XPeng Inc. announced its unaudited financial results for the third quarter of 2024, reporting total revenues of RMB10.10 billion (US$1.44 billion). This represents an 18.4% increase from the same period in 2023 and a 24.5% increase quarter-over-quarter.
The company achieved a significant improvement in profitability, with its gross margin rising to 15.3% in Q3 2024, compared to a negative 2.7% in Q3 2023 and 14.0% in Q2 2024. Vehicle margin also improved to 8.6% from negative 6.1% year-over-year, driven by cost reductions and an improved product mix.
Net loss for the quarter narrowed substantially to RMB1.81 billion (US$0.26 billion) from RMB3.89 billion in Q3 2023. Looking ahead, XPeng provided optimistic guidance for Q4 2024, expecting deliveries between 87,000 and 91,000 vehicles, a 45.0% to 51.0% year-over-year increase, and total revenues between RMB15.3 billion and RMB16.2 billion.
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