XPeng Earnings Preview: Can Strong Deliveries Move the EV Maker Closer to Profitability?

Key Takeaways

• XPeng will report its second-quarter 2026 results before the US market opens on August 24, followed by an earnings call at 8 a.m. ET.
• Second-quarter deliveries reached 103,295 vehicles, up 64.8% from the first quarter but almost unchanged from a year earlier.
• Management previously guided for revenue of RMB19.6 billion to RMB20.8 billion, representing annual growth of approximately 7% to 14%.
• Investors will focus on vehicle margin after XPeng returned to a RMB1.78 billion net loss in the first quarter.
• Third-quarter delivery guidance, the MONA L03 production ramp and spending on robotaxis and humanoid robots could determine the stock’s post-earnings direction.

XPeng is preparing to release its second-quarter results after a sharp sequential recovery in vehicle deliveries, but investors will be looking beyond unit sales to determine whether the Chinese electric-vehicle maker is moving sustainably toward profitability.

The company will report before the US market opens on Monday, August 24. Management will hold its earnings call at 8 a.m. Eastern Time, or 8 p.m. in Beijing and Hong Kong, according to XPeng’s official announcement.

XPeng has already disclosed that it delivered 103,295 vehicles during the quarter. That figure was within its guidance of 100,000 to 106,000 units and represented a 64.8% increase from the 62,682 vehicles delivered in the first quarter.

However, the year-over-year comparison is considerably less impressive. XPeng delivered 103,181 vehicles in the second quarter of 2025, meaning its latest quarterly volume increased by only 114 vehicles, or approximately 0.1%.

The earnings report will therefore need to show that stronger pricing, product mix and services revenue are generating better financial results from essentially unchanged annual delivery volumes.

XPeng Targets Up to RMB20.8 Billion in Revenue

XPeng previously forecast second-quarter revenue between RMB19.6 billion and RMB20.8 billion, equivalent to approximately $2.9 billion to $3.1 billion.

The guidance implies year-over-year growth of around 7.3% to 13.8%, even though vehicle deliveries were nearly flat. Revenue growth above delivery growth would indicate an improvement in average selling prices, a more favorable product mix or a larger contribution from technology and services.

Market expectations are concentrated near the upper half of the company’s range, with consensus data pointing to revenue of approximately RMB20.5 billion. Analysts still expect XPeng to report a loss, although estimates differ depending on whether they use GAAP, adjusted earnings or ordinary-share rather than American depositary-share calculations.

A revenue result near or above the upper end of guidance would support the recovery narrative. A miss would raise concerns that price competition and lower-priced models are limiting the financial benefit of XPeng’s stronger sequential sales.

Deliveries Rebounded, but Annual Growth Was Flat

XPeng’s quarterly recovery accelerated throughout the period. Deliveries rose from 31,011 vehicles in April to 32,158 in May before reaching 40,126 in June.

The GX premium flagship SUV contributed 6,739 deliveries in June and became an important driver of the company’s higher second-quarter volume. The model’s performance may also support average selling prices because it is positioned above XPeng’s mass-market vehicles.

Nevertheless, comparisons with 2025 show that the company has not yet returned to sustained annual volume growth. Its second-quarter deliveries were essentially unchanged from the previous year, while total deliveries for the first seven months of 2026 fell approximately 12.8% year over year to 204,004 vehicles.

July deliveries reached 38,027 units, increasing approximately 4% from a year earlier but declining 5.2% from June. XPeng attributed part of the sequential slowdown to limited initial supply of its new MONA L03.

Management has said that large-scale L03 deliveries will accelerate from August. Investors will want evidence that production is increasing quickly enough to support stronger third-quarter guidance.

Vehicle Margin Is the Most Important Profitability Test

XPeng reported its first quarterly profit in the fourth quarter of 2025, earning RMB380 million on revenue of RMB22.25 billion and 116,249 vehicle deliveries.

That milestone proved temporary. The company returned to a RMB1.78 billion net loss in the first quarter of 2026 as deliveries and revenue declined sharply.

First-quarter revenue fell 17.6% year over year to RMB13.03 billion, but profitability at the gross level improved. Overall gross margin increased to 20.6% from 15.6% a year earlier, while vehicle margin rose to 12.1% from 10.5%. XPeng ended March with RMB42.09 billion in cash and liquid investments, according to its official first-quarter report.

The margin improvement was partly supported by high-margin technical research, development services and component sales. These businesses demonstrate the value of XPeng’s technology, but their revenue can be less predictable than vehicle sales.

Investors will therefore examine whether vehicle margin itself improved in the second quarter. A move back above 14% would suggest that cost reductions, higher factory utilization and the GX product mix are strengthening the underlying automotive business.

If headline gross margin remains strong while vehicle margin weakens, the market may conclude that profitability still depends too heavily on service contracts.

The MONA L03 and G9L Could Shape Third-Quarter Guidance

The MONA L03 is expected to be a major driver of XPeng’s second-half strategy. Deliveries began in July, with production scheduled to accelerate during August.

Because the L03 targets a more affordable part of the market, it could expand XPeng’s customer base but place pressure on average selling prices and vehicle margins. Management will need to demonstrate that platform sharing, manufacturing efficiency and lower component costs can protect profitability as the product ramps up.

Investors will also look for information about the upcoming G9L, a large five-seat SUV. Pricing, launch timing and expected production capacity could affect analysts’ second-half delivery forecasts.

XPeng’s July update also outlined plans to introduce the L03 in 65 countries and regions during 2026. International expansion represents a longer-term growth opportunity, but it requires additional spending on distribution, service networks and regulatory compliance.

AI, Robotaxis and Humanoid Robots Remain Long-Term Bets

XPeng increasingly describes itself as a physical-AI company rather than solely an automaker. Its technology portfolio includes Turing AI chips, autonomous-driving systems, robotaxis and humanoid robots.

Chief Executive He Xiaopeng has said the company aims to begin mass production of robotaxis and humanoid robots during 2026. Investors may seek updates on production schedules, regulatory approvals, commercial partners and expected capital requirements.

These projects could create future revenue sources and differentiate XPeng from other Chinese EV manufacturers. In the short term, however, continued investment could weigh on research and development expenses and delay consistent profitability.

What Could Move XPeng Stock After Earnings?

A positive report would likely require more than strong delivery growth from the first quarter. Investors will be looking for revenue near or above RMB20.8 billion, improved vehicle margin, a narrower net loss and third-quarter guidance showing renewed annual delivery growth.

A disappointing result could include weaker automotive margins, continued high cash consumption or cautious guidance caused by L03 supply constraints and China’s competitive EV market.

XPeng has proven that it can produce a quarterly profit under favorable delivery and product-mix conditions. The second-quarter report will show whether the company is building a repeatable path toward profitability or whether its fourth-quarter profit remains an isolated achievement.