XPeng (1Q25 Minutes): Gearing up, is this 'Great Roc' really about to take off?
Below is the$XPeng(XPEV.US) FY25 Q1 earnings call minutes. For earnings analysis, please refer to《XPeng: After Bitter Comes Sweet, Is XPeng Ready to Soar?》
I. Key Earnings Highlights
II. Detailed Earnings Call Content
2.1 Key Management Statements
1、Operational Milestones：
（1）Delivery Breakthrough：Q1 deliveries reached 94,008 units (YoY +331%), ranking first among new energy vehicle brands.
（2）Hit Models Performance：MONA M03 achieved cumulative deliveries of over 100,000 units within 8 months of launch, topping the A-class pure electric sedan segment; P7+ production exceeded 50,000 units in 5 months; 2025 G6/G9 models delivered 7,500+ units in their first month.
2、Technology & Product Roadmap
（1）AI Technology：Pure vision-based autonomous driving solution significantly improves safety in complex urban environments (e.g., rain/snow, unprotected turns); Self-developed Turing chip delivers 3–7x effective computing power vs. mainstream automotive chips, with first tape-out completed in 2024; 72B-parameter physical-world cloud model, supported by industry-first 10,000-GPU cluster, will cover 200 million km of national road data this year.
（2）New Product Launches：
a）May 28：MONA M03 Max debut, featuring 150k RMB-class full-scenario autonomous driving.
b）June：G7 SUV targeting 250k RMB competitive segment.
c）Q3：Next-gen P7 luxury coupe (300k RMB class).
d）Q4：Mass production of "Kunpeng" series (dual-energy: EV+EREV) for global expansion.
3、Globalization Strategy
（1）Overseas Deliveries：Q1 exported 7,615 units, leading China's mid-to-high-end NEV exports.
（2）Channel Expansion：40+ new overseas stores covering UK, Europe & Southeast Asia; overseas business to become growth driver within 3 years.
4、AI & Robotics Vision：Fifth-gen humanoid robots with Turing chips planned for 2026 commercial/industrial models, creating "third growth curve".
5、Profit Target：Achieve profitability by Q4 2025.
2.2 Q&A
Q: XPeng has maintained ~30k monthly sales for 6 consecutive months, outperforming peers in off-season. Given strong product pipeline, will growth accelerate?
A: Q2 will see 5 upgraded models, which may cause short-term fluctuations but benefit long-term growth. From Q3, new model momentum will intensify through 2026, boosting deliveries. AI capabilities will widen our lead in vehicles/robotics. Kunpeng E-drive system will power future products.
Despite Q1 being China's auto off-season, we grew steadily. Q2 deliveries remain stable amid model transitions. MONA Max launches end-May, followed by G6/G7/P7 – all growth catalysts. Higher-priced new models will improve mix and margins.
Q: Which model debuts Turing chip? Will all XPeng EVs use it? Will cost savings be passed to customers?
A: Turing chip development progresses well across vehicles/AI/ADAS. Mass production begins Q2. More Turing-equipped models launch Q3. Industry-leading 3–7x AI compute power enables next-gen ADAS. Our goal is democratizing premium tech.
Q: MONA series next model timing, AI strategy, and target share?
A: No true 150k RMB full-performance EVs exist today. M03 is MONA series' first; more models coming 2026.
Q: 2025 AI R&D allocation?
A: 2024 R&D: ~6.5B RMB; 2025: ~8.5B. AI focus areas: cloud computing for AV training, robotics, VLA-enabled smart cabins. Continued vehicle investments for product lineup expansion.
Q: Q1 other income/FX impacts?
A: Q1 included subsidies/tax refunds (cash basis). FX gains from Europe operations (10k+ deliveries in 2023); monitoring EUR exposure.
Q: Q2 ASP/margin guidance?
A: 7 straight months of margin improvement via cost cuts/scale. New models (G6/G9 refreshes) lift ASPs. Target high-teens gross margin by H2 to achieve Q4 profitability.
Q: Robotics synergies with ADAS? Production targets?
A: 70% shared R&D resources. Mass production + OTA iterations by 2026.
Q: Core margin impact from inventory/procurement commitments?
A: Minimal impact from model transitions. Continuous cost/scale/product improvements to drive margin growth.
Q: Premiumization preparations?
A: Current focus: 100k–500k RMB segments. MONA at ~200k RMB. Q3 2025–2026 new models integrate advanced ADAS/smart cabins. Dual-energy vehicles planned.
Q: Japanese OEMs' China competition?
A: Technology differentiation is key. Transitioning to integrated R&D ecosystem for long-term advantage.
Q: Volkswagen partnership updates?
A: All milestones achieved. G9-based models launching early 2026. Exploring new opportunities.
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