Xpeng’s Revenues Increase 27.5% From Previous Quarter, Vehicle Delivery Surpasses 17 Thousand Units

Chinese electric vehicle maker Xpeng on Thursday announced its unaudited financial results for the second quarter of this year. The firm’s total revenues were 3.761 billion yuan ($582.5 million) during the second quarter, representing an increase of 27.5% from 2.951 billion yuan in the first quarter of 2021.

Meanwhile, the firm’s net losses amounted to 1.195 billion yuan, compared with 146.0 million yuan for the same period in 2020.

At the same time, revenues from vehicle sales reached 3.584 billion yuan, representing an increase of 562.4% year-over-year – a significant boost which was mainly due to higher vehicle delivery, especially for the P7, which started at the end of June 2020.

The Guangzhou-based company delivered 17,398 vehicles in the second quarter of 2021, reaching a record quarterly high, and representing an increase of 439% from 3,228 in the corresponding period of 2020.

Deliveries of the P7 totaled 11,522, representing an increase of 44.5% from 7,974 in the first quarter of 2021. Among the total P7s delivered in the second quarter, 97% can support the XPILOT 2.5 or XPILOT 3.0 systems.

“Notably, deliveries for the first half of 2021 exceeded the total deliveries for the full year 2020, reaching 30,738, a 459% increase year-over-year,” said Mr. He Xiaopeng, Chairman and CEO of Xpeng.

As of June 30, 2021, Xpeng’s physical sales and service network consisted of a total of 200 stores and 64 service centers, covering 74 cities. Its supercharging stations expanded to 231, covering 65 cities.

In July 2021, the company launched the G3i SUV, a new mid-cycle facelift version of the G3, with deliveries expected to start in September this year.

In July 2021, Xpeng commenced pre-sales for its third mass-produced model, the P5, Xpeng’s smart family sedan which will officially be launched in China in September 2021, with deliveries starting in the fourth quarter of 2021. The P5 will be equipped with advanced driver-assistance system features powered by the company’s full-stack in-house developed XPILOT 3.5 advanced driver-assistance system, which extended the Navigation Guided Pilot (NGP) function for highways and expressways to include major urban roads, traffic intersections and other complex city driving scenarios.

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For the third quarter of 2021, the company expects its deliveries of vehicles to fall between 21,500 and 22,500, and its total revenues to total between 4.8 and 5.0 billion yuan.