On November 19. Xpeng Motors released its financial results for the third quarter of 2024. The company reported a Q3 revenue of 10.1 billion RMB, marking an 18.4% year-on-year increase and a 24.5% quarter-on-quarter growth. The net loss for the quarter was 1.81 billion RMB, compared to a loss of 3.89 billion RMB in the same period of 2023 and a loss of 1.28 billion RMB in Q2 2024.
The quarterly gross margin reached 15.3%, a record high for a single quarter, representing an 18-percentage-point improvement year-on-year and a 19.2-percentage-point surge over five consecutive quarters.
The revenue growth was primarily driven by increased sales volume. In the third quarter, total vehicle deliveries reached 46.533 units, a 16.3% rise from 40.008 units in Q3 2023. Automotive sales revenue for Q3 2024 stood at 8.8 billion RMB, reflecting a 12.1% year-on-year increase and a 29.0% quarter-on-quarter rise.
Xpeng Motors projects its Q4 total revenue to range between 15.3 billion RMB and 16.2 billion RMB, representing an annual increase of approximately 17.2% to 24.1%. Vehicle deliveries are expected to be between 87.000 and 91.000 units, a year-on-year increase of approximately 44.6% to 51.3%.
Currently, the strong sales performance of the MONA M03 has driven Xpeng Motors' recovery in sales volume. However, production capacity limitations have led to dissatisfaction among some customers.
At the Guangzhou Auto Show, Xpeng Motors announced plans to increase the production capacity of the MONA M03 by at least 40% in November. The company aims to achieve a monthly production capacity of 20.000 units by the Lunar New Year, providing robust support for the ongoing strong demand for the MONA M03.
Additionally, on November 7. Xpeng Motors officially launched its new P7+ model, the world's first car to feature advanced AI intelligent driving capabilities as standard across all configurations. According to the company, the new model received over 10.000 orders within 12 minutes of launch and reached 30.000 orders in less than three hours.
