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Highlights

  • Q2 vehicle deliveries rose to 103,181, up 241.6% year-on-year.
  • Q2 revenue climbed to RMB18.27 billion, a 125.3% increase year-on-year.
  • Reported net loss narrowed to RMB0.48 billion; non-GAAP loss RMB0.39 billion.

XPeng Inc. reported its unaudited results for the quarter ended June 30, 2025, showing material growth in volumes and revenue alongside continued operating losses on a reported basis. Total vehicle deliveries in Q2 reached 103,181 units, a sharp rise from 30,207 units in Q2 2024 and an increase from 94,008 units in Q1 2025. The company’s physical retail footprint expanded to 677 stores across 224 cities as of the end of the quarter.

Total revenue for Q2 was RMB18.27 billion (US$2.55 billion), representing a 125.3% increase versus Q2 2024 and a 15.6% increase from Q1 2025. Revenue from vehicle sales accounted for RMB16.88 billion (US$2.36 billion) in the quarter, up 147.6% year-on-year and 17.5% sequentially. XPeng attributed the top-line growth primarily to higher unit deliveries and related sales activity.

On profitability metrics, gross margin improved to 17.3% in Q2 2025 from 14.0% in Q2 2024 and 15.6% in Q1 2025. Vehicle margin — defined as gross profit on vehicle sales divided by vehicle sales revenue — increased to 14.3% from 6.4% in the prior-year quarter and from 10.5% sequentially. Those margin gains narrowed gaps but did not eliminate reported losses for the period.

XPeng reported a net loss of RMB0.48 billion (US$0.07 billion) in Q2 2025, narrower than the RMB1.28 billion loss in Q2 2024 and the RMB0.66 billion loss in Q1 2025. On a non-GAAP basis — excluding share-based compensation and fair value adjustments related to contingent consideration derivatives — the net loss was RMB0.39 billion (US$0.05 billion), improved from RMB1.22 billion in the year-ago quarter and RMB0.43 billion in the prior quarter.

The company’s charging and service infrastructure continued to grow: XPeng operated 2,348 self-operated charging stations, including 1,304 S4 and S5 ultra-fast chargers, at quarter-end. The expanding retail and charging networks coincide with higher delivery volumes and vehicle sales.

The quarter’s results show significant top-line expansion and margin improvement driven by volume growth, while reported losses remain. Investors and analysts will likely focus on the sustainability of margin gains, the path to sustained profitability, and how supply, pricing and network investments translate into future cash flow.