XPeng Q1 results show revenue decline and wider net loss as vehicle deliveries weaken.
Stock Earnings Results
May 28, 2026
Table of Contents
May 28, 2026
XPeng Inc. (NYSE: XPEV) reported first-quarter 2026 results with lower revenue, weaker vehicle deliveries, and a wider net loss, though margins improved year-over-year and the company guided for a sharp sequential rebound in Q2.
XPeng is a Chinese smart electric vehicle company focused on AI-driven mobility, advanced driver assistance, EVs, charging infrastructure, and connected vehicle technology.
The company reported a loss of $0.27 per ADS. Revenue came in at $1.89 billion, down 13.3%.
XPeng delivered 62,682 vehicles in the first quarter, down 33.3% from 94,008 vehicles in the same period of 2025.
Deliveries also declined sharply from 116,249 vehicles in the fourth quarter of 2025, reflecting a weaker sequential start to the year.
Total revenue was RMB13.03 billion, or $1.89 billion, down 17.6% year-over-year and 41.4% sequentially.
Vehicle sales revenue fell 23.5% year-over-year to RMB11.00 billion, mainly due to lower vehicle deliveries.
Gross margin improved to 20.6%, compared with 15.6% in the prior-year quarter.
Vehicle margin rose to 12.1%, compared with 10.5% a year earlier. XPeng said the improvement came from cost reductions and a better product mix, though vehicle margin declined sequentially because of higher memory chip and battery-related costs.
XPeng reported a net loss of RMB1.78 billion, or $260 million.
That compared with a net loss of RMB660 million in the prior-year quarter and net profit of RMB380 million in the fourth quarter of 2025. Non-GAAP net loss was RMB1.69 billion, compared with a non-GAAP net loss of RMB430 million a year earlier.
Research and development expenses rose 46.8% year-over-year to RMB2.91 billion.
The increase was mainly tied to new vehicle model development and AI-related technologies as XPeng expanded its product portfolio for future growth.
XPeng ended the quarter with RMB42.09 billion, or $6.10 billion, in cash.
That was down from RMB47.66 billion at the end of 2025, but still gives the company liquidity to support product development, AI investments, and sales network expansion.
For the second quarter of 2026, XPeng expects vehicle deliveries of 100,000 to 106,000.
That would represent a sequential increase of roughly 59.5% to 69.1%. The company also expects Q2 revenue of RMB19.60 billion to RMB20.80 billion, implying sequential growth of about 50.4% to 59.6%.
Investors are likely to watch whether XPeng can turn its Q2 delivery rebound into better profitability.
The key areas are:
XPeng’s quarter was weak on current results but better on forward guidance.
Revenue fell, deliveries declined, and losses widened. However, margins improved year-over-year and Q2 guidance points to a sharp sequential recovery in deliveries and revenue.
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