NYSE: XPEV · HKEX: 9868 · China
XPeng sells assisted driving first and the car second: it develops its own perception stack and, since 2025, its own inference silicon, and prices the result below what the software would fetch alone. The question the numbers keep asking is whether a company that discounts its best asset can hold a twenty percent margin while doing it.
| Period | Vehicles delivered | Source |
|---|---|---|
| Q1 25 | 94,008 | XPENG Q1 2025 results |
| Q2 25 | 103,181 | XPENG Q2 2025 results |
| Q3 25 | 116,007 | XPENG Q3 2025 results |
| Q4 25 | 116,249 | XPENG Q4 and FY2025 results |
| Q1 26 | 62,682 | XPENG Q1 2026 results |
| Q2 26 | 103,295 | XPENG Q2 2026 results |
Source: XPENG Q2 2026 results
Denza, Yangwang, ONVO, MONA, Zeekr, Lynk & Co, MG, Avatr. Most of the names arriving in Europe belong to seven groups, one of which also owns Volvo, and one phone company that owns no carmaker at all.
12 Sept 2026 · Deep dive · 10 min
XPeng's gross margin rose from 17.3% to 20.7% over a year in which its cars got less profitable, not more. Both numbers come from the same filing. Here is how that works.
12 Sept 2026 · Deep dive · 8 min
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