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"Starting from the launch of Xpeng MONA M03, Xpeng will enter a strong product cycle and a period of rapid development. In the next three years, a number of competitive new product models and modified models will be launched intensively. The planning for AI technology and category innovation, as well as the results of technological cost reduction will be reflected in these products, and sales in the Chinese and global markets through a more powerful marketing system will bring sustainable sales growth to Xpeng." In the second quarter 2024 earnings call, He Xiaopeng, chairman and CEO of Xpeng Motors, said.

In the second quarter of 2024, Xpeng Motors' financial data showed a trend of recovery. The financial report shows that Xpeng Motors' total revenue for the quarter was RMB 8.11 billion, a year-on-year increase of 60.2%; gross profit margin continued to increase to 14.0%, an increase of 17.9 percentage points year-on-year; net loss was RMB 1.28 billion, a year-on-year decrease of RMB 1.52 billion; as of June 30, 2024, cash and cash equivalents, restricted cash, short-term investments and time deposits were RMB 37.33 billion. From a horizontal perspective, Xpeng Motors' gross profit margin has exceeded that of new car-making companies such as Weilai and Leapmotor for two consecutive quarters, second only to Ideal Auto.

In the second quarter, Xpeng Motors' total deliveries were 30,207 vehicles, a year-on-year increase of 30.2%; according to the delivery guidance, Xpeng Motors expects its third-quarter vehicle deliveries to be between 41,000 and 45,000 vehicles, a year-on-year increase of approximately 2.5% to 12.5%; total revenue was 9.1 billion yuan to 9.8 billion yuan, a year-on-year increase of approximately 6.7% to 14.9%.

"Thanks to the realization of technological cost reduction and technology monetization income from strategic cooperation with Volkswagen, our gross profit margin further increased to 14.0% in the second quarter of 2024." Gu Hongdi, co-president of Xpeng Motors, said that with the future large product cycle driven by global market sales growth, Xpeng Motors' economies of scale, operating efficiency and cash flow will improve.

The multiple collaborations with Volkswagen have become a major source of technology monetization for Xpeng Motors. On July 22 this year, Xpeng Motors and Volkswagen Group signed a strategic cooperation and joint development agreement on electronic and electrical architecture technology. Both parties will fully invest in developing industry-leading electronic and electrical architecture for Volkswagen's CMP and MEB platforms produced in China.

Bared, managing director of Volkswagen Group's business in China and chairman and CEO of Volkswagen Group (China), said that the cooperation with Xiaopeng to develop the CEA architecture is a key step in Volkswagen's transformation into a leading manufacturer of intelligent connected electric vehicles.

In addition to co-developing the CEA architecture with Volkswagen, Xpeng Motors also took the lead in fully launching an intelligent driving assistance system based on an end-to-end large model in China this year. However, in its main business of automobile sales, Xpeng Motors still needs to make further breakthroughs.

In the first half of this year, Xpeng Motors' sales volume has gone from low to high. In July, the company's delivery volume rebounded for the first time this year to 11,100 vehicles, but there is still a certain gap with new car companies such as Weilai and Leapmotor, which continue to maintain monthly sales of 20,000 vehicles. However, He Xiaopeng said that he is confident that the delivery volume in the third and fourth quarters of this year will increase significantly month-on-month, and set a new high in delivery volume in the fourth quarter.

Xiaopeng Motors has high hopes for the upcoming MONA M03 and P7+. It is reported that the starting price of MONA M03 is no more than 135,900 yuan, and the current orders have exceeded expectations and exceeded the data of G6 in the same period. After the official launch on August 27, large-scale delivery will be quickly launched.

The P7+ is built on a new generation of autonomous driving hardware platform. Xiaopeng said that the car has exceeded the established goals of reducing the cost of autonomous driving hardware and optimizing the BOM of the whole vehicle, and has greater advantages in technological innovation and cost. Public information shows that the P7+ will be based on a pure vision solution and will no longer be equipped with a lidar.

In addition to new cars, overseas markets are also expected to bring new growth to Xiaopeng Motors.

According to data provided by Xpeng Motors, in the first seven months of this year, Xpeng Motors' overseas sales accounted for more than 10% for the first time; by the end of July, Xpeng had entered 30 countries and regions through its dealer partners and had more than 70 sales outlets. Starting from the third quarter of this year, the left-hand drive and right-hand drive versions of the Xpeng G6 were launched and delivered to overseas markets.

He Xiaopeng said that in the second half of this year, Xiaopeng Motors will enter more right-hand-drive markets, including the United Kingdom, Australia and several countries in Southeast Asia. At the same time, the number of sales outlets in the international market is expected to double in the second half of this year.