Xpeng Motors releases second quarter financial report and looks forward to new product cycle

Xpeng Motors released its financial report for the second quarter of 2024. The report showed that the company's revenue reached 8.11 billion yuan, a year-on-year increase of 60.2% and a month-on-month increase of 23.9%. The net loss was 1.28 billion yuan, a decrease from 2.8 billion yuan in the same period of 2023 and 1.37 billion yuan in the first quarter of 2024. The revenue of the automotive business was 6.82 billion yuan, a year-on-year increase of 54.1% and a month-on-month increase of 23%. The gross profit margin was 14.0%, compared with -3.9% in the same period of 2023 and 12.9% in the first quarter of 2024. The gross profit margin of the automotive business was 6.4%, compared with -8.6% in the same period of 2023 and 5.5% in the first quarter of 2024. A total of 30,200 vehicles were delivered this quarter, a year-on-year increase of 30.2% and a month-on-month increase of 38.4%. The company's current cash reserves are 37.33 billion yuan. Looking ahead, Xpeng Motors plans to launch a number of new models, including the highly anticipated Xpeng MONA M03, which is expected to begin large-scale deliveries in the second half of 2024.