XPeng reported a 33.3% year-over-year decline in first-quarter 2026 vehicle deliveries to 62,682 units. Total revenues fell 17.6% to RMB 13.03 billion ($1.89 billion). The company’s net loss widened to RMB 1.78 billion from RMB 0.66 billion a year earlier. This performance marks a reversal from the profit achieved in the fourth quarter of 2025.
Gross margin improved to 20.6% during the quarter, up from 15.6% in the prior year.
XPeng expects a significant rebound in the second quarter of 2026. Vehicle deliveries are projected to reach between 100,000 and 106,000 units. The company forecasts second-quarter revenue between RMB 19.60 billion and RMB 20.80 billion.