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Let's talk about XPeng today.
On May 28, XPeng also released its Q1 financial report.
Let's get straight to the main point.
XPeng's Q1 delivery volume was62,683 units.
By comparison, NIO was 83,465 units, Li Auto was 95,142.
Whether compared to itself or against NIO and XPeng, this is not a good result.
Because in Q1, neither NIO nor Li Auto had new cars or revised models to fill the gap, relying purely on existing product matrices.
XPeng is different, XPeng launched many revised models:
In January, one-time launch of 4 main models: 2026 Model P7+, 2026 Model G7, 2026 Model G6 Pure Electric Version, 2026 Model G9 Pure Electric Version.
In March, X9 Pure Electric Version, G6 Super Extended Range Version, P7 New Model Launched.
Six models completed new launches and revisions in Q1.
It was an aggressive product rollout strategy.
But even so, sales were average.
Until April, 2026 Model MONA M03 launched for delivery, sales rose again.
XPeng's explanation is: Q1 was affected by fluctuations in the domestic new energy market, the company not only focuses on scale, but more on the balance between sales and operational quality.
XPeng's Q1 gross margin was 12.1%, by comparison, the same period in 2025 was 10.5%, and the fourth quarter of 2025 was 13.0%.
Regarding automotive gross margin, Li Auto Chairman Li Xiang has a viewpoint: Product stable gross margin should be stable at 15%-25%, longest will not be lower than 15% gross margin.
Although Li AutoQ1did not do well either, vehicle gross margin was only 6.1%.
But for now, XPeng's vehicle gross margin is not high, also related to its low sales, scale effect cannot be utilized.
So, the blood-making ability provided by the main business of automotive sales is relatively limited.
However, XPeng's Q1 gross margin was 20.6%, by comparison, the same period in 2025 was 15.6%, and the fourth quarter of 2025 was 21.3%.
This is because XPeng's service and other businesses (R&D technical services, software licensing) gross margin is very high, reaching 66.5%.
Although revenue was only 2.03 billion yuan, far less than car sales 11.0 billion yuan, but it still pulled up the overall gross margin.
Last year Q4, XPeng achieved single quarter profitability (net profit exceeded 380 million yuan), but regretfully not maintained.
This year Q1, XPeng net loss was 1.78 billion yuan ($260 million), by comparison, the same period in 2025 was loss 660 million yuan, and the fourth quarter of 2025 was revenue 380 million yuan.
Operating loss was 1.87 billion yuan ($270 million), by comparison, the same period in 2025 was 1.04 billion yuan, and the fourth quarter of 2025 was 40 million yuan.
Q1 R&D expense was 2.91 billion yuan ($420 million), compared to the same period in 2025's 1.98 billion yuan increased by 46.8%, and compared to the fourth quarter of 2025's 2.87 billion yuan increased by 1.1%.
Yearly increase mainly due to company expanding product portfolio to support future growth, new models and AI related technology development corresponding expenses increased.
Q1 Selling, general and administrative expense was 1.88 billion yuan ($270 million), compared to the same period in 2025's 1.95 billion yuan decreased 3.2%, and compared to the fourth quarter of 2025's 2.79 billion yuan decreased 32.5%. Yearly and quarterly decrease mainly due to commission paid to franchise stores decreased.
As for cash reserves, still 42.09 billion yuan, ammunition sufficient.
However, from Q2, XPeng's situation will start to slowly improve.
Reason is, there are new hit models supplementing: XPeng M03 and XPeng GX.
First is April 2026 Model M03 launched, live up to expectations, still stable maintain hit performance, 37 minutes confirmed orders broke 10,000, April retail 13,595 units, brought new sales increment.
Besides this car, XPeng full-size high-end flagship XPeng GX launched on May 20, limited time right price269,800-349,800 yuan（Pure Electric + Extended Range total 8 configurations）.
Already definitely a big hit, especially top-spec models, already hot to a mess:
Especially XPeng GX Pure Electric Version, on May 23 delivery cycle was 20-24 weeks, now already changed to 30-34 weeks.
Known so far is: In initial orders flagship version proportion exceeded 80%, currently still mainstay. Max version proportion below 5%, below expectations.
Extended range version initially demand not as good as pure electric, but gradually approaching, especially after strengthened marketing in North District, West District.
We hope GX can become top 3 or even head of high-end big 6-seat market above 300,000 yuan.
GX as flagship model, gross margin is very good, most SKU gross margin performance all higher than expectations.
So, with this car's mass delivery, this year June, or even next, this car will contribute considerable sales revenue, and also will drive XPeng vehicle gross margin improvement.
However, must say although has XPeng GX high gross margin model improving product structure, but raw material rise pressure (memory chips and batteries), this part pressure will still continue to subsequent quarters.
Q2 XPeng expected delivery volume 100,000 to 106,000 units, compared to Q1 increased about 59.54% to 69.11%.
Total revenue will be 19.6 billion yuan to 20.8 billion yuan, compared to Q1 increased about 50.38% to 59.59%.
As for total gross margin, expected to be roughly flat with first quarter.
In view of XPeng new high-end flagship XPeng GX opened a good start.
Next, XPeng performance very worth expecting.
First is new models.
This year second half XPeng still has three new models will launch for delivery.
XPeng G9L: XPeng G9 Long Version.
G9L positioning will be between G9 and GX, mid-large 6-seat luxury household SUV.
XPeng G9: 4891×1937×1670mm, wheelbase 2998mm
XPeng G9L: 5120×1999×1782/1788/1795
XPeng GX: 5265×1999×1800mm, wheelbase 3115mm,
XPeng G9L on G9 basis made lengthened, same pure electric/extended range dual power, as for other aspect configurations, personal feel will align with GX, common name cookie-cutter.
So, this car's configuration, space and many product competitiveness certainly not bad.
Now new energy cars want to win in intense competition, core is《Tech Jungle》many times emphasized strategy: Dimensional Strike + Differentiated Competition.
This is also now new energy cars getting bigger reason.
So, G9L subsequent should replace G9 position, so most critical is pricing, XPeng G9 price is 248,800-278,800 yuan.
G9L wants to move volume, pricing and SKU need to seriously consider.
If set well, then another hit booked.
Besides G9L, XPeng MONA sequence SUV models also finally coming, will fill XPeng missing in 150,000 yuan SUV models.
MONA L03:
L03 positioning compact coupé SUV,4650 /1920/1600mm, wheelbase 2850mm（Axle Length Class-Leading）, same pure electric + extended range dual energy, 83kW (249 hp) permanent magnet synchronous single motor.
Pure electric version provide 505km (56kWh), 650km (69kWh) two range specifications.
Extended range version 37.2kWh Lithium Iron Phosphate;CLTC Pure Electric Range 257km, Combined Range > 1000km.
If can give a good price, then basically can continue current M03 hit momentum.
As for launch release time, user in XPeng Auto VP Yu Tao comment section asked July can receive car, his response is: No problem, place order at night no pressure.
So L03 high probability July will launch.
L05: 5-seat mid-size household SUV
In some sense can see as one size bigger L03.
L05 Length×Width×Height: 4870/1930/1636mm, wheelbase 2940mm.
Compare XPeng brand G6.
XPeng G6: 4758/1920/1650mm, wheelbase 2890mm.
So, L05 whether seating or cargo performance, will be better than G6.
G6 selling price is 176,800-186,800 yuan.
Considering MONA series more affordable positioning, L05 must be cheaper than G6, and will also eat into considerable G6 market share.
（If appear pricing reversal, then I definitely this car last sales definitely fail）
For MONA these two SUVs, I still very expect.
However still that sentence, whether G9L, L03 or L05, final decide whether can big sell core factor still pricing, configuration, XPeng must treat cautiously.
If this block no mistakes, then second half XPeng sales performance very worth expecting.
XPeng second generation VLA progress still very worth expecting.
First technical aspect, second generation VLA brought two new capabilities:
1、Second generation VLA No Navigation Campus / Underground Garage Roam, achieve intelligent driving from With Road to Even without Road
2、Domestic First Full Scene Stationary Start (Public Roads, Campus, Underground Garage, P Gear status can stationary start), everywhere can drive, greatly increase intelligent driving usage rate
These two function's carry not only intelligent driving function's supplement, means XPeng will Full Scene 0 Speed Start, No Navigation Roam Pass, Urban NOA, Highway NOA, Spot to Spot link thoroughly connect, form a complete seamless end-to-end experience loop.
Achieve intelligent driving from With Road to Even without Road, and will bring intelligent driving experience continuity quality change, truly do everywhere can drive.
This capability form already and Tesla in North America realized Full Scene FSD very close.
And, second generation VLA push first month, intelligent driving mileage proportion industry first break 50%, become industry first cross this node intelligent driving system, mark high-level intelligent driving from Geek Tasting formally enter Mass Daily, High Frequency Usage stage.
Regarding intelligent driving mileage, domestic intelligent driving head company Horizon Robotics Founder&CEO Yu Kai has a viewpoint: Intelligent driving mileage proportion break 50% after, user to intelligent driving reliance will become irreversible.
So, with more large amount model's delivery and more intelligent driving mileage usage, XPeng intelligent driving will receive not small progress and growth.
This is not over yet.
This year Q3 (August), XPeng VLA will迎来 a wave of update, greatlyimprove model capability upper limit, smarter, generalization capability stronger, greatly reduce takeover rate.
This year end, XPeng will achieve first realizeVLA+VLM Fusion, besides autonomous driving haveLanguage Communication Capability, for future Car Butler (L5 level) capability lay foundation.
When autonomous driving can based on L2 level hardware realize perfect L4 software capability, entire business form and business model will produce huge change.
Can expect is, XPeng in intelligent driving aspect competitive capability will get further enhanced, and this reversely will promote XPeng product sales growth, form a positive cycle.
As for Robotaxi, currently XPeng is in Guangzhou get license and operate.
XPeng's planning is in Guangzhou take technology, product, business model run through after, then with domestic and foreign more partners carry out local operations.
XPeng's Robotaxi strategy has two points: First, only do product and take commission, not directly do operations, so will have many partners; Second, XPeng thinks global Robotaxi has huge business value.
He Xiaopeng indicates: Domestic recent autonomous driving regulation tightening did not affect our rhythm, we think 2028 after will be Robotaxi huge business opportunity, currently according to steps in sea inside out preparation.
XPeng current plan is use existing models in domestic and international market heavily deploy and test V2.0.
Using current models carry out rapid research and development and experiment, and will in 2027 launch economy models to do well Robotaxi demonstration and commercial verification, Robotaxi commercial capability will continuously improve.
Regarding Robotaxi test and R&D to Consumer Side business also bring positive impact (feedback), because V2.0 can derive multiple intelligent driving strategies (such as speed mode, less takeover mode).
Future, when policy gradually relax, Robotaxi enter scaled commercial operation, it may with Consumer Side market gradually separate, become second vehicle track, become a new type tool.
As for technology licensing service, this year Q2 start, XPeng already start to partners Volkswagen massively deliver Turing chips, 2026 from technology, service and IP licensing total revenue will be same as 2025.
Overseas market has always been XPeng core strategy one.
From latest month data look, XPeng International business revenue contribution already close to 20% (last year whole year about 10%), proportion significantly improve.
Although have tariff etc cost pressure, but international business brought gross margin and net profit contribution still very substantial.
This year second half, with this year second half 4 models global launched, 2027-2028 XPeng globalization speed will greatly improve, growth momentum will continue, whole year international revenue contribution will stable at 20% around.
Of course consider international instability, XPeng also increase local investment production (such as in Austria with Magna cooperation), to ensure have capability meet European and global market growth expectation.
Currently we in Southeast Asia (Indonesia, Malaysia) have two factories, mainly meet local market; in Austria with Magna cooperation production supply Europe. These three places capacity this year will improve, and produce new models. For Southeast Asian countries, production mainly face local market; Austria factory then serve Europe. Expect wein Europe sell most vehicles will realize local production. In no production facilities other regions, we will maintain current export mode. With in some large markets sales and share growth, we are actively seek improve capacity and localization rate method, to meet local content rules.
He Xiaopeng for overseas market expectation is: Hope future 5 years, overseas market sales account for half, revenue and profitexceed half.
Finally, come to summarize.
Although XPeng Q1 performance flat, but still that sentence, look car company how to look not only past, but also look long-term potential.
Now, with GX, G9L and MONA sequence new cars successively debut, XPeng already laid out strongest product matrix.
Additionally, VLA intelligent driving enter mass popularization stage, overseas business also slowly grow into new business growth pole.
XPeng already preliminarily form Hit Models + Intelligentization + Globalization three-wheel drive new layout.
Next half year, dense new car release will be test this layout quality touchstone.
For XPeng, next question is: How to use well technology this sharp blade, in wider global market, win matching business results (that is scale and profit)?
Second half, market will use orders and margin to vote, await XPeng reverse situation.
End.
When SAIC Motor reached a cumulative production and sales breakthrough of 100 million vehicles, becoming the first member of the "100 Million Club" in the history of China's automotive industry, the spotlight should not only shine on the world's first smart car and high-end independent brand passenger cars, but also on the silent force that supported modern logistics, public transportation, and infrastructure pillars, and completed the five-vehicle relay delivery at this grand event — SAIC Commercial Vehicles segment.
In the second half of the hundred-year change in the automotive industry, the new energy transformation of commercial vehicles is not only a key battle for the "Dual Carbon" goals, but also the core ruler to measure a country's automotive industry green competitiveness. SAIC Commercial Vehicles, carrying five brands including Maxus, Yuejin, IVECO, Hongyan, and SINOWO, submitted a highly valuable report card: the overall new energy penetration rate reached 35%, leading far ahead of traditional commercial vehicle enterprises, and injecting powerful "green momentum" into SAIC Motor's 100 million monument with its full-scenario product matrix, global top partner endorsements, and full-dimension user ecosystem. Behind this number is the profound transformation of China's commercial vehicles from "scale expansion" to "value leadership".
Structural Leadership: How does 35% penetration break the commercial vehicle "high emission, difficult decarbonization" curse?
For a long time, commercial vehicles were regarded as a "hard bone" for new energy transformation due to complex usage scenarios, high cost sensitivity, and high range requirements. However, SAIC Commercial Vehicles proved that this "bone" could be chewed up with a 35% overall new energy penetration rate. This number far exceeds the industry average, marking that its new energy strategy has crossed the policy-driven stage and entered the "harvest period" driven by the market.
This leading position is built on a complete and layered technical implementation logic.
First, there is the saturated coverage of "all energy routes". Unlike some companies betting on a single technical route, SAIC Commercial Vehicles has achieved a comprehensive layout of fuel, pure electric, plug-in hybrid, range extender, and hydrogen fuel. Especially at the 2026 Beijing Auto Show, "Maxus Da Na Super Range Extender", the "industry's first super range-extending large light commercial vehicle" launched by Maxus, accurately cut into the core pain points of city distribution logistics with the "large battery + small range extender" collaborative mode. Its CLTC comprehensive range exceeded 1,260 kilometers, pure electric range 312 kilometers, and the energy consumption per 100 kilometers was as low as 2.65L. This technical "precision calculation" directly translates into the "economic account" in users' hands, which is the key to the large-scale popularization of new energy commercial vehicles.
Second, the "penetration rate flying together" of core brands. The 35% overall data is composed of a solid base formed by multiple points blooming across brands. SINOWO buses achieved 100% comprehensive electrification, becoming a benchmark for urban public transportation zero-carbon transformation; the Yuejin brand's new energy light truck proportion approached 57% in all of 2025, meaning that for every two light trucks sold, one was new energy; Maxus's domestic new energy penetration rate frequently broke through 50% in single months, especially in its traditional strong light commercial vehicle sector, achieving a switch from "quantity" to "quality". This full-brand collaborative penetration, rather than reliance on a single "sharp spear" advance, has built SAIC Commercial Vehicles' irreproducible systematic advantage.
Finally, deep co-research in the industrial chain. The strategic cooperation with CATL's "technical co-research, ecosystem co-construction" has allowed SAIC Commercial Vehicles to occupy the commanding height in the core battery link. The equipped CATL Tianxing battery not only has an extremely low failure rate of one in a billion levels, but also provides a cycle life of 7,000 cycles and warranty of 8 years or 600,000 kilometers, which hits the fundamental concerns of commercial vehicle users on "reliability and residual value". Solving user anxiety from the bottom layer technology, SAIC Commercial Vehicles' new energy leading is the successful conversion of technical dividends to market dividends.
From "Product Overseas Expansion" to "Solution Export": Brand Dimension War Behind Globalization
On the global automotive stage, the internationalization degree of commercial vehicles is a direct embodiment of measuring a country's automotive industry competitiveness. SAIC Commercial Vehicles not only leads the new energy transformation in the domestic market, but also reshapes the gold content of "Made in China" in the global market. The core of its globalization story has upgraded from early "selling products" to "exporting systems, standards, and ecosystems".
Data is the most intuitive proof. In 2025, SAIC Commercial Vehicles exported 103,000 vehicles overseas, with a year-on-year growth of over 25%, and light commercial vehicle exports ranked first among Chinese brands, with pickups ranking second. Entering 2026, this momentum has increased, with overseas sales breaking through 10,000 vehicles in April alone, a year-on-year increase of 40%. This is not only an increase in quantity but a qualitative leap. In markets such as Australia, Chile, and Malaysia, SAIC Commercial Vehicles' new energy products not only secured large orders but also occupied over 50% of the market share for pure electric commercial vehicles in Chile. This simultaneous breakthrough in developed countries and "Belt and Road" market lines proves that its products have reached global leading levels in quality, safety, and adaptability.
"Return orders" from global top customers are the best endorsement of brand power. At the SAIC Group 100 million vehicle delivery ceremony, international logistics giant DHL once again became the focus customer, receiving the Maxus delivered eDeliver 5. Since the cooperation in 2017, Maxus not only won DHL's largest procurement order in the European region but also became its preferred partner for global green logistics transformation. From DHL, FedEx, OnRoad, to SF Express, these industry giants who are picky about operating efficiency and TCO (Total Cost of Ownership) continuously choosing SAIC Commercial Vehicles is itself the highest evaluation of its product reliability, economic efficiency, and service support capabilities.
More worth noting is that SAIC Commercial Vehicles is completing the strategic dimension upgrade of the overseas expansion model. During the 2026 Beijing Auto Show, over 200 overseas dealers from more than 100 countries and regions gathered together to witness its four core strengths of "Quality, Technology, Ecosystem, Globalization". This marks that its overseas strategy has shifted from simple trade relations to a new stage of deep localization and full-scenario business solution export. By establishing overseas service centers, perfecting terminal sales networks, and initiating global modification ecosystem alliances, SAIC Commercial Vehicles is building a symbiotic and win-win global business ecosystem. It is not only selling a vehicle but exporting a green transport solution integrating vehicles, finance, services, and data. This transformation from "product output" to "capability output" is the inevitable path for China's commercial vehicles to truly walk to the center of the global stage.
Full-Scenario Coverage and User Value Reconstruction: From "Production Tools" to "Livelihood Partners" Dimension Upgrade
Commercial vehicles naturally have the attribute of "production tools", but SAIC Commercial Vehicles, by building a full-scenario product matrix and full-lifecycle user ecosystem, is redefining its social role. It is both the "wealth creation tool" of thousands of industries and the "warm partner" connecting livelihood.
In the product dimension, its coverage breadth is impressive. From heavy trucks supporting infrastructure projects, passenger cars serving city buses, to light trucks and light commercial vehicles deepening city distribution logistics, to pickups serving both commercial and outdoor needs, MPVs satisfying business and families, and even RVs carrying poetry and distance, SAIC Commercial Vehicles has built a full-scenario matrix of 7 car series. This "no blind spot" coverage ability enables it to provide highly customized solutions for different users. For example, in this 100 million vehicle delivery, IVECO Juxing EV broke through the mountainous passenger transportation range problem with its 100-degree large capacity battery, serving Henan Zhonglian Tourism; Hongyan i Jieshi Dump Trucks rode the complex road conditions of Shanxi with military-grade quality, escorting Hengtong Sheng Industry & Trade Company's infrastructure project. This precise scenario matching is the best embodiment of its product power.
In the value dimension, its service ecosystem construction goes beyond traditional buying and selling relationships. The "Lingju Capacity" built "Vehicle, Cargo, People, Data" integrated smart logistics ecosystem, and the "Star Plan" invested 15 million in farmer assistance funds, indicating SAIC Commercial Vehicles is thinking about how to help users better "make money". It is no longer passively providing transportation tools, but actively intervening in users' operation processes, lowering TCO through data empowerment and improving operational efficiency. Especially the "Star Plan" Motuo Action, assisted high-altitude area agricultural product transportation with pickup capacity, integrating commercial value and social responsibility, exploring a new path for rural revitalization of "Cars to the Countryside + Agricultural Products Going Up".
In the social responsibility dimension, its public welfare actions show enterprise warmth. Launching the AED Worry-Free Rescue Fund, creating the country's first commercial vehicle mobile AED public welfare fleet, this measure upgrades commercial vehicles from simple transport tools to mobile "Life Guardians". When vehicles become mobile emergency nodes, SAIC Commercial Vehicles' social value has achieved a qualitative leap. The landing of the 8S User Super Experience Center broke the traditional 4S Dealership boundary, providing integrated experiences of sales, service, ecosystem, and co-creation. This is itself a profound reconstruction of user relationships, shifting from the end of transactions to the starting point of relationships.
Conclusion:
SAIC Motor's 100 million vehicles is a period for an era, and more like a colon for the next journey. Behind this heavy milestone, SAIC Commercial Vehicles, with its 35% new energy penetration rate, full-scenario product strength, global brand influence, and warm user ecosystem, has strongly proved that it is not only the "ballast stone" for the group scale's summit, but also the "engine" leading the green transformation of China's commercial vehicle industry.
100 million users are not the end point, but a new starting point of trust. When the original intention of "serving livelihood, linking the world, driving the future" meets the era tide of new energy and globalization, SAIC Commercial Vehicles is driving China's commercial vehicle industry from scale leadership to value and brand full-range leadership with its systematic competitive advantages. On the map of the global green transport revolution, it has already become a key force that cannot be ignored.
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