XPENG Announces Vehicle Delivery Results for December and Fourth Quarter 2024

Rhea-AI Summary

XPENG reported strong delivery results for December 2024, with 36,695 Smart EVs delivered, marking an 82% year-over-year increase and 19% month-over-month growth. The company's Q4 2024 deliveries reached 91,507 units, up 52% year-over-year, exceeding their quarterly guidance. Full-year 2024 deliveries totaled 190,068 units, representing a 34% increase from 2023.

The MONA M03 model maintained strong performance, exceeding 10,000 deliveries for the fourth consecutive month and reaching its 50,000th vehicle production milestone in just four months. The P7+ model received its second OTA upgrade with XOS 5.5.0, introducing advanced smart driving features including the industry's first 'door-to-door' ADAS. XNGP's monthly active user penetration rate in urban driving reached 85.12% in December.

Positive

• 82% YoY increase in December 2024 deliveries (36,695 units)
• 52% YoY growth in Q4 2024 deliveries (91,507 units)
• 34% YoY increase in full-year 2024 deliveries (190,068 units)
• MONA M03 reached 50,000 production milestone in just 4 months
• 85.12% XNGP monthly active user penetration rate in urban driving

Negative

• None.

Insights

Automotive Industry Analyst

XPENG's December delivery figures reveal remarkable momentum in China's competitive EV market. The 36,695 units delivered in December, representing an 82% YoY growth, significantly outpaces the industry average. The standout performance of MONA M03, achieving 50,000 units in just four months, demonstrates XPENG's improving operational efficiency and market positioning.

The Q4 deliveries of 91,507 units exceeded guidance, indicating strong execution and demand. The 34% annual growth to 190,068 units positions XPENG as a formidable competitor in China's EV market. The consistent >10,000 monthly deliveries for MONA M03 and strong P7+ performance suggest effective product-market fit and growing brand strength.

The advanced ADAS features and high user adoption rate of 85.12% for XNGP in urban driving scenarios demonstrate XPENG's technological competitiveness. This technological edge, combined with robust delivery growth, strengthens XPENG's market position against both traditional automakers and EV startups.

Technology Analyst

XPENG's technological advancements, particularly in autonomous driving, mark significant progress. The door-to-door ADAS capability powered by a unified software suite represents a strategic advantage in the competitive Chinese EV market. The high XNGP urban driving penetration rate of 85.12% indicates strong user acceptance and system reliability.

The integration of end-to-end large models for driving scenarios positions XPENG at the forefront of AI implementation in automotive applications. This approach to autonomous driving technology, combining unified software architecture with AI models, could create substantial competitive barriers and differentiate XPENG in the premium EV segment.

• 36,695 units delivered in December 2024, an 82% increase year-over-year
• MONA M03 surpassed 10,000 deliveries for fourth consecutive month
• 91,507 units delivered in Q4 2024, a 52% increase year-over-year, exceeding upper end of quarterly guidance range for Q4
• 190,068 units delivered for the full year 2024, a 34% increase year-over-year

GUANGZHOU, China, Jan. 01, 2025 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its vehicle delivery results for December and the fourth quarter 2024.

In December 2024, XPENG delivered 36,695 Smart EVs, representing an 82% increase year-over-year and a 19% increase over the prior month, with deliveries of XPENG MONA M03 and XPENG P7+ exceeding 15,000 and 10,000 units respectively. In the fourth quarter of 2024, XPENG delivered 91,507 Smart EVs, a 52% increase year-over-year. Total annual deliveries in 2024 reached 190,068 units, a 34% increase over the prior year.

For the fourth consecutive month since its launch, deliveries of XPENG MONA M03 exceeded 10,000 units. The MONA M03 achieved its 50,000th vehicle production milestone in just four months since its launch, setting a new record for XPENG's fastest production rollout and continuing to break delivery records for pure electric vehicle production among emerging automakers in China.

In December, XPENG P7+ rolled out second OTA upgrade with the launch of public testing of XOS 5.5.0. The latest XOS version brings advanced smart driving features, including the industry's first "door-to-door" ADAS powered by a unified software suite, ensuring a seamless experience across various driving scenarios, from parking to highways and urban roads.

XNGP‘s monthly active user penetration rate in urban driving reached 85.12% in December. This month, XPENG hosted the XPENG Turing AI Smart Driving Open Day, showcasing China’s first “door-to-door” capabilities. Looking ahead, XPENG aims to deploy its one-step end-to-end large models to more driving scenarios, further elevating customers’ smart driving experiences.

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to drive Smart EV transformation with technology, shaping the mobility experience of the future. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Silicon Valley, San Diego and Amsterdam. XPENG’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goals and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, contract manufacturers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the SEC. All information provided in this press release is as of the date of this press release, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contacts:

For Investor Enquiries:

IR Department
XPeng Inc.
Email: ir@xiaopeng.com

Jenny Cai
Piacente Financial Communications
Tel: +1 212 481 2050 / +86 10 6508 0677
Email: xpeng@tpg-ir.com

For Media Enquiries:

PR Department
XPeng Inc.
Email: pr@xiaopeng.com

Source: XPeng Inc.

FAQ

How many vehicles did XPEV deliver in December 2024?

XPENG delivered 36,695 Smart EVs in December 2024, representing an 82% increase year-over-year and a 19% increase over the prior month.

What was XPEV's total delivery count for Q4 2024?

XPENG delivered 91,507 Smart EVs in Q4 2024, achieving a 52% increase year-over-year and exceeding their quarterly guidance range.

How many vehicles did XPEV deliver in full-year 2024?

XPENG delivered a total of 190,068 vehicles in 2024, representing a 34% increase compared to 2023.

What is the production milestone achieved by XPEV's MONA M03 model?

The MONA M03 achieved its 50,000th vehicle production milestone in just four months since launch, setting a new record for XPENG's fastest production rollout.

What new features were introduced in XPEV's P7+ OTA upgrade?

The P7+'s second OTA upgrade (XOS 5.5.0) introduced advanced smart driving features, including the industry's first 'door-to-door' ADAS powered by a unified software suite.