Xpeng reports mixed Q3 results; initiates Q4 outlook

Xpeng press release (XPEV): Q3 Non-GAAP EPS of -$0.02 beats by $0.05.
Revenue of $2.86B (+105.3% Y/Y) misses by $10M.
Quarterly gross margin was 20.1%, an increase of 4.8 percentage points over the same period of 2024.
Quarterly vehicle margin was 13.1%, an increase of 4.5 percentage points over the same period of 2024.
Cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB48.33 billion (US$6.79 billion) as of September 30, 2025.
Total deliveries of vehicles were 116,007 for the third quarter of 2025, representing an increase of 149.3% from 46,533 in the corresponding period of 2024.
Total deliveries were 42,013 vehicles in October 2025.
As of October 31, 2025, year-to-date total deliveries were 355,209 vehicles.
Business Outlook

For the fourth quarter of 2025, the Company expects:
- Deliveries of vehicles to be between 125,000 and 132,000, representing a year-over-year increase of approximately 36.6% to 44.3%.
- Total revenues to be between RMB21.5 billion and RMB23.0 billion, representing a year-over-year increase of approximately 33.5% to 42.8%.