Q2 2024 Xpeng Inc Earnings Call Transcript
Key Points
- XPeng Inc (XPEV) delivered 30,207 smart EVs in Q2 2024, marking a 38% increase quarter-over-quarter and a 30% increase year-over-year.
- Gross margin improved to 14%, placing XPeng Inc (XPEV) at the forefront of Chinese EV makers.
- XPeng Inc (XPEV) completed a new round of organizational upgrades and internal restructuring, bringing on top talent in key areas.
- The company is entering an intense product launch cycle with competitive new products and models through the end of 2026.
- XPeng Inc (XPEV) ranked first in export sales of mid to high-end all-electric vehicles among Chinese BEV brands in Q2 2024.
- Despite improvements, XPeng Inc (XPEV) reported a net loss of RMB1.28 billion for Q2 2024.
- R&D expenses increased by 7.3% year-over-year and 8.6% quarter-over-quarter, driven by higher expenses related to new vehicle model development.
- SG&A expenses rose by 1.9% year-over-year and 13.3% quarter-over-quarter, due to higher commissions and marketing expenses.
- The company faces significant challenges in maintaining steady growth in a highly competitive market.
- XPeng Inc (XPEV) anticipates more brutal market competition in the coming year, which could impact future performance.
Hello ladies and gentlemen, thank you for standing by for the second-quarter 2024 earnings conference call for XPeng Inc. (Operator Instructions) Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations and Capital Markets of the company. Please go ahead, Alex.
Thank you. Hello, everyone, and welcome to XPeng's second-quarter 2024 earnings conference call. Our financial and operating results were issued by our newswire services earlier today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xiaopeng.com. Participants on today's call from our management team will include our Co-Founder, Chairman and CEO, Mr. Xiaopeng; Vice Chairman and President, Dr. Brian Gu; Vice President of Corporate Finance and VW Projects, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr. James Wu; and myself.
Management will begin with prepared remarks, and the call will conclude
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