Brand Overview
XPeng (Stock Code: 09868.HK) is a leading Chinese smart electric vehicle (EV) brand, co-founded by He Xiaopeng, Xia Heng, and He Tao in August 2014 and officially registered in January 2015. Headquartered in Tianhe District, Guangzhou, the company operates R&D centers in Silicon Valley (USA), Beijing, Shanghai, and Shenzhen; smart manufacturing bases in Guangzhou, Zhaoqing, and Wuhan (China); and overseas branches in Germany, Sweden, and the Netherlands. With a brand mission to be "Explorers of Future Mobility," XPeng is dedicated to leading the future of mobility through data-driven technological transformation of smart EVs. The current Chairman and CEO is He Xiaopeng.
In July 2021, XPeng Motors officially listed on the Main Board of the Hong Kong Stock Exchange under the stock code "9868," becoming the first new EV startup to achieve a Dual Primary Listing in the HK market. Previously, the company had completed its IPO on the New York Stock Exchange in August 2020.
Development History
Entrepreneurial Exploration Phase (2014–2018)
XPeng’s startup journey began with an internet-native team of more than 10 people. In August 2014, He Xiaopeng, together with YY founder Li Xueling, Cheetah Mobile CEO Fu Sheng, and multiple VC institutions, co-invested to establish Guangzhou Chengxing Zhidong Automobile Technology Co., Ltd., focusing on smart EV R&D. This entity served as the predecessor of XPeng. In 2017, He Xiaopeng officially assumed the role of Chairman, taking full control of the company. That same year, the first batch of prototype vehicles rolled off the production line. As the initial designs did not meet expected standards, He Xiaopeng decided to "rework" them. Although this decision incurred an additional cost of 428 million RMB, it laid the foundation for the brand’s ultimate pursuit of product quality. On December 12, 2018, the first mass-produced car, the XPeng G3, went on sale, marking the brand’s official transition from the R&D stage to commercial operations.
Rapid Development Phase (2019–2023)
Following the launch and mass delivery of the G3, XPeng underwent multiple market tests. In April 2020, the first smart coupe, the XPeng P7, went on sale, quickly capturing the high-end mid-range pure EV market with its superior product power and intelligent experience. In February 2022, XPeng opened its first direct store in Europe, introducing a "Direct + Authorized" new retail model to accelerate globalization. In September of the same year, the brand’s premium flagship, the XPeng G9, was launched, pushing the brand towards premiumization. In January 2023, former Great Wall Motor President Wang Fengying officially joined XPeng Motors as President, bringing deep expertise in manufacturing and supply chain management. In June of that year, the XPeng G6, positioned as a "Super Intelligent Coupe SUV," went on sale, further enriching the brand’s product matrix. In November, XPeng Motors welcomed its 1 millionth vehicle off the production line, becoming another new EV startup to achieve the million-vehicle scale after Li Auto and Leapmotor.
AI Leapfrog Phase (2024–Present)
Entering 2024, XPeng Motors fully entered the new track of intelligence. In January, the first MPV model, the XPeng X9, was officially released, filling the gap in the brand’s large family vehicle segment. In April, on the eve of the brand’s 10th anniversary, XPeng Motors released the new sub-brand MONA, standing for "Made Of New AI." This sub-brand focuses on AI technology and the popularization of intelligent driving. In April 2025, the "AI Intelligent Assisted Driving Safety Training Camp Plan" was launched to accelerate societal recognition and application of intelligent driving technology. In August, XPeng signed an expanded strategic cooperation agreement with the Volkswagen Group, deepening global cooperation in electronic and electrical architecture technologies. This marked the beginning of XPeng’s intelligent driving technology exports to top international automakers. In January 2026, XPeng held a global new product launch, releasing four strategic new cars at once and officially kicking off the "Super Extended Range + Pure Electric" dual-energy product era. In February 2026, "XPeng Motors" was officially renamed "XPeng Group," marking the brand’s leap towards a higher dimension as a Physical AI Technology Group.
Brands
In terms of brand architecture, XPeng has formed a "Dual Track Parallel" pattern consisting of the main brand "XPeng (XPENG)" and the sub-brand "MONA," achieving complete coverage of the price band from 120,000 RMB to 500,000 RMB.
MONA Sub-brand: Officially launched during the Beijing Auto Show in April 2024, MONA stands for "Made Of New AI." It focuses on AI technology and the popularization of intelligent driving, dedicated to becoming the "AI Intelligent Driving Popularizer." The first model, the MONA M03, went on sale in August 2024. Positioned as an Intelligent Pure Electric Hatchback Coupe, it quickly penetrated the lower-tier market with an entry price of 119,800 RMB. As of March 2025, cumulative deliveries of MONA had surpassed 100,000 units, making it the core driver of XPeng’s volume growth.
XPeng Main Brand: Covering the 170,000 to 500,000 RMB price band, the main brand offers a full category product line including sedans, SUVs, and MPVs. The P7+ and G7 are the first models to introduce the "Super Extended Range + Pure Electric" dual-power mainstream configuration, while the X9 is the brand’s first large pure electric MPV.
Product Portfolio
XPeng has formed a complete product layout with the MONA series as the primary volume driver, and the P/G/X series offering differentiated positioning. This covers A-level to C-level markets, including sedans, SUVs, and MPVs.
MONA Series: The MONA M03 went on sale in August 2024. With body dimensions of 4780×1896×1445mm, a wheelbase of 2815mm, and a drag coefficient as low as 0.194, it is positioned as an Intelligent Pure Electric Hatchback Coupe. On April 2, 2026, the 2026 model MONA M03 was officially launched, adding new colors such as Roland Purple and Avocado Green, and featuring fully upgraded cabin textures and intelligent driving systems. The maximum CLTC range reaches up to 640 km, with a price range of 119,800 to 151,800 RMB. In 2026, the MONA L03 will be launched, positioned as the family’s first pure electric compact coupe SUV, continuing to perfect the MONA "Dual Vehicle" lineup.
P Series (Sedan Mainforce): The XPeng P7+ officially went on sale in January 2026, offering both Pure Electric and Extended Range power options. The Extended Range version has a combined CLTC range of 1550 km, while the Pure Electric version offers a range of 430 km, with a maximum range of 725 km. Prices range from 186,800 to 198,800 RMB. Built with global R&D, global manufacturing, and global standards, the P7+ features 104 experience upgrades and was released synchronously in 36 countries globally.
G Series (SUV Mainforce): The 2026 model XPeng G6 comes standard with the Turing AI Chip across the entire series, with a starting price of 176,800 RMB. Positioned as a "Six Items All-Around Pure Electric Coupe SUV," it combines high computing power, super-fast charging, long range, and large space, making it a popular choice for young families. The XPeng G7, the brand’s first Super Extended Range SUV, offers a combined range of up to 1704 km. It is equipped with a 55.8kWh large battery and a 60L fuel tank combination, allowing 12 minutes of fast charging to supplement 314 km of range. Prices range from 195,800 to 205,800 RMB. The XPeng G9, positioned as a mid-to-large pure electric SUV, saw its 2026 model upgraded with dual-chamber air suspension and AI chassis intelligent preview functions, priced between 248,800 and 278,800 RMB. The new model XPeng GX officially appeared at the 2026 Beijing Auto Show, pushing the brand’s size limits further upward and forming a three-dimensional SUV family alongside the G7 and G9.
X Series (MPV Flagship): The XPeng X9 is a mid-to-large pure electric MPV with a starting price of 309,800 RMB, serving as the brand’s first entry into the MPV market. The Extended Range version of the X9 also completed its product announcement in 2026.
Market Performance
2025 was a year of high growth potential for XPeng Motors. Full-year cumulative deliveries reached 429,445 units, a year-on-year growth of 126%, exceeding the original target of 380,000 units and firmly ranking ahead in the new force camp. Overseas market deliveries for the full year reached 45,008 units, a year-on-year growth of 96%, making XPeng the "Pure Electric Export Sales Champion" among new forces. Second-quarter total revenue was 18.27 billion RMB (a year-on-year growth of 125.3%), and the overall gross margin improved to 17.3%. In the fourth quarter, XPeng achieved quarterly positive profit for the first time in its history, becoming another new EV startup to cross the profitability threshold after Li Auto. Cash reserves remained steady at 47.57 billion RMB, laying a solid foundation for subsequent high-intensity R&D and global expansion.
From a product structure perspective, in 2025, the two sedans MONA M03 and P7+ contributed over 65% of full-year sales, with the MONA M03 alone accounting for about 45.6%. In contrast, the combined sales of the three core SUVs—G6, G7, and G9—were still less than those of the P7+ sedan alone. Monthly sales of the G9 once fell below 1,000 units, indicating that the competitiveness of the brand’s SUV products needs further improvement.
The first quarter of 2026 faced industry pressure. January deliveries were 20,011 units (down 34.1% YoY), and February deliveries were 15,256 units (down 49.9% YoY), causing XPeng to fall behind other new force brands. However, March saw a significant recovery with 27,415 units delivered, a month-on-month increase of 80%. This pulled the first-quarter cumulative delivery to 62,682 units. XPeng’s full-year sales target for 2026 is positioned at 550,000 to 600,000 units.
Core Technology
Intelligence: From Full-Stack Self-Research to Physical AI
XPeng fully promoted its intelligence strategy, organizational structure, and computing power upgrades starting in 2026. In February 2026, two first-level intelligence departments—the original Autonomous Driving Center and the Intelligent Cockpit Center—officially merged into the "General Intelligence Center." Led by former Autonomous Driving Head Liu Xianming and reporting directly to He Xiaopeng, this move marked a milestone step for XPeng towards a "Cockpit-Drive Integration, Cross-Domain Fusion" AI Full-Stack System.
At the core computing power level, XPeng’s self-developed "Turing AI Chip" has been officially mass-produced and has secured its first fixed-point agreement with the Volkswagen Group. The 2026 models of the XPeng G6, P7+, and other vehicles come standard with either one Turing AI Chip (750 TOPS computing power) or a dual-chip configuration (1500 TOPS computing power) in certain versions. Higher-performance versions, such as the G7 Ultra, G9 Ultra, and the new GX, carry three Turing AI Chips, bringing the total system computing power to 2250 TOPS. This achieves the highest effective computing power in any global mass-produced vehicle platform.
The core evolution of the intelligent driving plan is XPeng’s Second Generation VLA Physical World Large Model (Vision -> Action End-to-End Large Model). The model’s parameter quantity is ten times that of the first generation, thoroughly skipping the "Language Translation" link and connecting perception signals directly to intelligent driving decisions. This industry-leading realization achieves L4-level autonomous driving prototype capabilities.
In terms of the cockpit, the XPeng Tianji AIOS 6.0 system revolves around "Proactive Intelligence," emphasizing Cockpit-Drive Integration, Smart Scene Proactive Perception, and Cross-Brand Device Connected Full-Dimension Interaction Upgrades.
Electrification: Dual Energy Progress
In 2026, XPeng released the "Kunpeng Electric" system, fully embracing the "Super Extended Range + Pure Electric" dual-energy route. Pure Electric and Extended Range products now realize a "Same Price, Dual Energy" layout. The Super Extended Range scheme adopts a high-efficiency range extender (3rd Gen max thermal efficiency over 42%, generation efficiency not lower than 92%), along with a 5C Super Charging AI Battery that prevents fire for 24 hours even in thermal runaway scenarios, and an 800V High Voltage Platform. The P7+ supports a complete SOC 10%–80% fast recharge in 12 minutes, while the G7 can supplement 314 km of range in just 12 minutes.
Global Presence
Globalization is the main line of XPeng Motors’ core growth strategy for 2026. Currently, products have entered over 60 countries and regions globally, with full-year overseas delivery volume growing by 96% in 2025. XPeng has added three overseas factories, one R&D center, and over 40 global sales service centers. Particularly in high-potential European markets like France and Germany, demand has significantly exceeded production capacity limits. This pushed XPeng to officially decide in mid-2026 to build new or expand complete vehicle production bases outside China, with site selections covering Europe, Southeast Asia, and Latin America. The brand is simultaneously accelerating deep synergy with the Volkswagen Group. Not only is Volkswagen a global technology partner, but XPeng’s new generation AI intelligent driving system has also been officially selected by the Volkswagen Group for its core mass-produced vehicle plans.
At the same time, XPeng’s Humanoid Robot IRON and the "Land Aircraft Carrier" Split-Type Flying Car continue to undergo multiple rounds of update planning. Mass production is expected in 2026, with XPeng poised to become the first global company to achieve full mass production in three forward-looking businesses in the same year: autonomous driving taxis, humanoid robots, and flying cars.
Future Outlook
With the "New Decade" as a new starting point, XPeng Group is actively transforming into a global AI technology company, with "Physical AI + Globalization" as its two core engines. The brand has further released the 2026 "Ten Cars Continuous Launch" plan, deepened the "One Car, Dual Energy" full-power strategy, and accelerated the construction of a complete product system in the 100,000 to 500,000 RMB price band. This thoroughly fills the most critical gaps in SUV and sedan segments at every level. Relying on the Turing Chip self-research platform, the Second Generation VLA End-to-End Intelligent Driving Large Model, and a multi-dimensional technology cooperation system with the Volkswagen Group, XPeng will simultaneously significantly improve its intelligence capabilities and occupy high-barrier positions in multiple "Physical AI" tracks.
On the globalization front, the 2030 overseas sales target aims to reach the million-unit level. Through deep rooting of localization in intelligent manufacturing, R&D, supply chain, and service channels, XPeng will continue to promote comprehensive profitability improvements. In 2026, XPeng will add 8,000 global employees (including up to 5,000 campus recruits), absorbing large-scale AI and intelligence high-end talent to reserve long-term depth for intelligent driving and AI global frontier technologies.
Looking forward, XPeng Group will unswervingly use data-driven intelligence and technology iteration as its core drive. Adhering to the "Technology Based" Long-Termism values, the company will firmly advance towards its strategic vision of becoming a "Global AI Technology Leader."
