XPeng Inc. (XPEV)

XPeng delivered 118,390 vehicles in the third quarter of 2026, up 15 percent from the second quarter, it said on 1 October 3.

September alone was 41,256 vehicles, 5 percent more than August 3.

Revenue for the first half of 2026 was RMB32.78 billion, down 3.8 percent, because vehicle revenue fell with lower deliveries 2.

The net loss widened to RMB3.12 billion from RMB1.14 billion a year earlier, while research and development spending rose 39.0 percent to RMB5.82 billion 2.

Services revenue rose 67.1 percent to RMB4.73 billion, mainly from technical research and development work for a car manufacturer 2.

XPeng is counting on new models for a recovery 10. CnEVPost reported that it targeted monthly sales above 60,000 vehicles in the fourth quarter 10. The Mona L05 SUV is due to launch on 29 October 10.

The group began operating in 2015, listed its American depositary shares on the New York Stock Exchange in August 2020 and its Class A shares in Hong Kong in July 2021 1.

Revenue grew from RMB30.68 billion in 2023 to RMB40.87 billion in 2024 and RMB76.72 billion in 2025 1.

Deliveries explain most of it: 141,601 cars in 2023, 190,068 in 2024 and 429,445 in 2025, a rise of 125.9 percent in the last step 1.

Two deals in 2023 reshaped the company 1. Volkswagen Group took a minority stake in December 2023, receiving 94,079,255 newly issued Class A shares for about US$705.6 million 1.

XPeng also took over the smart auto development business of DiDi, issuing 58,164,217 Class A shares to DiDi in November 2023 1. That work led to the MONA M03 car, whose delivery began in August 2024 1.

Gross margin, the share of revenue left after the cost of making and selling the product, was 1.5 percent in 2023, 14.3 percent in 2024 and 18.9 percent in 2025 1.

Gross profit rose from RMB5.85 billion to RMB14.47 billion in 2025, which the company puts down to cost reduction and a better mix of models 1.

The net loss narrowed from RMB5.79 billion in 2024 to RMB1.14 billion in 2025 1.

Then 2026 turned harder 2. Vehicle revenue fell 10.3 percent to RMB28.05 billion in the first half, and deliveries for the first eight months of the year reached 243,111 2.

Cars and software

XPeng designs and makes smart electric and extended-range cars, mainly for middle-class customers in China, and is expanding abroad 1.

The annual report lists sedans (MONA M03, Next P7, P7+), SUVs (G6, G7, G9) and the X9 multi-purpose vehicle 1.

Vehicle sales brought in RMB68.38 billion in 2025 1. Services and others brought in RMB8.34 billion 1.

Vehicle margin, gross profit on car sales as a share of car revenue, was 12.1 percent in the first half of 2026 against 12.6 percent a year earlier 2.

The G9L, a five-seat flagship SUV, launched in China on 17 September 3. CnEVPost reported a limited-time starting price of 231,800 yuan and battery-electric ranges up to 755 km on the CLTC test cycle 6.

The MONA L03 SUV coupe had its global launch in Munich on 16 July 2. Monthly deliveries of the L03 passed 10,000 units in September 3.

Its own driver-assistance software began a gradual rollout of the VLA 2.0 version in March 2026 1. XPeng began rolling out in-car system version XOS 6.3.0 in China on 22 September 3.

By 30 September its own charging network in China covered more than 430 cities and had over 4,000 stations 3.

Services and other revenue

This line covers technical research and development work for a car manufacturer, parts and accessories, and carbon credit trading 1.

Its margin was 68.2 percent in 2025, far above the car line 1.

Plants and people

Cars are made mainly at the company's own Zhaoqing and Guangzhou plants, and a new Wuhan base was finished by 31 March 2026 1.

It owns land use rights over 600,000 square meters in Zhaoqing and over 1,000,000 square meters in Wuhan 1.

The interim report counts 20,632 employees on 30 June 2026, 8,735 of them in research and development 2.

He Xiaopeng is chairman and chief executive 8.

Rivals and problems

The annual report names no single rival 1. It says XPeng competes with other electric and plug-in hybrid makers and with traditional makers' petrol cars in the mid- to high-end segment 1.

CnEVPost calculated that deliveries in the first eight months of the year were down 10.49 percent from a year earlier 6.

Cash used in operations was RMB11.72 billion in the first half of 2026, against RMB7.64 billion provided a year earlier 2.

Cash and deposits stood at RMB40.48 billion on 30 June 2026, down from RMB47.66 billion at the end of 2025 2.

The gearing ratio, total borrowings divided by total equity, was 73.2 percent against 41.8 percent six months earlier 2. The report says the group has been incurring losses from operations since inception 2.

The umbrella, in words

The cars carry the XPENG name 1. The annual report names four Chinese entities, Zhipeng IoV, Yidian Smart Mobility, Xintu Technology and GIIA, as its variable interest entities, which XPeng controls by contract rather than by owning shares 1.

The interim report names operating subsidiaries such as Zhaoqing Xiaopeng Motors, Xiaopeng Motors Huazhong (Wuhan) and Guangzhou Pengyue Automobile Development 2.

XPeng agreed in September 2023 to acquire 74.82 percent of Dogotix, its humanoid robot business, for about US$98.96 million 1. A company owned by He Xiaopeng was among the sellers 1.

On 24 August 2026 Dogotix agreed to issue new shares for US$900 million in total to outside and executive subscribers 2. IDG Capital led the round, with support from Tencent and Alibaba as strategic investors, and XPeng's own unit agreed to subscribe US$200 million 4.

XPeng said it expects to keep controlling and consolidating Dogotix once the round completes 4.

XPeng owns the former DiDi smart auto development business outright since November 2023 1.

Guangdong Huitian Aerospace, significantly influenced by He Xiaopeng, cooperates with XPeng on flying vehicles under an agreement running from 1 January 2026 to 31 December 2028 1.

He Xiaopeng owns Class B shares worth 10 votes each through his holding companies, giving him 69.3 percent of the votes with 18.8 percent of the ordinary shares 1.

The same table lists JPMorgan Chase at 7.0 percent, Volkswagen Group at 6.0 percent and BlackRock at 5.3 percent of the Class A shares 1.

XPeng plans mass production of its IRON humanoid robot by the end of 2026, deliveries in the first half of 2027 and European promotion in the second half 8.

Chairman He Xiaopeng presented that timetable at a Paris event on 12 October 8. The robot is to serve shops and shopping malls first, with industrial and household uses later 8.

The robotaxi unit, Xpeng Yoyo, won approval on 26 October for L4 trial operations across Guangzhou, opening access gradually by invitation code 7. The company earlier aimed to run passenger services without safety drivers in 2027 7.

XPeng said its NGP driver-assistance system, powered by the VLA 2.0 model, begins a global rollout in 2027 5. It plans five all-new models in Australia in the second half of 2026 5.

The L03 is set to launch in 65 countries and regions this year, and the G9L global launch was set for Paris in October 53.

Manager Magazin reported, as relayed by CnEVPost, that Volkswagen core brand chief Thomas Schaefer was to present a proposal on 27 October 9. It would use the architecture co-developed with XPeng in about 75 percent of next-generation models from Volkswagen, Skoda and Cupra 9.