly 30% from its May high, and is hovering at its lowest level since March 9. 

Xpeng stock has tumbled to $13.21 in New York, down 53% from its November 2025 high. This retreat has wiped out billions of dollars in its value as its market capitalization has slumped to $12.55 billion. 

Li Auto stock has slumped to $13.2, marking a major downfall for one of the most popular Chinese EV companies. Its valuation has slumped to $13.3 billion from $34 billion at its peak last year. 

Polestar stock has dropped to $20, down by 52% from its 2025 highest point in 2025, while BYD has lost 50% of its value in the past few months. In total, all these Chinese EV companies have shaved over $100 billion in value from their all-time highs. 

Nio, Xpeng, BYD, Li Auto, and Polestar stocks | Source: TradingView

China’s top EV companies like Nio, XPeng, Li Auto, and BYD have slumped because of the ongoing competition in the country that has pushed them to issue robust discounts. 

A closer look at their quarterly numbers show that these firms are building thousands of cars and are seeking to boost production. For example, data shows that BYD delivered over 1 million vehicles globally in the first quarter, up by 59% YoY. XPeng sold 94,000 units, while Li Auto, Nio, and Polestar sold 94,000, 92,864, and 12,300 units in the same period. 

These deliveries are on top of those made by other EV and traditional companies like Mercedes-Benz, Toyota, Geely, Tesla, and Xiaomi. As a result, these companies are working to boost their sales by offering discounts, which will affect their margins in the long term.

READ MORE: NIO stock has 22% upside, so why are investors still staying away?

China EV stocks have also plunged because of a major policy shift in the country. Beijing started ending its subsidies, which is affecting the growth momentum. New energy vehicles transitioned from full purchase tax exemption to 50% exepemption, with the maximum tax deduction falling from 30,000 yuan to 15,000 yuan. 

As a result, Chinese residents boosted their purchases in the December quarter as they took advantage of the new shift. Most companies launched their “tax-difference guarantee” for customers who ordered in November and received deliveries in 2026. 

The policy shift mirrors what happened in the United States when President Donald Trump ended the EV tax credit, a move meant to boost sales of Internal Combustion Engine (ICE) vehicles. 

Many Chinese EV companies are now working to diversify their revenue sources by expanding their businesses beyond the country. Europe has become one of their favorite destinations, with firms like BYD, Saic, Jaecoo, and XPeng spending aggressively in the region.

Chinese companies are also aiming to capitalize on a major tariff cut in Canada to boost their growth there. Canada reduced the tariff of China EVs from 100% to 6% for the first 50,000 vehicles. 

Xpeng brought Mashable reporter Amanda Yeo to China to experience the new VLA 2.0 autonomous driving model inside its P7 electric vehicle. 0:00 The Car the US Government Doesn't Want You to Buy 0:18 Meet XPENG: China's High-Tech Tesla Rival 0:39 How VLA 2.0 Autonomous Driving Works 1:43 Stress Testing Self-Driving in Hectic Traffic 2:21 The Challenge of "Corner Cases" in Autonomy 2:43 Hands-Free Self-Parking Demo 3:00 Heads-Up Display and Interior Tech 3:24 XPENG's Personal Flying Machines 4:22 Why Chinese EVs are Banned in the US Add CNET as a trusted news source https://www.google.com/preferences/source?q=cnet.com Never miss a deal again!

Cash position[i] was RMB42.09 billion (US$6.10 billion) as of March 31, 2026 Quarterly total revenues were RMB13.03 billion, a 17.6% decrease year-over-year Quarterly gross margin was 20.6%, an increase of 5.0 percentage points over the same period of 2025 Quarterly vehicle margin was 12.1%, an increase of 1.6 percentage points over the same period of 2025 , /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company,"NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months ended March 31, 2026.

Operational and Financial Highlights for the Three Months Ended March 31, 2026

2026Q1

2025Q4

2025Q3

2025Q2

2025Q1

2024Q4

Total deliveries

62,682

116,249

116,007

103,181

94,008

91,507

Total deliveries of vehicles were 62,682 for the first quarter of 2026, representing a decrease of 33.3% from 94,008 in the corresponding period of 2025. XPENG's physical sales network had a total of 733 stores, covering 256 cities as of March 31, 2026. XPENG self-operated charging station network reached 3,455 stations, including 2,398 XPENG ultra-fast charging stations as of March 31, 2026. Total revenues were RMB13.03 billion (US$1.89 billion) for the first quarter of 2026, representing a decrease of 17.6% from the same period of 2025, and a decrease of 41.4% from the fourth quarter of 2025. Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for the first quarter of 2026, representing a decrease of 23.5% from the same period of 2025, and a decrease of 42.3% from the fourth quarter of 2025. Gross margin was 20.6% for the first quarter of 2026, compared with 15.6% for the same period of 2025 and 21.3% for the fourth quarter of 2025. Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 12.1% for the first quarter of 2026, compared with 10.5% for the same period of 2025 and 13.0% for the fourth quarter of 2025. Net loss was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025. Excluding share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, non-GAAP net loss was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025. Net loss attributable to ordinary shareholders of XPENG was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025. Excluding share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025. Basic and diluted net loss per American depositary share (ADS) were both RMB1.87 (US$0.27) and basic and diluted net loss per ordinary share were both RMB0.93 (US$0.14) for the first quarter of 2026. Each ADS represents two Class A ordinary shares. Non-GAAP basic and diluted net loss per ADS were both RMB1.76 (US$0.26), and non-GAAP basic and diluted net loss per ordinary share were both RMB0.88 (US$0.13) for the first quarter of 2026. Cash position was RMB42.09 billion (US$6.10 billion) as of March 31, 2026, compared with RMB47.66 billion as of December 31, 2025. [i] Cash position includes cash and cash equivalents, restricted cash, short-term investments and time deposits. Time deposits include restricted short-term deposits, short-term deposits, current portion and non-current portion of restricted long-term deposits, current portion and non-current portion of long-term deposits.

Key Financial Results

(in RMB billions, except for percentages)

For the Three Months Ended

% Change[ii]

March 31,

December 31,

March 31,

2026

2025

2025

YoY

QoQ

Vehicle sales

11.00

19.07

14.37

-23.5 %

-42.3 %

Vehicle margin

12.1 %

13.0 %

10.5 %

1.6pts

-0.9pts

Total revenues

13.03

22.25

15.81

-17.6 %

-41.4 %

Gross profit

2.68

4.74

2.46

9.1 %

-43.4 %

Gross margin

20.6 %

21.3 %

15.6 %

5.0pts

-0.7pts

Net (loss) profit

(1.78)

0.38

(0.66)

168.7 %

N/A

Non-GAAP net (loss)
   profit

(1.69)

0.51

(0.43)

295.9 %

N/A

Net (loss) profit
   attributable to
   ordinary shareholders

(1.78)

0.38

(0.66)

168.7 %

N/A

Non-GAAP net (loss)
   profit attributable to
   ordinary shareholders

(1.69)

0.51

(0.43)

295.9 %

N/A

Comprehensive (loss)
   profit attributable to
   ordinary shareholders

(2.06)

0.22

(0.69)

198.4 %

N/A

[ii] Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

Management Commentary

"Kickstarted by the successful launch of the GX, XPENG will deliver four new models this year, positioning us for a robust sales growth trajectory," said Mr. Xiaopeng He, Chairman and CEO of XPENG. "This year, I am dedicated to leading our team to achieve the mass production of Robotaxis and humanoid robots. We are nurturing a global business ecosystem to transform physical AI technologies into new growth drivers for revenue and profit."

"For the first quarter of 2026, our gross margin surpassed 20%. Our in-house technological innovation and surging international revenue enabled us to remain resilient through the industry's seasonal slowdown," added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. "We will accelerate the mass adoption and commercialization of physical AI applications as a corporate strategic priority."

Recent Developments

Deliveries in April 2026

Total deliveries were 31,011 vehicles in April 2026. As of April 30, 2026, year-to-date total deliveries were 93,693 vehicles. Launch of XPENG GX

On May 20, 2026, XPENG launched the XPENG GX, its tech flagship SUV.

Unaudited Financial Results for the Three Months Ended March 31, 2026

Total revenues were RMB13.03 billion (US$1.89 billion) for the first quarter of 2026, representing a decrease of 17.6% from RMB15.81 billion for the same period of 2025 and a decrease of 41.4% from RMB22.25 billion for the fourth quarter of 2025.

Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for the first quarter of 2026, representing a decrease of 23.5% from RMB14.37 billion for the same period of 2025, and a decrease of 42.3% from RMB19.07 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries.

Revenues from services and others were RMB2.03 billion (US$0.29 billion) for the first quarter of 2026, representing an increase of 41.2% from RMB1.44 billion for the same period of 2025 and a decrease of 36.1% from RMB3.18 billion for the fourth quarter of 2025. The year-over-year increase was primarily attributable to increased revenues from technical research and development services ("technical R&D services") and parts and accessories sales. The quarter-over-quarter decrease was primarily due to the reduction in technical R&D services revenues following a significant milestone catch-up in the prior quarter, as well as no revenue contribution from carbon credit trading in the current quarter.

Cost of sales was RMB10.35 billion (US$1.50 billion) for the first quarter of 2026, representing a decrease of 22.5% from RMB13.35 billion for the same period of 2025 and a decrease of 40.9% from RMB17.51 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly in line with vehicle deliveries as described above.

Gross margin was 20.6% for the first quarter of 2026, compared with 15.6% for the same period of 2025 and 21.3% for the fourth quarter of 2025.

Vehicle margin was 12.1% for the first quarter of 2026, compared with 10.5% for the same period of 2025 and 13.0% for the fourth quarter of 2025. The year-over-year increase was primarily attributable to the cost reduction and improvement in product mix of models. The quarter-over-quarter decrease was due to higher unit vehicle costs resulting from increased memory chip and battery related costs.

Services and others margin was 66.5% for the first quarter of 2026, compared with 66.4% for the same period of 2025 and 70.8% for the fourth quarter of 2025. The quarter-over-quarter decrease was due to a decreased share of the revenue from technical R&D services and parts and accessories sales within total services and other revenue.

Research and development expenses were RMB2.91 billion (US$0.42 billion) for the first quarter of 2026, representing an increase of 46.8% from RMB1.98 billion for the same period of 2025 and an increase of 1.1% from RMB2.87 billion for the fourth quarter of 2025. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and AI-related technologies as the Company expanded its product portfolio to support future growth.

Selling, general and administrative expenses were RMB1.88 billion (US$0.27 billion) for the first quarter of 2026, representing a decrease of 3.2% from RMB1.95 billion for the same period of 2025 and a decrease of 32.5% from RMB2.79 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were primarily due to the lower commission to the franchised stores.

Other income, net was RMB0.18 billion (US$0.03 billion) for the first quarter of 2026, representing a decrease of 66.5% from RMB0.54 billion for the same period of 2025 and a decrease of 78.3% from RMB0.84 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were primarily due to the decrease in receipt of government subsidies.

Fair value (loss) gain on derivative liability relating to the contingent consideration was a gain of RMB0.05 billion (US$0.01 billion) for the first quarter of 2026, compared with a loss of RMB0.12 billion for the same period of 2025 and a gain of RMB0.04 billion for the fourth quarter of 2025. This non-cash (loss) gain resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. ("DiDi")'s smart auto business.

Loss from operations was RMB1.87 billion (US$0.27 billion) for the first quarter of 2026, compared with RMB1.04 billion for the same period of 2025 and RMB0.04 billion for the fourth quarter of 2025.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.80 billion for the same period of 2025 and a profit of RMB0.08 billion for the fourth quarter of 2025.

Net loss was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025.

Non-GAAP net loss, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.

Net loss attributable to ordinary shareholders of XPENG was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.

Basic and diluted net loss per ADS were both RMB1.87 (US$0.27) for the first quarter of 2026, compared with RMB0.70 basic and diluted net loss per ADS for the first quarter of 2025 and RMB0.40 basic and diluted net profit per ADS for the fourth quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB1.76 (US$0.26) for the first quarter of 2026, compared with RMB0.45 non-GAAP basic and diluted net loss per ADS for the first quarter of 2025 and RMB0.53 and RMB0.52 non-GAAP basic and diluted net profit per ADS for the fourth quarter of 2025, respectively.

Balance Sheets

As of March 31, 2026, the Company had a cash position of RMB42.09 billion (US$6.10 billion), compared with RMB45.28 billion as of March 31, 2025 and RMB47.66 billion as of December 31, 2025.

Business Outlook

For the second quarter of 2026, the Company expects:

Deliveries of vehicles to be between 100,000 and 106,000, representing a year-over-year change of approximately -3.08% to +2.73%, and a quarter-over-quarter increase of approximately 59.54% to 69.11%. Total revenues to be between RMB19.60 billion and RMB20.80 billion, representing a year-over-year increase of approximately 7.25% to 13.82%, and a quarter-over-quarter increase of approximately 50.38% to 59.59%. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

Conference Call

The Company's management will host an earnings conference call at 7:00 AM U.S. Eastern Time on May 28, 2026 (7:00 PM Beijing/Hong Kong Time on May 28, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:               XPENG First Quarter 2026 Earnings Conference Call
Pre-registration link: https://s1.c-conf.com/diamondpass/10054534-c1s7jl.html  

Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until June 4, 2026, by dialing the following telephone numbers:

United States:

+1-855-883-1031

International:

+61-7-3107-6325

Hong Kong, China:

800-930-639

Chinese Mainland:

400-120-9216

Replay Access Code:

10054534

About XPENG

XPENG is a leading Chinese Smart EV and NEV company that designs, develops, manufactures, and markets Smart EVs and NEVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs and NEVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP (loss) profit from operations, non-GAAP net (loss) profit, non-GAAP net (loss) profit attributable to ordinary shareholders, non-GAAP basic (loss) profit per ordinary share and non-GAAP basic (loss) profit per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net (loss) profit or other consolidated statements of comprehensive (loss) profit data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.8980 to US$1.00, the exchange rate on March 31, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries
IR Department
XPeng Inc.
E-mail: [email protected]

Jenny Cai
Piacente Financial Communications
Tel: +1-212-481-2050 or +86-10-6508-0677
E-mail: [email protected]

For Media Enquiries
PR Department
XPeng Inc.
E-mail: [email protected]

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

December 31,

March 31,

March 31,

2025

RMB

2026

RMB

2026

US$

ASSETS

Current assets

Cash and cash equivalents

17,329,612

14,460,430

2,096,322

Restricted cash

6,071,491

5,436,604

788,142

Short-term deposits

11,388,834

9,568,321

1,387,115

Restricted short-term deposits

296,277

1,223,833

177,419

Short-term investments

3,217,293

3,112,654

451,240

Long-term deposits, current portion

3,020,317

3,453,198

500,609

Restricted long-term deposits, current portion

600,472

—

—

Derivative assets

—

2,203

319

Accounts and notes receivable, net

1,996,917

1,078,429

156,339

Installment payment receivables, net,

current portion

3,553,054

3,213,713

465,891

Inventory

10,380,668

13,291,855

1,926,914

Amounts due from related parties

102,219

119,406

17,310

Prepayments and other current assets, net

5,296,673

5,707,084

827,353

Total current assets

63,253,827

60,667,730

8,794,973

Non-current assets

Long-term deposits

4,263,542

3,354,922

486,362

Restricted long-term deposits

1,468,708

1,476,815

214,093

Property, plant and equipment, net

13,527,237

17,421,250

2,525,551

Right-of-use assets, net

3,730,921

1,187,653

172,174

Intangible assets, net

4,253,168

4,120,041

597,281

Land use rights, net

3,216,526

3,491,040

506,095

Installment payment receivables, net

6,496,020

5,866,931

850,526

Long-term investments

2,523,037

2,817,726

408,484

Other non-current assets

429,644

408,481

59,217

Total non-current assets

39,908,803

40,144,859

5,819,783

Total assets

103,162,630

100,812,589

14,614,756

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

December 31,

  March 31,

March 31,

2025
RMB

2026
RMB

2026
US$

LIABILITIES

Current liabilities

Short-term borrowings

4,282,000

6,764,000

980,574

Accounts payable

18,001,675

13,077,399

1,895,825

Notes payable

19,161,724

17,817,244

2,582,958

Amounts due to related parties

1,064

2,532

367

Income taxes payable

44,682

25,921

3,758

Derivative liabilities

281,009

227,709

33,011

Operating lease liabilities, current portion

445,901

327,703

47,507

Finance lease liabilities, current portion

55,581

84,002

12,178

Deferred revenue, current portion

1,463,065

1,753,105

254,147

Long-term borrowings, current portion

1,837,950

790,251

114,562

Accruals and other liabilities

12,538,698

12,463,653

1,806,850

Total current liabilities

58,113,349

53,333,519

7,731,737

Non-current liabilities

Long-term borrowings

6,588,865

9,004,823

1,305,425

Operating lease liabilities

4,246,599

2,066,919

299,640

Finance lease liabilities

740,576

4,644,769

673,350

Deferred revenue

1,206,014

1,275,748

184,945

Deferred tax liabilities

330,353

330,353

47,891

Other non-current liabilities

1,568,284

1,696,838

245,990

Total non-current liabilities

14,680,691

19,019,450

2,757,241

Total liabilities

72,794,040

72,352,969

10,488,978

SHAREHOLDERS' EQUITY

Class A Ordinary shares

105

105

15

Class B Ordinary shares

21

21

3

Additional paid-in capital

71,236,011

71,385,560

10,348,733

Statutory and other reserves

137,720

151,302

21,934

Accumulated deficit

(42,767,710)

(44,565,392)

(6,460,625)

Accumulated other comprehensive income

1,762,443

1,488,024

215,718

Total shareholders' equity

30,368,590

28,459,620

4,125,778

Total liabilities and shareholders' equity

103,162,630

100,812,589

14,614,756

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE PROFIT/(LOSS)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

March 31,

December 31,

March 31,

      March 31,

2025
RMB

2025
RMB

2026
RMB

2026
US$

Revenues

Vehicle sales

14,369,298

19,072,174

10,999,321

1,594,567

Services and others

1,441,330

3,181,585

2,034,460

294,935

Total revenues

15,810,628

22,253,759

13,033,781

1,889,502

Cost of sales

Vehicle sales

(12,866,303)

(16,583,754)

(9,669,451)

(1,401,776)

Services and others

(484,795)

(928,199)

(681,737)

(98,831)

Total cost of sales

(13,351,098)

(17,511,953)

(10,351,188)

(1,500,607)

Gross profit

2,459,530

4,741,806

2,682,593

388,895

Operating expenses

Research and development expenses

(1,980,724)

(2,874,248)

(2,906,991)

(421,425)

Selling, general and administrative
   expenses

(1,946,064)

(2,792,254)

(1,883,438)

(273,041)

Other income, net

544,040

839,694

182,249

26,421

Fair value (loss) gain on derivative
   liability relating to the contingent 
   consideration

(118,229)

40,744

51,113

7,410

Total operating expenses, net

(3,500,977)

(4,786,064)

(4,557,067)

(660,635)

Loss from operations

(1,041,447)

(44,258)

(1,874,474)

(271,740)

Interest income

291,227

262,919

257,166

37,281

Interest expense

(128,935)

(76,485)

(164,994)

(23,919)

Fair value loss on derivative assets or
   derivative liabilities

—

—

(101)

(15)

Investment gain on long-term
   investments

79,653

265,364

169,117

24,517

Exchange gain (loss) from foreign
   currency transactions

130,448

(12,994)

(148,728)

(21,561)

Other non-operating income (expenses),
   net

20,275

22,173

(959)

(139)

(Loss) profit before income tax
   expenses and share of results of
   equity method investees

(648,779)

416,719

(1,762,973)

(255,576)

Income tax expenses

(7,991)

(22,128)

(9,251)

(1,341)

Share of results of equity method
   investees

(7,276)

(11,383)

(11,876)

(1,722)

Net (loss) profit

(664,046)

383,208

(1,784,100)

(258,639)

Net (loss) profit attributable to
   ordinary shareholders of XPeng Inc.

(664,046)

383,208

(1,784,100)

(258,639)

XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE PROFIT/(LOSS) (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

March 31,

December 31,

   March 31,

March 31, 

2025
RMB

2025
RMB

2026
RMB

2026
US$

Net (loss) profit

(664,046)

383,208

(1,784,100)

(258,639)

Other comprehensive loss

Foreign currency translation
   adjustment, net of tax

(25,710)

(166,194)

(274,419)

(39,782)

Total comprehensive (loss) profit
   attributable to XPeng Inc.

(689,756)

217,014

(2,058,519)

(298,421)

Comprehensive (loss) profit
   attributable to ordinary 
   shareholders of XPeng Inc.

(689,756)

217,014

(2,058,519)

(298,421)

Weighted average number of
   ordinary shares used in 
   computing net (loss) profit per
   ordinary share

Basic

1,899,365,591

1,908,651,262

1,910,568,643

1,910,568,643

Diluted

1,899,365,591

1,934,719,272

1,910,568,643

1,910,568,643

Net (loss) profit per ordinary share
   attributable to ordinary 
   shareholders

Basic

(0.35)

0.20

(0.93)

(0.14)

Diluted

(0.35)

0.20

(0.93)

(0.14)

Weighted average number of ADS
   used in computing net (loss) 
   profit per share

Basic

949,682,796

954,325,631

955,284,322

955,284,322

Diluted

949,682,796

967,359,636

955,284,322

955,284,322

Net (loss) profit per ADS
    attributable to ordinary
    shareholders

Basic

(0.70)

0.40

(1.87)

(0.27)

Diluted

(0.70)

0.40

(1.87)

(0.27)

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

Three Months Ended

March 31,

December 31,

March 31,

March 31,

2025
RMB

2025
RMB

2026
RMB

2026
US$

Loss from operations

(1,041,447)

(44,258)

(1,874,474)

(271,740)

Fair value loss (gain) on derivative liability
   relating to the contingent consideration

118,229

(40,744)

(51,113)

(7,410)

Share-based compensation expenses

120,028

162,629

149,549

21,680

Non-GAAP (loss) profit from operations

(803,190)

77,627

(1,776,038)

(257,470)

Net (loss) profit

(664,046)

383,208

(1,784,100)

(258,639)

Fair value loss (gain) on derivative liability
   relating to the contingent consideration

118,229

(40,744)

(51,113)

(7,410)

Share-based compensation expenses

120,028

162,629

149,549

21,680

Non-GAAP net (loss) profit

(425,789)

505,093

(1,685,664)

(244,369)

Net (loss) profit attributable to ordinary
   shareholders

(664,046)

383,208

(1,784,100)

(258,639)

Fair value loss (gain) on derivative liability
   relating to the contingent consideration

118,229

(40,744)

(51,113)

(7,410)

Share-based compensation expenses

120,028

162,629

149,549

21,680

Non-GAAP net (loss) profit attributable
   to ordinary shareholders of XPeng Inc.

(425,789)

505,093

(1,685,664)

(244,369)

Weighted average number of ordinary
   shares used in calculating Non-GAAP
   net (loss) profit per share

Basic

1,899,365,591

1,908,651,262

1,910,568,643

1,910,568,643

Diluted

1,899,365,591

1,934,719,272

1,910,568,643

1,910,568,643

Non-GAAP net (loss) profit per ordinary
   share

Basic

(0.22)

0.26

(0.88)

(0.13)

Diluted

(0.22)

0.26

(0.88)

(0.13)

Weighted average number of ADS used
   in calculating Non-GAAP net (loss)
   profit per share

Basic

949,682,796

954,325,631

955,284,322

955,284,322

Diluted

949,682,796

967,359,636

955,284,322

955,284,322

Non-GAAP net (loss) profit per ADS

Basic

(0.45)

0.53

(1.76)

(0.26)

Diluted

(0.45)

0.52

(1.76)

(0.26)

SOURCE XPeng Inc.

Li Auto reports a first-quarter per share loss of 15 cents while Wall Street was looking for a loss of 13 cents. XPeng reports a loss of 13 cents; Wall Street expected a loss of 10 cents.

First-quarter revenue totaled RMB 13.03 billion. Quarterly gross margin reached 20.6%. Overseas deliveries surpassed 6,000 units for the first time in April, targeting sustained monthly overseas deliveries above 10,000 units in Q4. The Ultra trim took over 80% of early GX orders, becoming one of the most popular choices in the premium segment market in China. In April, ADAS mileage penetration on VLA 2.0-equipped XPENG vehicles surpassed 50% for the first time. VLA 2.0 is currently under testing in Europe. , /PRNewswire/ -- XPENG, a leading Chinese AI-driven technology company, today announced its financial results for the first quarter of 2026.

Accelerating Physical AI Commercialization: VLA 2.0, Robotaxi and Humanoid Robotics in Full Swing

During the earnings call, He Xiaopeng, Chariman & CEO, detailed the company's ongoing transformation from an automotive manufacturer into a global leader in physical AI world.

VLA 2.0: VLA 2.0, which saw its ADAS mileage penetration rate on XPENG vehicles exceed 50% for the first time in April, is now being tested in Europe. Robotaxi: XPENG GX fleet is already conducting L4 public-road testing in Guangzhou ahead of Robotaxi pilot operations in Q3. The GX's L4 full-redundancy hardware and dual Turing SoC‑based VLA model are decoupled from the vehicle platform, enabling deployment across the entire XPENG lineup, including the MONA series. Humanoid Robotics: XPENG has recently completed the proprietary development of the next-gen agile and low-cost dexterous hand. XPENG strives to mass-produce its IRON humanoid robots by year-end, with initial deployment in XPENG showrooms, followed by commercial deliveries in China and overseas next year. Smart EV Business Drives Profitability, Overseas Markets Expect to Contribute Above 20% of Q2 Revenue

Mr. He emphasized that within the XPENG ecosystem, its smart EV business has already achieved profitability. Quarterly gross margin reached 20.6%. The rapid growth of the automotive segment has generated strong cash flow, supporting its R&D investment for physical AI.

In April, XPENG's single-month overseas deliveries surpassed 6,000 units for the first time. In Q1, XPENG also secured No.1 among emerging Chinese EV brands across Norway, Denmark, Portugal, Indonesia, Belgium and Ireland. Overseas markets expect to contribute above 20% of Q2 revenue.

Launched on May 20, the 6-seater flagship SUV XPENG GX is the ultimate culmination of XPENG's technology vision for the L4 era. Priced above RMB 350,000, the Ultra trim took over 80% of early GX orders, becoming one of China's most popular premium models.

In H2, XPENG plans to introduce four models globally, targeting sustained monthly overseas deliveries above 10,000 units in Q4 and more than doubling its full-year deliveries abroad.

Outlook: Mass Production of Physical AI Will Fuel Huge Returns

XPENG is advancing the mass production and global commercialization of three core physical AI applications—VLA 2.0, Robotaxi, and humanoid robots—as key pillars with strong potential for both commercial scale and capital returns. "According to XPENG's strategic roadmap, the B2B market is projected to thrive first, and international markets are ultimately expected to yield greater commercial returns than the domestic market", said He.

About XPENG

Founded in 2014, XPENG is a leading Chinese AI-driven mobility company that designs, develops, manufactures, and markets Smart EVs, catering to a growing base of tech-savvy consumers. With the rapid advancement of AI, XPENG aspires to become a global leader in AI mobility, with a mission to drive the Smart EV revolution through cutting-edge technology, shaping the future of mobility.

To enhance the customer experience, XPENG develops its full-stack advanced driver-assistance system (ADAS) technology and intelligent in-car operating system in-house, along with core vehicle systems such as the powertrain and electrical/electronic architecture (EEA). Headquartered in Guangzhou, China, XPENG also operates key offices in Beijing, Shanghai, Silicon Valley, and Munich. Its Smart EVs are primarily manufactured at its facilities in Zhaoqing and Guangzhou, Guangdong province.

XPENG is listed on the New York Stock Exchange (NYSE: XPEV) and Hong Kong Exchange (HKEX: 9868).

For more information, please visit https://www.xpeng.com/.

For Media Enquiries
PR Department
XPeng Inc.
E-mail: [email protected]

SOURCE XPENG

Item 1 of 2 A Xpeng's new flagship SUV GX car on stage during a launch event in Beijing, China May 20, 2026. REUTERS/Tingshu Wang

[1/2]A Xpeng's new flagship SUV GX car on stage during a launch event in Beijing, China May 20, 2026. REUTERS/Tingshu Wang Purchase Licensing Rights, opens new tab

CompaniesMay 28 (Reuters) - Electric vehicle maker Xpeng (9868.HK), opens new tab on Thursday forecast second-quarter revenue below market expectations, underscoring a prolonged slowdown in demand and stiff ​competition in the Chinese EV market.

Domestic car sales in China ‌fell for a seventh straight month in April, with industry estimates showing that EV and plug-in hybrid sales growth were likely to slow in 2026 after years of rapid ​expansion.

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

Still, Chinese EV makers are betting on advanced driver-assistance systems, ​feature-rich vehicles and broader model lineups to help navigate ⁠the downturn.

Here are more details on Xpeng's first-quarter results:

Xpeng projected total ​revenue to be between 19.60 billion yuan ($2.89 billion) and 20.80 billion ​yuan in the second quarter, representing a year-over-year rise of 7.3% to 13.8%.

The forecast is below analysts' average estimate of 21.71 billion yuan, per data compiled by ​LSEG.

Revenue for the first quarter ended March stood at 13.03 billion ​yuan, above estimates of 12.93 billion yuan.

Total vehicle deliveries for the first quarter ‌were ⁠62,682 units, down 33.3% from 94,008 in the same period last year. For the June quarter, Xpeng projected deliveries to be between 100,000 and 106,000 units.

"Kickstarted by the successful launch of the GX, Xpeng will ​deliver four new ​models this ⁠year, positioning us for a robust sales growth trajectory," CEO Xiaopeng He said.

The company's U.S.-listed shares, which have slid ​nearly 19% so far this year up to ​last close, ⁠were up marginally in early trading.

Xpeng said first-quarter net loss attributable to ordinary shareholders stood at 1.78 billion yuan, widening from a loss of ⁠664 ​million yuan in the year-ago period ​and compared with a profit of 383.2 million yuan reported in the previous quarter.

($1 = 6.7796 Chinese ​yuan renminbi)

Reporting by Deborah Sophia in Bengaluru; Editing by Diti Pujara

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Xpeng (XPEV) faces declining deliveries and revenues, with Q1 2026 vehicle deliveries down 33.3% year-over-year and revenues falling 17.6%. Despite margin improvements to 20.6%, XPEV swung to a net loss of RMB 1.78 billion, driven by higher R&D and lower volumes. Management projects a Q2 rebound with 100,000–106,000 vehicle deliveries and RMB 19.6–20.8 billion in revenue, banking on new model launches.

, /PRNewswire/ -- XPeng Inc. ("XPENG" or the "Company,"NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its vehicle delivery results for May 2026.

XPENG delivered a total of 32,158 vehicles in May, representing a 4% increase from the prior month.

XPENG's electric vehicles delivered from January to May 2026 are expected to reduce life-cycle greenhouse gas emissions by more than 2 million tons compared to internal combustion engine vehicles — equivalent to the carbon absorption of 33.16 million young trees over 10 years.

About XPENG

XPENG is a leading Chinese Smart EV and NEV company that designs, develops, manufactures, and markets Smart EVs and NEVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers' mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company's Smart EVs and NEVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about XPENG's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG's goal and strategies; XPENG's expansion plans; XPENG's future business development, financial condition and results of operations; the trends in, and size of, China's EV market; XPENG's expectations regarding demand for, and market acceptance of, its products and services; XPENG's expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG's filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contacts:

For Investor Enquiries:

IR Department
XPeng Inc.
Email: [email protected] 

Jenny Cai
Piacente Financial Communications
Tel: +1 212 481 2050 / +86 10 6508 0677
Email: [email protected] 

For Media Enquiries:

PR Department
XPeng Inc.
Email: [email protected] 

SOURCE XPeng Inc.

XPeng XPEV shares jumped about 5% on Monday after the Chinese electric-vehicle maker reported higher monthly deliveries and outlined environmental targets tied to its expanding vehicle fleet.

XPeng delivered 32,158 vehicles in May, marking a 4% increase from April and extending the company's recent delivery momentum. The latest figure came as competition in China's electric-vehicle market remained intense and industry demand showed mixed trends across manufacturers.

XPeng also said vehicles delivered between January and May 2026 are expected to lower lifecycle greenhouse-gas emissions by more than 2 million tons compared with gasoline-powered automobiles. The company linked the estimate to the broader environmental impact of its battery-powered vehicle lineup.

The May delivery total was slightly above April's 31,011 vehicles. XPeng has continued to focus on new model launches and advanced driving technologies as Chinese automakers compete for market share in the world's largest EV market.

, /PRNewswire/ -- XPENG (NYSE: XPEV, HKEX: 9868), a leading China-based high-tech company, kicks off its key presence at CVPR 2026 (The IEEE/CVF Conference on Computer Vision and Pattern Recognition). Dr. Xianming Liu, Head of General Intelligence Center at XPENG, spoke at the inaugural Workshop on Deployment of Foundation Models for Embodied AI (WDFM-EAI), sharing insights with global counterparts including Tesla, NVIDIA and Waymo. This marks XPENG's third attendance at the prestigious conference.

From Technical Concept to Mass Production: VLA2.0 Achieves Key Technical Breakthrough

Dr. Xianming Liu systematically deconstructed the evolution of XPENG's physical AI technology system, from concept validation and technical refinement to full-scale mass production. First unveiled at CVPR 2025, XPENG's in-house foundation model has now achieved a critical leap: VLA2.0 has entered formal mass production, marking an industry-leading closed loop from pre-research to commercial deployment. Within its first month, VLA2.0 set an industry milestone with over 50% assisted driving mileage share, establishing a new benchmark in China's assisted driving sector.

First Technical Blueprint for World Model Unveiled, Advancing Physical-World Foundation Models

Dr. Xianming Liu introduced the world model as another core pillar of XPENG's foundation model system. XPENG is developing a world model capable of Deliberative Reasoning, Controllable Generation, and Long-Horizon Forecasting. Rather than competing, the world model and VLA2.0 complement each other: VLA2.0 learns "how to act" from human driving, while the world model learns "how the world changes after an action" by predicting future states and scene evolution. Together, they form XPENG's Physical-World Foundation Model, essentially pursuing the same goal: building a sufficiently powerful foundation model for the physical world.

XPENG specifies these three core capacities as essential for qualified world models and autonomous driving. Its R&D team has published three papers: X-World, X-Foresight, X-Cache, detailing corresponding R&D approaches.

Continuing Validation of Scaling Law: XPENG Accelerates Large-Scale Rollout of Physical AI

In the 12 months ending March this year, XPENG's cluster delivered a 1,010% uplift in per-GPU training efficiency and a 4,360% gain in single-job training efficiency, while GPU hardware utilization climbed from 40% to 90%, matching benchmarks set by top-tier global AI firms.

As VLA2.0's capabilities continue to expand, XPENG is accelerating the large-scale deployment of its core Physical AI applications: VLA2.0, Robotaxi, and Humanoid Robots. The IRON humanoid robot is progressing toward mass production by the end of 2026, with plans to enter XPENG's offline stores as a shopping guide in Q1 2027.

Appendix: XPENG World Model Related Academic Papers

X-World Paper: https://arxiv.org/pdf/2603.19979

X-World Official Site: https://x-world-1.github.io/

X-Cache Paper: https://arxiv.org/abs/2604.20289

X-Cache Official Site: https://x-cache-1.github.io/en/

X-Foresight Paper: https://arxiv.org/abs/2605.24892

X-Foresight Official Site: https://x-foresight-1.github.io/en/

About XPENG
Founded in 2014, XPENG is a leading Chinese AI-driven mobility company that designs, develops, manufactures, and markets Smart EVs, catering to a growing base of tech-savvy consumers. With the rapid advancement of AI, XPENG aspires to become a global leader in AI mobility, with a mission to drive the Smart EV revolution through cutting-edge technology, shaping the future of mobility.

To enhance the customer experience, XPENG develops its full-stack advanced driver-assistance system (ADAS) technology and intelligent in-car operating system in-house, along with core vehicle systems such as the powertrain and electrical/electronic architecture (EEA). Headquartered in Guangzhou, China, XPENG also operates key offices in Beijing, Shanghai, Silicon Valley, and Amsterdam. Its Smart EVs are primarily manufactured at its facilities in Zhaoqing and Guangzhou, Guangdong province.

XPENG is listed on the New York Stock Exchange (NYSE: XPEV) and Hong Kong Exchange (HKEX: 9868).
For more information, please visit https://www.XPENG.com/.

Contacts:
For Media Enquiries:
XPENG PR Department
Email: [email protected]

SOURCE XPENG

Item 1 of 2 Xpeng's humanoid robot Iron stands at the Chinese electric vehicle (EV) maker's booth during a media day for the Auto Shanghai show in Shanghai, China April 23, 2025. REUTERS/Go Nakamura/File Photo

[1/2]Xpeng's humanoid robot Iron stands at the Chinese electric vehicle (EV) maker's booth during a media day for the Auto Shanghai show in Shanghai, China April 23, 2025. REUTERS/Go Nakamura/File Photo Purchase Licensing Rights, opens new tab

CompaniesBEIJING, June 10 (Reuters) - The chief executive of Xpeng (9868.HK), opens new tab said on Wednesday he would personally lead the company’s robotics business, as the Chinese ​electric vehicle maker — emerging as a frontrunner in humanoid ‌robotics among automakers — pushes toward mass production by year-end.

"The (robot) industry is becoming increasingly hot and competitive, and we have clearly seen the direction and timing ​of victory, but it still requires more arduous implementation ​and extremely high decision-making ability," Xpeng CEO He Xiaopeng said ⁠in an internal letter reviewed by Reuters.

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He said the decision ​to take on the role of "CEO" of the robotics unit, effective ​immediately, comes "on the eve of mass production and commercialisation" of Xpeng's humanlike IRON robots, which debuted last year.

The announcement follows market talk that Shi Xiaoxin, ​a core executive involved in the IRON project, had left the ​company earlier this month. Xpeng confirmed on Wednesday that Shi had resigned as ‌senior ⁠director of robotics product planning, without giving further details.

The EV maker, pivoting toward "physical AI" encompassing humanoids, robotaxis and flying cars, has set a goal of starting mass production of IRON robots by ​the end of ​2026.

The humanoids are ⁠expected to see trial use in Xpeng's retail stores before being delivered to commercial customers in ​China and overseas from 2027 when robotics hardware and ​related ⁠AI models are set to become one of the main drivers of revenue and gross margins, He said on an earnings call in ⁠late ​May.

Xpeng's first-quarter revenue fell 17.6% year on ​year while its net losses widened from the year before, reversing its first-ever quarterly ​break-even in the fourth quarter.

Reporting by Qiaoyi Li and Kevin Krolicki

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XPeng (XPEV) got a credibility boost in Europe after its X9 electric MPV topped a major real-world EV test in Norway.The company said the X9 was the best-perfor