XPeng Inc. announced its unaudited financial results for the fourth quarter and full fiscal year ended December 31, 2024. Total revenues for Q4 2024 reached RMB16.11 billion (US$2.21 billion), a 23.4% increase year-over-year, driven by higher vehicle deliveries.
The company's gross margin improved to 14.4% in Q4 2024, up from 6.2% in the same period of 2023, with vehicle margin reaching 10.0%. Net loss for the quarter narrowed to RMB1.33 billion (US$0.18 billion) from RMB1.35 billion a year earlier. For the full year 2024, total revenues were RMB40.87 billion (US$5.60 billion), up 33.2%, and annual net loss narrowed to RMB5.79 billion (US$0.79 billion) from RMB10.38 billion in 2023.
Looking ahead, XPeng provided strong guidance for the first quarter of 2025, expecting deliveries between 91,000 and 93,000 vehicles, representing a 300.0% to 309.0% year-over-year increase. Total revenues are projected to be between RMB15.0 billion and RMB15.7 billion, an increase of 129.0% to 139.0% year-over-year, reflecting confidence in new product launches and continued profitability enhancement.
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