XPeng Reports 17.6% YoY Revenue Drop in Q1 2026, Net Loss Widens to RMB 1.78 Billion

XPeng Inc. reported total revenue of RMB 13.03 billion for the first quarter of 2026, a 17.6% year-over-year decline. Gross margin stood at 20.6%, up 5.0 percentage points year-over-year, while vehicle margin was 12.1%, an increase of 1.6 percentage points year-over-year. Vehicle deliveries for the quarter totaled 62,682 units, down 33.3% from 94,008 units in the same period of 2025. The company posted a net loss of RMB 1.78 billion, significantly wider than the RMB 660 million net loss in the same period of 2025 and reversing from a net profit of RMB 380 million in Q4 2025. Under non-GAAP measures, XPeng recorded a net loss of RMB 1.69 billion in Q1 2026, compared to a net loss of RMB 430 million in the same period of 2025 and a net profit of RMB 510 million in Q4 2025.