XPeng (XPEV) Q1 2026 earnings summary

Executive summary

• Official Chinese name changed to XPeng Group, signaling a shift from smart EVs to a broader physical AI company focus.

• Strategic emphasis on mass production and commercialization of Robotaxis, humanoid robots, and advanced AI driving systems.

• Four new SUV models, including the GX, to launch within six months, targeting global markets.

• Accelerated international expansion, with overseas revenue expected to exceed 20% of total revenue starting Q2 2026.

• Total revenues for Q1 2026 were RMB 13.03 billion, down 17.6% year-over-year and 41.4% sequentially from Q4 2025.

Financial highlights

• Q1 2026 total revenue: RMB 13.03 billion, down 17.6% year-over-year and 21.4% quarter-over-quarter.

• Vehicle sales revenue: RMB 11 billion, down 23.5% year-over-year and 42.3% quarter-over-quarter.

• Gross margin: 20.6% (up from 15.6% in Q1 2025, down from 21.3% in Q4 2025); vehicle margin: 12.1%.

• R&D expenses: RMB 2.91 billion, up 46.8% year-over-year, driven by new models and AI tech.

• Net loss: RMB 1.78 billion (vs. RMB 0.66 billion loss year-over-year and RMB 0.38 billion profit quarter-over-quarter).

• Cash position as of March 31, 2026: RMB 42.09 billion.

Outlook and guidance

• Q2 2026 deliveries expected at 100,000–106,000 units, up 59.5%–69.1% quarter-over-quarter.

• Q2 2026 revenue guidance: RMB 19.6–20.8 billion, up 50.4%–59.6% quarter-over-quarter.

• Four new SUV models to drive strong growth; international revenue to exceed 20% of total.

• Q2 gross margin expected to remain at Q1 levels despite cost pressures.