XPeng Inc (XPEV)
🔔 Watch stock
XPeng delivered in 2025 what most EV challengers only promise: 429,445 vehicles (+126 percent), RMB76.7 billion in revenue (+88 percent) — and, in the fourth quarter of 2025, the first quarterly net profit since its 2015 founding. One quarter later, the filings showed a RMB1.78 billion loss, deeper than any quarter of the prior year. We read the annual report for foreign private issuers (20-F) and the interim reports (6-K) — and found who actually paid for that first profit: a Volkswagen milestone, carbon credits, and the final sprint of an expiring tax break. Not investment advice — just the math on what a turning point is worth when it has held for 90 days so far.
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Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AIGeprüft am 20.07.2026 gegen den Jahresbericht ausländischer Emittenten (20-F) für 2025 (eingereicht 16.04.2026), den 20-F für 2024 (16.04.2025) sowie die Zwischenmitteilungen (6-K) vom 20.03.2026 (Q4/FY 2025), 28.05.2026 (Q1 2026) und 02.07.2026 (Auslieferungen Q2 2026) — XPeng ist Foreign Private Issuer und reicht 20-F/6-K statt 10-K/10-Q ein. KI ist bei XPeng nachweislich Umsatzquelle: Der 20-F beschreibt als Produkte „Smart EVs, NEVs and advanced ADAS software system“ — die im eigenen Haus entwickelte Fahrassistenz-Software XNGP wird als Bestandteil der Fahrzeuge verkauft und auf Serienfahrzeugen ausgerollt. Dazu erlöste die Sparte „Services und Sonstiges“ 2025 8.340,8 Mio. RMB (10,9 % des Umsatzes, 68,2 % Bruttomarge), darin technische F&E-Dienste aus der Lizenzierung der eigenen Plattform- und Software-Technologie an einen Autohersteller (Volkswagen, E/E-Architektur-Kooperation). Die 6-K-Mitteilungen 2026 bezeichnen XPeng durchgehend als „a leading global AI mobility technology company“ und machen die Kommerzialisierung von Physical-AI-Anwendungen (Robotaxis, humanoide Roboter) zur erklärten Konzernstrategie. Nach der Vorrang-Regel „Verkauft KI“ — die zugleich vorhandenen Risikohinweise (Preiskrieg, Chip-Exportkontrollen) treten dahinter zurück.
View the full file — quotes, sources, reviewed filings
„Our products include Smart EVs, NEVs and advanced ADAS software system. We design, develop, manufacture and market Smart EVs and NEVs, and we develop full-stack ADAS software system in-house."
Zu unseren Produkten zählen Smart EVs, NEVs und ein fortgeschrittenes ADAS-Softwaresystem. Wir entwerfen, entwickeln, fertigen und vermarkten Smart EVs und NEVs, und wir entwickeln das Full-Stack-ADAS-Softwaresystem im eigenen Haus.
„We license a car manufacturer with right to use our in-house developed platform and technology, and provide technical research and development services to integrate our technology into the car manufacturer’s vehicles and platforms."
Wir lizenzieren einem Autohersteller das Recht zur Nutzung unserer im eigenen Haus entwickelten Plattform und Technologie und erbringen technische Forschungs- und Entwicklungsdienste, um unsere Technologie in die Fahrzeuge und Plattformen des Autoherstellers zu integrieren.
„This year, I am dedicated to leading our team to achieve the mass production of Robotaxis and humanoid robots. We are nurturing a global business ecosystem to transform physical AI technologies into new growth drivers for revenue and profit."
In diesem Jahr widme ich mich der Aufgabe, unser Team zur Serienproduktion von Robotaxis und humanoiden Robotern zu führen. Wir bauen ein globales Geschäfts-Ökosystem auf, um Physical-AI-Technologien in neue Wachstumstreiber für Umsatz und Gewinn zu verwandeln.
Filings Reviewed: 20-F 2026-04-16 · 20-F 2025-04-16 · 6-K 2026-03-20 · 6-K 2026-05-28 · 6-K 2026-07-02
Rated on July 20, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -1.36 | 58.20 | 8,111 | 60.20 | -15.80 | – | – |
| 2024: Q3 | -1.62 | 63.90 | 10,102 | 18.40 | -17.90 | – | – |
| 2024: Q4 | -1.47 | 2.60 | 16,105 | 23.40 | -8.30 | – | – |
| 2025: Q1 | -0.45 | 69.00 | 15,811 | 141.50 | -4.20 | – | – |
| 2025: Q2 | -0.20 | 85.30 | 18,274 | 125.30 | -2.60 | – | – |
| 2025: Q3 | -0.16 | 90.10 | 20,381 | 101.80 | -1.90 | – | – |
| 2025: Q4 | 0.52 | 135.40 | 21,947 | 36.30 | 1.70 | – | – |
| 2026: Q1 | -0.27 | 40.00 | 12,955 | -18.10 | -13.70 | – | – |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Deliveries +125.9 percent to 429,445 (2025), revenue +87.7 percent to RMB76.72 billion, gross margin up from 1.5 to 18.9 percent in two years; after the Q1 plunge (−33.3 percent), Q2 2026 deliveries already back at 103,295 (20-F 2025; 6-K dated 05/28 and 07/02/2026).
Operating cash flow clearly positive for the first time in 2025 (+RMB8.26 billion), cash and deposits of RMB42.09 billion ($6.10 billion) as of 03/31/2026, Piotroski 7 of 9 — set against RMB42.77 billion of accumulated deficit since inception (20-F 2025).
The first quarterly profit (+RMB0.38 billion, Q4 2025) leaned on a milestone catch-up in VW technology revenue, carbon credits and the subsidy sprint; the following quarter brought a RMB1.78 billion loss — plus RMB1.76 billion of 2025 "other income" mostly from government subsidies (6-K dated 05/28/2026; 20-F 2025).
Services/technology: just 10.9 percent of revenue but a 68.2 percent margin and roughly 39 percent of 2025 gross profit — per the 20-F "primarily" dependent on the Volkswagen Group, which also owns 4.9 percent. An accolade and a concentration risk in one (20-F 2025).
Founder Xiaopeng He controls 69.1 percent of the votes via Class B shares (10 votes each) on roughly 19 percent of the capital; VIE contract structures for parts of the China business, the HFCAA delisting scenario; related-party purchases like Dogotix ($98.96 million) warrant attention (20-F 2025).
An ongoing price war in China's EV market ("increasing price competition," "anti-involution" appeals), the NEV purchase-tax break halved since 2026, an additional EU countervailing duty of 20.7 percentage points on the European expansion — demand and margins remain policy- and discount-driven (20-F 2025).
In 2025, XPeng delivered what growth investors wanted to see: deliveries more than doubled, record gross margin, operating cash flow clearly positive for the first time, Volkswagen as a paying technology customer and shareholder — crowned by the first quarterly profit in company history. But that profit only partly survived inspection: it leaned on milestone catch-ups, carbon credits and an expiring tax break — and the following quarter brought the deepest loss since 2024 at RMB1.78 billion before deliveries recovered. Whoever buys the ADS buys real growth with unreal voting power (69.1 percent with the founder), a VIE structure, and a profit model whose highest-margin part hangs on a single partner. Not investment advice.
- XPEV reached the research list via the price-to-sales ranking of our in-house stock scanner (data as of July 20, 2026). The displayed P/S of about 0.18 mixes a U.S. dollar market value with RMB revenue; currency-adjusted it is roughly 1.2 — the article uses the adjusted figure throughout.
- XPeng is a foreign private issuer: it files 20-F and 6-K instead of 10-K/10-Q; the Altman Z-score and NCAV stay deliberately blank in the scanner (currency guard for an RMB reporter with a USD listing). One ADS represents two Class A ordinary shares — all per-ADS figures accordingly.
- Price and market-value figures (~$13.50, ~$13 billion) come from the July 17, 2026 feed and serve only as a dated valuation anchor; analyses are evergreen, daily prices are not a buy argument. The full second-quarter 2026 income statement was still outstanding at our editorial deadline (July 20, 2026).
About the Company
XPeng Inc. designs, develops, manufactures, and markets smart electric vehicles (EVs) in the People's Republic of China and globally. The company offers P7 and P7i, a four-door sports sedan; G9, a smart EV and a mid- to large-sized sport utility vehicle (SUV); G7 for families and individual consumers seeking advanced technology and comfort; G6, a smart EV and a coupe SUV; X9, Smart EV and a large seven-seater multi-purpose vehicle (MPV); MONA M03, an all-electric hatchback coupe; Next P7, an all-new coupe sports sedan; and P7+, smart EV of XPeng series. It also provides XOS Tianji, smart in-car operating system; Powertrain; and SEPA 2.0, a smart electric platform architecture. In addition, the company offers various services, including services embedded in a sales contract, supercharging, maintenance, technical support, technical research and development, and second-hand vehicle sales services; and insurance technology support, and automotive loan referral and auto financing services. XPeng Inc. was founded in 2015 and is headquartered in Guangzhou, the People's Republic of China.
| IPO Year | 2020 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.