XPeng (XPEV) Q3 2025 earnings summary

Executive summary

• Q3 2025 achieved record highs in vehicle deliveries (116,007, up 149% year-over-year), revenue, gross margin, and cash reserves.

• The new XPENG P7 became a top-three BEV sedan in its price segment, driving monthly deliveries above 40,000 from September.

• Physical sales network expanded to 690 stores across 242 cities; charging station network reached 2,676 stations.

• Management emphasized rapid expansion, focus on physical AI, and strong operational improvements.

• Gross margin surpassed 20% for the first time, and net loss narrowed significantly; break-even targeted for Q4 2025.

Financial highlights

• Q3 2025 total revenue reached RMB 20.38 billion, up 101.8% year-over-year and 11.5% quarter-over-quarter.

• Vehicle sales revenue was RMB 18.05 billion, up 105.3% year-over-year.

• Gross margin was 20.1%, up from 15.3% a year ago and 17.3% last quarter.

• Net loss narrowed to RMB 0.38 billion, a 78.9% improvement year-over-year.

• Cash and equivalents stood at RMB 48.33 billion as of September 30, 2025.

Outlook and guidance

• Q4 2025 deliveries expected between 125,000 and 132,000 units, up 36.6%-44.3% year-over-year.

• Q4 revenue projected at RMB 21.5-23 billion, up 33.5%-42.8% year-over-year.

• Seven new dual-energy models and three new overseas models, including mid/small SUVs, to launch in 2026.