XPENG boasts 17% YoY growth in Jan.-Aug. 2024 new car deliveries

Shanghai (Gasgoo)- XPENG has reported robust delivery figures for August 2024, with a total of 14,036 vehicles delivered, marking a 3% year-over-year increase and a 26% rise compared to the previous month.

From January to August this year, XPENG's cumulative deliveries reached 77,209 units, reflecting a 17% increase compared to the same period last year.

MONA M03; photo credit: XPENG

On August 27, XPENG hosted the "XPENG 10th Anniversary Night and MONA M03 Launch Event" in Beijing. During the event, the company put the new smart electric fastback coupe, the XPENG MONA M03, onto the market. The model is available in three variants, priced between 119,800 yuan and 155,800 yuan. Within 48 hours of its market launch, the MONA M03 received over 30,000-unit fixed orders. The first batch of vehicles was officially delivered at the Chengdu Motor Show 2024 on August 30.

During the launch event, XPENG Chairman and CEO He Xiaopeng announced the company's vision to become a global AI automotive company over the next decade. He introduced the XPENG AI system and unveiled the groundbreaking "XPENG TURING" chip, which can be utilized in robots, AI cars, and flying cars, as well as XPENG's new-generation "AI Eagle Eye Vision System."

In August, the monthly active user penetration rate of XPENG's XNGP urban smart driving system reached 85%. Additionally, the Tianji XOS 5.2.0 version completed a comprehensive over-the-air (OTA) update for international users.

On August 20, XPENG released its financial results for the second quarter of 2024, reporting total deliveries of 30,207 smart electric vehicles and revenues of 8.11 billion yuan, surging 60.2% year over year. In the reporting period, the company's gross profit margin increased to 14%, a rise of 17.9 percentage points year-over-year, driven by cost reductions from technological advancements and revenue from a strategic partnership with Volkswagen. By the end of the second quarter, XPENG’s cash reserves stood at 37.33 billion yuan.