XPeng (XPEV) Q1 2026 earnings summary

Executive summary

• Official Chinese name changed from XPeng Motors to XPeng Group, signaling a shift from smart EVs to a broader physical AI focus, including Robotaxis and humanoid robots.

• Strategic emphasis on scaling R&D in AI and accelerating commercialization of physical AI applications.

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

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

• Vehicle deliveries fell 33.3% year-over-year to 62,682 units in Q1 2026.

Financial highlights

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

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

• Gross margin improved to 20.6% from 15.6% a year ago, but slightly down from 21.3% in Q4 2025.

• Net loss was RMB 1.78 billion, compared to a net loss of RMB 0.66 billion year-over-year and net profit of RMB 0.38 billion quarter-over-quarter.

• Cash position as of March 31, 2026, was 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 of RMB 19.6–20.8 billion, up 50.4%–59.6% quarter-over-quarter.

• Gross margin for Q2 expected to remain at Q1 levels despite cost pressures, supported by better product mix and GX launch.

• Overseas revenue contribution expected to remain at or above 20% for the year.