XPeng Achieves First Quarterly Profit in 2025, Doubles Annual Deliveries

XPeng Inc. released its 2025 financial results on March 20, reporting RMB 22.25 billion in revenue for the fourth quarter, an increase of 38.2% year-over-year. The company posted a net profit of RMB 380 million, marking its first-ever quarterly profit. Gross margin reached a record high of 21.3%, rising for the fourth consecutive quarter. Full-year 2025 total revenue amounted to RMB 76.72 billion, up 87.7% year-over-year, with vehicle deliveries totaling 429,445 units—a 125.9% year-over-year surge. The company’s full-year net loss narrowed significantly to RMB 1.14 billion, a substantial 80.3% reduction compared to 2024. XPeng ended the year with cash reserves of RMB 47.66 billion, providing strong support for future R&D and operations. However, the company forecasts that Q1 2026 deliveries will decline by approximately 30%–35% year-over-year, with revenue expected to drop by 16%–23%. With this milestone, all three leading Chinese EV startups—NIO, XPeng, and Li Auto—have now achieved quarterly profitability.