XPeng Reports Double Decline in Q1 2026 Sales and Revenue

XPeng Inc. released its first-quarter financial results on May 28, 2026, reporting revenue of RMB 13.03 billion, a 17.6% year-over-year decline. Automotive sales revenue amounted to RMB 11 billion, down 23.5% compared to the same period last year. The company delivered approximately 62,700 vehicles during the quarter, a 33.3% decrease year-over-year. According to data from the China Passenger Car Association, retail sales of new energy passenger vehicles in China fell by 21.1% year-over-year in the first quarter of 2026, indicating that XPeng's sales decline outpaced the industry average. The company is currently undergoing a product transition phase, and the shift between older and newer models has negatively impacted its short-term performance.