Xpeng Motors (XPEV, Financial) recently released its financial results for Q4 and the full year of 2024, showcasing significant growth in revenue and vehicle deliveries. In Q4, total revenue reached 16.11 billion yuan, marking a 23.4% increase year-over-year and a 59.4% rise from the previous quarter. Despite a net loss of 1.33 billion yuan, this was an improvement from the previous year's loss of 1.35 billion yuan and the prior quarter's loss of 1.81 billion yuan. Adjusted net loss stood at 1.39 billion yuan, compared to 1.77 billion yuan a year earlier.
For the entire year, Xpeng's revenue surged by 33.2% to 40.87 billion yuan, while net loss decreased to 5.79 billion yuan from 10.38 billion yuan in 2023. Adjusted net loss was 5.55 billion yuan, down from 9.44 billion yuan the previous year.
Operational highlights include the delivery of 91,507 vehicles in Q4, a 52.1% increase from the same period in 2023. As of the end of 2024, Xpeng's sales network expanded to 690 stores across 2,206 cities, and its charging station network grew to 1,920 stations, including 928 supercharging stations. In January and February 2025, Xpeng delivered 30,350 and 30,453 vehicles, respectively, totaling 60,803 deliveries so far this year.
Q4 financial metrics showed automotive sales revenue of 14.67 billion yuan, up 20% year-over-year, with service and other revenue growing by 74.4% to 1.43 billion yuan. The gross margin improved to 14.4%, with automotive margins increasing to 10%. Research and development expenses rose to 2.01 billion yuan, a 53.4% increase from the previous year, while sales, general, and administrative expenses climbed to 2.28 billion yuan.
Xpeng reported an operating loss of 1.56 billion yuan, an improvement from the 2.05 billion yuan loss in the previous year. As of December 31, 2024, Xpeng held 41.96 billion yuan in cash and equivalents, down from 45.7 billion yuan a year earlier.