Chinese EV maker Xpeng (XPEV) saw its shares edge 3% lower in premarket trading on Monday, as a revenue miss outweighed support from a profit beat.
Total revenues were RMB20.38 billion ($2.86 billion) for the third quarter, representing an increase of 101.8% from the same period of 2024 and an increase of 11.5% from the second quarter of 2025.
Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 13.1% for the third quarter of 2025, compared with 8.6% for the same period of 2024, but down sequentially from 14.3% for the second quarter of 2025.
Looking forward, deliveries of vehicles in the fourth quarter are expected to be between 125,000 and 132,000, representing a year-over-year increase of approximately 36.6% to 44.3%.
Total revenues are to be between RMB21.5 billion and RMB23.0 billion, representing a year-over-year increase of approximately 33.5% to 42.8%, Xpeng (XPEV) added.
Total deliveries of vehicles in the third quarter, meanwhile, rose nearly 150% to 116,007 from the corresponding period of 2024.
“With effective cost control and technology-related revenue streams unlocking greater potential, our gross margin exceeded 20% for the first time in the third quarter,” said Hongdi Brian Gu, Vice Chairman and Co-President of XPENG.