XPeng's Q2 performance soars across the board: 200% increase in deliveries and 125% increase in revenue. He Xiaopeng reveals details of the pure-vision Robotaxi.

The third profitable new - energy vehicle startup, there's no doubt about it --

XPeng Motors. Its Q2 performance can be summed up in one word: across - the - board surge!

Delivered 103,181 new vehicles, a year - on - year increase of 241.6%;

Recorded revenue of 18.27 billion RMB, a year - on - year increase of 125.3%;

Overall gross profit margin reached 17.3%, compared with 14% in the same period of 2024;

Net loss was 480 million RMB, compared with 1.28 billion RMB in the same period of 2024.

The new - energy vehicle startups have been around for 10 years, and surprisingly, only 3 of them, including XPeng, have reached the profitability stage. Almost all the "hundred schools of thought" from the earlier days have been eliminated, highlighting the harsh and arduous nature of this industry.

This historical turning point can't be over - emphasized, but He Xiaopeng took it lightly, even brushing it off:

It doesn't pose any real challenge at all.

His core focus has shifted to XPeng's new growth points and the so - called "market dream ratio".

How did XPeng perform in Q2?

Let's look at the key indicators one by one. First, the delivery volume:

In the second quarter of 2025, XPeng delivered a total of 103,181 new vehicles, a year - on - year increase of 241.6% and a 9.5% increase from the 94,000 vehicles delivered in the first quarter of this year.

Throughout the first half of the year, XPeng delivered 197,200 new vehicles, matching the total for the whole of 2024.

At the beginning of 2025, XPeng set its annual sales target at 3.8 million vehicles. With a semi - annual target achievement rate of about 56%, it has outperformed many other automakers.

The increase in delivery directly drove up the automobile sales revenue, which reached 18.27 billion RMB, a year - on - year increase of 125.3%:

In XPeng's revenue structure, automobile sales revenue has always been the dominant part. So, the total revenue in the second quarter also reached a new high - 18.27 billion RMB, a year - on - year increase of 125.3%:

18.27 billion RMB is what XPeng earned, and the money spent includes:

The cost of sales was 15.11 billion RMB, R & D expenses were 2.21 billion RMB, and operating and administrative expenses were 2.167 billion RMB. After subtracting income tax expenses, XPeng had a net loss of 480 million RMB in the second quarter of 2025:

Loosely calculated, XPeng currently loses about 4,600 RMB per vehicle sold.

It's still in the red, but the meaning of "loss" is completely different from previous years.

In the second quarter of 2024, the net loss was 1.28 billion RMB, and in the first quarter of 2025, it was 660 million RMB.

The loss has been significantly reduced by more than half, which is an obvious sign of stopping the bleeding and undoubtedly positive news.

XPeng's Q2 financial report shows "across - the - board" growth, with hardly any negatives, which is also reflected in the gross profit margin:

In Q2 2025, XPeng Motors' overall gross profit margin was 17.3%, compared with 14% in the same period of 2024. The main reason for the increase was the significant improvement in the automobile gross profit margin - 14.3%, compared with 6.4% in the same period of 2024:

There are two obvious factors contributing to the increase in gross profit. One is the continuous optimization of cost - reduction and efficiency - improvement. For example, XPeng revealed that as the delivery volume increased, the material cost in the second quarter decreased. The other is that the delivery proportion of the new models G6, G9, and P7+ in the second quarter increased, boosting the overall gross profit.

XPeng has an unprecedented sense of security in its operations.

At the end of the second quarter, XPeng held cash and cash equivalents, restricted cash, short - term investments, and time deposits worth 47.57 billion RMB.

With a cash reserve of nearly 50 billion RMB, even if it doesn't earn a single cent, XPeng can "survive" for as long as 10 years.

Moreover, XPeng launched the new G7 and P7 in the third quarter. These models have already proven to be blockbusters. With the subsequent launch of range - extended vehicles with higher unit prices, achieving overall profitability is almost a foregone conclusion, and the cash reserve is likely to only increase in the future.

He Xiaopeng is full of confidence: Deploy Robotaxi in 2026

Over the past decade, the ups and downs of XPeng's business situation can actually be seen from the statements of its boss, He Xiaopeng.

When He Xiaopeng shows a far - reaching vision and gets emotional about technology, it means that XPeng has successfully launched a blockbuster vehicle and is in good business shape. Once He Xiaopeng starts talking about manufacturing, products, and car sales like traditional automaker bosses, it means that XPeng's new models have not been successful and the company is facing some challenges in its business operations.

This time is the same, but there are also some new changes.

At the earnings conference, He Xiaopeng talked a lot about his understanding, prediction, and investment in technology... Yes, there are blockbusters again, but not just one. The MONA 03 and P7+ have both been blockbusters, the new G6, G9, and G7 have also received good feedback, and even the unconventional new P7 has unexpectedly gained wide recognition.

So, He Xiaopeng's statements, which used to be forward - looking technological visions that were hard to predict when they would come true, are now already implemented and clearly mapped out as XPeng's next - stage growth driver - L4.

He Xiaopeng believes that in China's first - tier market, the players are on a par. Some rely on computing power, and those with insufficient computing power use a combination of computing power and lidar. There is a scaling law for large models, and a better model can produce more powerful results, which XPeng has already seen in the testing environment.

For example, currently, the effective computing power of XPeng's Ultra models has reached 2,250 TOPS, while the computing power of its peers' flagship models is generally between 100 - 700 TOPS. This means that for the VLA model, with the same amount of data, XPeng's model scale may be 10 times that of other players, and the operating frame rate may be twice as high. "The whole brain is smarter, and the cerebellum is more agile."

He Xiaopeng believes that in the short term, the capabilities based on XPeng's Turing chip + VLA model are dozens of times better than the mainstream urban assisted - driving capabilities in the industry, and it can be comparable to L3 with a human driver in terms of safety, full - scene performance, and user experience.

Based on XPeng's Turing chip, VLA, and VLM, the mass - producible version of XPeng's initial - stage L4 capabilities in the robotics field is planned to be launched in the second half of 2026.

At this stage, He Xiaopeng believes that XPeng will leave a huge gap between itself and all L2 automakers and players.

As for the implementation method of Robotaxi, He Xiaopeng also revealed some details.

Starting next year, after obtaining relevant policy approvals, XPeng will conduct Robotaxi pilots in some regions of China.

But it's different from all other Robotaxis in two ways: First, XPeng's is pre - installed in vehicles; second, there are no regional restrictions.

XPeng's RoboTaxi and mass - produced vehicles use the same model, but they are not exactly the same. For example, RoboTaxi may be able to stop on demand, but consumer - oriented models can't. So, there are still some differences in the training methods, mainly in the area of reinforcement learning.

During the initial commercial testing phase, He Xiaopeng believes that XPeng will operate it on its own, but once the testing is passed, it will seek more partners.

Regarding the business aspect, He Xiaopeng mainly talked about two points.

First, with the successive blockbusters, "Achieving profitability by the end of the year doesn't pose any real challenge".

Second, He Xiaopeng explained XPeng's current product strategy.

Previously, technology was given top priority. Now, technology and design are equally important, and design even takes a slight lead. The new P7 is just the beginning.

He Xiaopeng revealed that in the past, during the product development process, XPeng first restricted the engineering cost, determined the positioning, and then adjusted the styling. Now, it starts with the styling selection and then restricts the engineering. This is a shift in positioning.

Finally, He Xiaopeng talked about XPeng's "third growth curve" - technology going global.

Last week, XPeng announced its fourth cooperation with Volkswagen. In essence, XPeng is expanding the supply of its electronic and electrical architecture from a single pure - electric vehicle model to all of Volkswagen's fuel, pure - electric, and hybrid vehicles in China.

Volkswagen has thus become the only global automaker with a unified intelligent electronic and electrical architecture platform across different powertrains.

This also means that XPeng is the No.1 among all Chinese automakers in the field of intelligent technology going global, with an unprecedented breadth and depth of technology output.

Obviously, XPeng can benefit from this cooperation.

Since the first quarter of 2024, XPeng has