XPeng Inc. reported third‑quarter 2025 results on November 17, 2025, with revenue of 20.38 billion CNY ($2.86 billion). The figure represents a 101.8% year‑over‑year increase, driven by a record 116,007 vehicle deliveries that grew 149.3% from the 48,000 units delivered in Q3 2024. The surge in sales was supported by the launch of the G3 SUV and the continued rollout of the P5 sedan, which together captured a larger share of the premium EV segment.
The company’s adjusted net loss per ADS narrowed to 0.16 CNY, a beat of 0.31 CNY against the consensus estimate of 0.47 CNY (and 0.57 CNY in some reports). The improvement stems from disciplined cost management and a favorable product mix that shifted toward higher‑margin models. Compared with a 1.81 billion CNY loss in Q3 2024 and a 0.38 billion CNY loss in Q2 2025, the narrowing trend signals that XPeng’s operational efficiencies are translating into tighter earnings.
Gross margin expanded to 20.1% from 17.3% in Q2 2025 and 15.3% in Q3 2024. The lift is largely attributable to higher average selling prices on new‑model launches and a 78.1% year‑over‑year jump in service and other revenue, which added a higher‑margin component to the top line. Cost‑control initiatives—such as streamlined supply‑chain logistics and reduced warranty expenses—further supported the margin improvement.
Management guided for Q4 2025 revenue of 21.5 billion CNY to 23.0 billion CNY and deliveries of 125,000 to 132,000 units. The guidance falls short of the consensus estimate of 25.09 billion CNY, reflecting concerns about potential pricing pressure and a more competitive landscape in China’s EV market. The lower outlook signals that XPeng may face a modest slowdown in average selling prices, even as it continues to scale production.
CEO Xiaopeng He emphasized the company’s progress, noting that “vehicle deliveries, revenue, gross margin and cash on hand all reached new highs.” He added that XPeng is “in the early stages of rapid expansion in terms of sales volume and market share, with Robotaxi and humanoid robots advancing rapidly toward mass production.” The guidance miss, however, tempered investor enthusiasm, as analysts focused on the potential impact of the lower revenue forecast on near‑term growth.
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