Die Geschäftsergebnisse im zweiten Quartal waren positiv, aber XPeng muss immer noch mit Tesla konkurrieren.

On August 19th, XPeng Motors released its financial report for the second quarter of 2025, with significant growth in multiple key indicators.

During this quarter, XPeng's total deliveries reached 103,181 units. Compared with 30,207 units in the same period of 2024, XPeng's deliveries in the previous quarter increased by 241.6%; compared with 94,008 units in the first quarter of 2025, there was a quarter-on-quarter increase of 9.8%.

In the previous quarter, XPeng's total revenue was 18.27 billion yuan. Among them, the revenue from vehicle sales was 16.88 billion yuan, a year-on-year increase of 147.6%. The revenue from services and others was 1.39 billion yuan, basically flat compared with the same period last year.

XPeng's overall gross profit margin in the second quarter increased from 14.0% in the same period of 2024 to 17.3%, and the vehicle gross profit margin increased from 6.4% in the same period last year to 14.3%, showing continuous improvement for eight consecutive quarters. The significant increase in the gross profit margin is mainly due to economies of scale, cost control, optimization of supply chain management, and improvement of the product mix.

In terms of net profit, XPeng's net loss in the second quarter was 480 million yuan, narrowing by 62.8% compared with the net loss of 1.28 billion yuan in the same period of 2024; compared with the net loss of 660 million yuan in the first quarter of 2025, it also decreased by 28.1% quarter-on-quarter. The significant narrowing of the loss is directly attributable to revenue growth and improvement in the gross profit margin.

In terms of expense expenditure, XPeng's R & D expenses in the second quarter were 2.21 billion yuan, a year-on-year increase of 50.4%. Sales, general and administrative expenses were 2.17 billion yuan, a year-on-year increase of 37.7%.

As of June 30, 2025, XPeng's physical sales network had expanded to 677 stores in 224 cities. As of the end of the quarter, XPeng Motors held a total of 47.57 billion yuan in cash and cash equivalents, restricted cash, short - term investments, and time deposits.

During the reporting period, XPeng's overall gross profit margin increased to 17.3%, the gross profit margin of the vehicle business was 14.3%, and the net loss narrowed to 480 million yuan.

The record - high deliveries, continuous improvement in the gross profit margin, and a significant year - on - year reduction in the loss amount constitute the core positive information in XPeng's financial report for this quarter.

However, the competition in the new energy vehicle market is becoming increasingly fierce. The driving force for XPeng's performance growth, the sustainability of the improvement in its profitability, and the effectiveness of its long - term strategy need to be explored through in - depth data analysis.

A

Compared with its major competitors, there is a significant difference in XPeng's sales composition: The proportion of sedans is much higher than that of SUVs.

In the first half of this year, XPeng delivered a total of 197,200 vehicles. Among them, the MONA M03 and P7+ together sold more than 136,000 units, accounting for 69% of the total sales.

However, in the second quarter, the sales proportion of XPeng's SUV and MPV models G6, G9, and X9 increased. Correspondingly, the proportion of the MONA M03 decreased to 42.6%, and the proportion of the P7+ also dropped to 22.5%.

XPeng's new model G7 was launched and delivered in July. Its subsequent production capacity ramp - up speed and market feedback will directly affect the performance in the second half of the year.

As a mid - size SUV, the price of the XPeng G7 ranges from 195,800 to 225,800 yuan. This price range is highly competitive, and its direct competitors include Tesla Model Y, the leader in the industry. As of August 13th, the deliveries of the XPeng G7 officially exceeded 10,000 units.

In the MPV market, XPeng launched the extended - range version of the X9, and its main competitors include Li Auto MEGA and Denza D9. Extended - range models have better range performance than pure - electric models, which is very suitable for large vehicles like MPVs. This may be the main reason for XPeng to enter the extended - range market.

From the perspective of product line layout, the co - existence of the pure - electric and extended - range versions of the X9 can form a product portfolio that covers different price ranges and meets different usage scenarios.

In addition, extended - range models usually have certain advantages in manufacturing costs compared with pure - electric models with the same range, which allows the extended - range version of the X9 to be more flexible in pricing, thus targeting a wider consumer group and increasing the sales volume of the entire X9 series.

In the sedan segment, at the beginning of August, XPeng significantly updated the P7, which has been on the market for 6 years.

At the press conference, just 6 minutes and 37 seconds after the launch of the new car, the number of orders exceeded 10,000. The XPeng P7 competes with the Tesla Model 3. However, the monthly sales of the Model 3 are far lower than those of the Model Y, and the sedan market is not as hot as the SUV market.

In addition to launching multiple new models, XPeng's average selling price per vehicle has also increased.

Calculated from the vehicle sales revenue and deliveries, XPeng's average selling price per vehicle (ASP) in the second quarter was approximately 163,600 yuan, while in the first quarter it was approximately 152,800 yuan. This usually means an increase in the sales proportion of higher - value models or an adjustment in the product pricing strategy, which optimizes the revenue structure.

B

One day before XPeng released its financial report, Leapmotor also released its financial report.

Strategically, both companies are good at self - research and convert their R & D achievements into advantages in price and driving experience. However, from the perspective of core financial indicators, the two companies have shown different development paths and operating results.

In terms of delivery volume, Leapmotor delivered an average of about 37,000 units per month in the first half of 2025; XPeng Motors delivered an average of about 34,000 units per month. Judging from the overall momentum in the first half of the year, Leapmotor had a slight edge in delivery volume, and its deliveries in July exceeded 50,000 units.

In terms of revenue, Leapmotor's total revenue in the first half of the year was 24.25 billion yuan, equivalent to about 12.13 billion yuan per quarter. Therefore, XPeng's quarterly revenue was significantly higher than that of Leapmotor.

The core of this difference lies in the average selling price per vehicle. After calculation, XPeng's ASP in Q2 was approximately 163,600 yuan, while Leapmotor's ASP in the first half of the year was approximately 104,200 yuan.

In terms of profitability, XPeng's overall gross profit margin in Q2 was 17.3%, and the vehicle gross profit margin was 14.3%; Leapmotor's overall gross profit margin in the first half of the year was 14.1%. XPeng had a higher gross profit margin, which is related to its higher ASP and continuous cost optimization.

However, in terms of net profit, Leapmotor achieved a net profit of 33.03 million yuan in the first half of 2025, achieving semi - annual profitability for the first time. Although XPeng significantly narrowed its loss in the second quarter, it still recorded a net loss of 480 million yuan.

The key to this difference lies in the control of operating expenses. XPeng's R & D expenses and operating expenses in Q2 were relatively high. In contrast, Leapmotor's R & D expenses in the first half of the year were 1.89 billion yuan, and the total sales and administrative expenses were 2.2 billion yuan, equivalent to only about 2.05 billion yuan in operating expenses per quarter. XPeng's quarterly operating expenses were more than twice those of Leapmotor.

This reflects the completely different business strategies of the two companies: XPeng chooses to invest heavily to gain technological depth and brand height, while Leapmotor achieves profitability at a relatively low gross profit margin through stricter cost control and higher operating efficiency.

The differences between the two are also very obvious at the strategic and model levels.

In terms of the technology route, XPeng's core features are the full - stack self - developed intelligent assisted driving system XNGP and the intelligent cockpit. Leapmotor emphasizes "full - domain self - research", and its LEAP 3.5 technology architecture integrates multiple fields such as intelligent driving, intelligent cockpit, and central domain control. It also pursues the autonomy and controllability of core technologies, but the starting point of its technology application is more focused on cost control and rapid popularization.

In terms of the sales model, XPeng has long adopted the direct - sales model to ensure unified service quality and brand image. Leapmotor, on the other hand, uses a model of "mainly through dealers, supplemented by direct sales". This model helps to quickly penetrate the market and expand the network coverage by leveraging the resources of dealers, achieving asset - light operation.

As of June 30, 2025, Leapmotor had 806 sales stores, more than XPeng's 677, reflecting the difference in their channel strategies. Leapmotor has far more sales stores than XPeng, but its operating expenses are lower.

In the process of globalization, their paths are also different. XPeng mainly enters overseas markets directly through direct sales or by establishing sales networks with local partners. Leapmotor chose to establish a joint - venture company called "Leapmotor International" with Stellantis Group, leveraging Stellantis' mature global channels and resources for market expansion. This is an asset - light model of "borrowing a boat to sail overseas", which can quickly expand the global network.

Overall, in the "cost - performance" segment, Leapmotor's model has achieved profitability at a relatively low selling price per vehicle through extreme cost control, and the sustainability of its model has been verified at the current stage.

XPeng is on the path of pursuing higher technological added value and brand value, gradually covering its high R & D and operating expenses by improving the gross profit margin. If XPeng's model is successful, its future growth potential and profit margin may be greater, but it is currently in a stage of investing for the future and faces relatively higher financial pressure and uncertainty.

C

XPeng Motors has given a delivery guidance of 113,000 to 118,000 units for the third quarter of 2025, indicating the management's confidence in the continuous sales growth of new models such as the G7.

However, the competitive landscape in the industry is constantly changing, and XPeng's competitors are also making efforts.

BYD, leveraging its vertical integration capabilities and scale advantages, continues to impact the market with its pricing strategy of "electric cars cheaper than gasoline cars". Li Auto maintains its leading position in the extended - range market and has started to focus on the pure - electric MPV market. NIO builds differentiation in the high - end market through its battery - swapping system and excellent service, and is exploring new growth opportunities with LeDao.

Meanwhile, the technology - enabled model represented by Huawei's "Hongmeng Smart Mobility" is on the rise. Products such as the AITO Wenjie series have become direct competitors to XPeng in terms of intelligent experience.

Currently, there are several significant trends in the market. Price wars have become the norm, and profit margins are continuously being squeezed, posing unprecedented challenges to the cost control and supply chain management capabilities of all automakers.

More importantly, the competition in the field of intelligentization has entered a deeper stage. The implementation speed and experience of urban NOA (Navigation - assisted Driving) have become the key to success, and the integration of large AI models into vehicles has become a new technological high - ground.

Moreover, compensation and insurance related to autonomous driving will become new business models. For example, BYD has officially announced that it will cover the losses caused by its Tian Shen Zhi Yan intelligent parking system, providing unlimited compensation for the losses of vehicle owners in all driving scenarios and within 5 seconds before the exit of NGP.

"Going global" has become a must - do for Chinese automakers. From Leapmotor's joint - venture model with Stellantis, to BYD's global factory - building strategy, and XPeng's direct - sales approach in overseas markets, different models are exploring the vast global market.

For investors, this financial report sends a signal that the company's fundamentals are continuously improving. Key points that need continuous attention in the future include: The timeline for the company to achieve quarterly profitability; the substantial business and financial contributions that can be brought by the cooperation with strategic partners such as Volkswagen; and the specific strategies and implementation effects in global expansion and coping with domestic market price wars.

XPeng Motors is on a road full of opportunities and challenges. Whether it can fully translate its technological advantages into market and financial success will be the core factor determining its long - term value.

This article is from the WeChat official account "Zimubang" (ID: wujicaijing), author: Miao Zheng. Republished by 36Kr with permission.