Gasgoo Munich- What were the major headlines in the new energy vehicle market this week?
XPENG Reports First Quarterly Profit
On March 20, XPENG released its financial results for the fourth quarter and full year of 2025.
Data shows annual deliveries reached 429,400 units, with revenue hitting 76.72 billion yuan — up 125.9% and 87.7% respectively. The fourth quarter was particularly strong, posting a net profit of 380 million yuan as the gross margin climbed to 21.3%. With multiple core metrics hitting record highs, the company is entering a new phase defined by both scale and profitability.
The report details Q4 2025 deliveries of 116,200 units, a 27.0% year-on-year increase, while quarterly revenue jumped 38.2% to 22.25 billion yuan — up 9.2% from the previous quarter. Profitability continues to improve: Q4 gross margins rose 6.9 percentage points from the same period in 2024, marking the fourth consecutive quarter of growth. For the full year, the gross margin reached 18.9%, an increase of 4.6 percentage points.
Image source: XPENG
By the end of 2025, the company's cash reserves stood at 47.66 billion yuan, providing a solid foundation for R&D and global expansion.
"We are at a historic turning point for the application of physical AI," said He Xiaopeng, Chairman of XPENG. He added that 2026 will see a leap from L2+ to L4 autonomous driving, the accelerated overseas rollout of the second-generation VLA intelligent driving system, and the push toward mass production of advanced humanoid robots.
Gasgoo Comment: XPENG has finally turned a quarterly profit. This signals that economies of scale are taking hold and cost control measures are paying off.
Xiaomi's New-Generation SU7 Locks in 15,000-unit Orders in 34 Minutes
Xiaomi EV officially announced that the new-generation SU7 secured 15,000 locked orders within 34 minutes of hitting the market.
Unveiled on the evening of March 19, the model comes in three versions — Standard, Pro, and Max — priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan respectively. Customers could place a deposit of 5,000 yuan starting at 9:30 PM that night. Orders can be fully refunded if not locked within three days, and those placed before midnight on May 5 qualify for limited-time benefits.
As Xiaomi EV's first major update, the new-generation SU7 features upgrades in powertrain, chassis, smart cockpit, and driver assistance. It offers nine exterior colors, five interior options, and six wheel designs, alongside a new grille and an added 4D millimeter-wave radar.
On the powertrain front, the entire lineup comes standard with the V6s Plus super motor, spinning at up to 22,000 rpm. The Standard and Pro versions are built on a 752V silicon carbide high-voltage platform, offering CLTC pure electric ranges of 720 km and 902 km respectively. The Max version utilizes an 897V silicon carbide platform with an 835 km range, supporting 5.2C fast charging that adds 670 km of range in just 15 minutes.
Gasgoo Comment: An instant hit. The industry is now watching to see if the new-generation SU7 can surpass its previous sales record.
VOYAH Goes Public
On March 19, VOYAH officially began trading on the Main Board of the Hong Kong Stock Exchange. Spun off from Dongfeng Motor Group Co., Ltd. (Dongfeng Group), the premium new energy brand debuted via an "introduction" — becoming the first central state-owned enterprise (SOE) premium NEV automaker to list in Hong Kong.
This capital move dates back to August 22, 2025, when Dongfeng Motor Group announced plans to privatize and delist, while simultaneously initiating the spin-off and listing of VOYAH.
Image source: VOYAH
Under the plan, Dongfeng Motor Group distributed its 79.67% stake in Voyah to shareholders through a combination of "share distribution and absorption merger." Subsequently, Voyah listed by introduction, while the parent company, Dongfeng Group, had its H-share listing status withdrawn.
Gasgoo Comment: The "first premium NEV stock from a central SOE" has arrived. This move serves as a vivid footnote to the innovative development of China's new energy vehicle industry.
GAC Establishes Powertrain BU
On March 19, Gasgoo learned that GAC Group has officially established a Powertrain BU. Anchored to the reform goals of the "Panyu Action," the move integrates and upgrades core powertrain operations into an independent business unit.
Following the HYPTEC Aion BU and Trumpchi BU, this is another critical step in the reform of GAC's self-owned sector. It elevates the powertrain business to the strategic level of independent group operation and, as "smart integration for both ICE and EV" becomes the new industry battleground, paves a new path for the market-oriented operation of core components at traditional automakers.
Amid the dual waves of electrification and intelligence, the powertrain remains the "heart" of the car. Its R&D strength and supply chain control directly determine the core competitiveness of an automaker's products, influencing both the speed and quality of strategic transformation.
The core logic behind establishing the Powertrain BU is to reconstruct the full value chain of the powertrain business through resource aggregation, thereby strengthening the company's autonomous control over the core powertrain industry chain from the ground up.
Gasgoo Comment: As GAC Group's first component-level unit to achieve integrated operations, the launch of the Powertrain BU is far more than a simple organizational adjustment. It represents a reshaping of resources and an upgrade in efficiency across the entire powertrain lifecycle — from R&D and production to supply and sales.
DEEPAL Boosts Registered Capital by 42%; Two New Shareholders Enter
According to business registration data from Tianyancha, DEEPAL Automotive Technology Co., Ltd. (DEEPAL), a subsidiary of Changan Automobile, recently completed a commercial registration change. Chongqing Yufu Holding Group Co., Ltd. and CMB Financial Asset Investment Co., Ltd. were added as shareholders. The company's registered capital increased from approximately 330 million yuan to 470 million yuan — a rise of about 42% — with the equity structure adjusted accordingly for this round of capital injection.
Image source: DEEPAL
Both investors acquired stakes via cash injection. Chongqing Yufu Holding Group contributed 2.5 billion yuan for a 12.0934% stake, becoming DEEPAL's second-largest shareholder, while CMB Financial Asset Investment contributed 500 million yuan for a 2.4187% stake.
This injection appears to be the implementation of DEEPAL's previously disclosed Series C capital expansion. According to earlier announcements from Changan Automobile, this round raised a total of 6.122 billion yuan, with new registered capital of approximately 138 million yuan — figures that align with the registration data.
Gasgoo Comment: Bolstered by this fresh capital, DEEPAL is set to further solidify its product and technological competitiveness in the new energy vehicle market.
