The rapidly growing delivery volume enabled Xpeng Motors to deliver a good semi-annual report.
Data shows that Xpeng Motors' total revenue reached 34.085 billion yuan in the first half of 2025, a year-on-year surge of 132.5%. It delivered 197,200 vehicles in the first half of the year, exceeding its full-year delivery volume for 2024. Its net loss narrowed to 1.14 billion yuan from 2.65 billion yuan in the same period last year. Its automotive gross profit margin rose from 6.4% in the second quarter of 2024 to 14.3%, and its comprehensive gross profit margin of 17.3% surpassed Tesla's for the first time.
June 28, 2025, Xiaopeng Motors Jinbo Center Sales Showroom, Foshan, Guangdong.
In the first half of 2025, its R&D investment reached 4.19 billion yuan, a year-on-year increase of 48.6%. 70% of this was used for intelligent driving and electrification upgrades, paving the way for the mass production of L4 Robotaxi in 2026.
As of June 2025, 677 stores covered 224 cities, and 2,348 self-operated charging stations formed a "15-minute charging circle".
Data from the China Passenger Car Association (CPCA) shows that the new energy vehicle market growth slowed to 28% in the first half of the year, with the leading market share intensifying—BYD, Tesla, NIO, and Li Auto collectively hold a 52% market share. Xpeng is increasing its average price by leveraging its technology to achieve a price premium, reaching 158,000 yuan per vehicle in the first half of 2025, an 18% year-on-year increase.
Despite the improvement in financial report data, Xpeng Motors still faces challenges that cannot be ignored in its development process.
First, Xpeng Motors has consistently maintained a high level of R&D investment, projecting over 8 billion yuan in R&D expenses by 2025, with a significant portion invested in long-term projects like autonomous driving and robotics. These investments are unlikely to translate into tangible returns in the short term, exacerbating the company's financial pressures.
Secondly, on the sales side, Xpeng Motors' sales expense ratio is currently 6.4%, higher than the ideal 4.8%. With the launch of new models such as the P7 and X9 in the second half of the year, marketing and promotion activities are bound to increase, and sales expenses may rise further. How to increase marketing efforts while accurately controlling marketing costs and improving the marketing input-output ratio is a real problem facing Xpeng.
Furthermore, in terms of overseas market expansion, Xpeng Motors delivered 18,700 vehicles overseas in the first half of the year, accounting for 9.5% of the total deliveries, and the overall scale is still relatively small.
