On May 21, XPeng Motors released its financial data for the first quarter ending March 31, 2024. In the first quarter of 2024, XPeng Motors delivered a total of 21,821 vehicles, a 19.7% increase from the same period in 2023. Total revenue for the first quarter was RMB 65.5 billion, a 62.3% increase from the same period in 2023. The gross profit margin for the first quarter of XPeng Motors increased to 12.9%, up 11.2 percentage points year-on-year and 6.7 percentage points quarter-on-quarter.
As of March 31, 2024, XPeng’s cash and cash equivalents, restricted cash, short-term investments, and time deposits totaled RMB 41.4 billion.
For the second quarter of 2024, Xiaopeng Motors expects car deliveries to range from 29,000 to 32,000 units, with total revenue between RMB 7.5 billion and RMB 8.3 billion.
On May 20, Xiaopeng Motors held an event in Beijing with the theme “AI Era Driving” to officially launch the AI Tianji system and release the first domestically produced “end-to-end” large model to be put into production, as well as the global debut of the AI driver function.