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XPeng Inc., established in 2014, is a prominent Chinese smart electric vehicle (EV) company that designs, develops, manufactures, and markets EVs primarily in China. The company's mission is to create high-quality, cost-effective vehicles that are younger, intelligent, electric, and internet-based. XPeng integrates hardware, software, data, and operations to offer global intelligent travel solutions.
XPeng targets technology-savvy middle-class consumers in the midrange to high-end segments of China's passenger vehicle market. In 2023, the company sold over 141,000 EVs, representing approximately 2% of China's passenger new energy vehicle market. The company is also a leader in autonomous driving technology.
In recent years, XPeng has achieved significant milestones. The company experienced rapid growth since its establishment and, by the end of last year, had a cumulative historical delivery volume exceeding 400,000. In 2023 alone, XPeng delivered more than 140,000 new vehicles.
A key aspect of XPeng's strategy is its entry into the Hong Kong market. This move is part of the company's broader global expansion efforts. In Hong Kong, XPeng has partnered with Sime Darby Motors to bring its latest smart EVs to local consumers through branded showrooms, after-sales support, and comprehensive buying process guidance.
XPeng models such as the pure electric SUV model G6 and the flagship pure electric seven-seater MPV X9 will be among the first to be introduced in Hong Kong, with deliveries starting from Q3. Additionally, XPeng is set to enter Macau with partner XIN KANG HENG HOLDING LTD, offering models like the G9, X9, G6, and P7i.
XPeng has also made strides in technology and innovation. During its AI Day event in May 2024, the company rolled out its AI-powered in-car operating system, XOS 5.1.0 or AI Tianji OS, highlighting its leadership in end-to-end AI model application in the automotive industry. The company aims to achieve nationwide road coverage for its advanced driver-assistance system, XNGP, by the third quarter of this year.
XPeng's commitment to innovation, technology, and customer experience positions it as a key player in the global smart EV market. With headquarters in Guangzhou and offices in Beijing, Shanghai, Silicon Valley, and Amsterdam, XPeng continues to advance its core technologies and expand its market presence.
XPENG has officially launched in the UK market, marking a significant expansion of its global footprint. The company announced the pre-sale of its first right-hand drive model, the G6 Ultra Smart Coupe SUV, starting at £39,990 with deliveries scheduled for March 2025.
Through a partnership with International Motors (IML), XPENG plans to establish 20 dealerships across the UK in 2025. The company showcased its mobility ecosystem, including the P7+ (world's first AI-defined vehicle), G6, G9, X9, and the eVTOL X2 flying car.
The UK launch follows XPENG's successful expansion across European markets since 2021, with the company having delivered over 620,000 Smart EVs globally. Recent strategic partnerships with Volkswagen and BP Pulse aim to develop super-fast charging networks. XPENG targets presence in more than 60 countries and regions by the end of 2025.
XPENG reported strong delivery results for January 2025, with 30,350 Smart EVs delivered, marking a 268% increase year-over-year and the third consecutive month exceeding 30,000 units. The MONA M03 maintained over 15,000 monthly deliveries for two straight months, while the P7+ achieved 20,000 cumulative deliveries within two months of launch.
The company's XNGP system reached 87% monthly active user penetration in urban driving. XPENG also launched its updated XOS AI Tianji 5.5.0, featuring door-to-door ADAS and the world's first coach vehicle recognition with bypassing capability. The company expanded globally, introducing the right-hand drive X9 MPV at the Singapore Motor Show and entering Belgium, Luxembourg, Ireland, and Finland markets.
XPENG (NYSE: XPEV) and Volkswagen Group China have signed a Memorandum of Understanding (MOU) to jointly develop one of China's largest super-fast charging networks. The strategic collaboration will provide mutual access to over 20,000 charging piles across 420 cities in China for customers of both companies.
The partnership leverages both companies' technological advantages in high-power liquid-cooled super-fast charging and their complementary coverage across China. The companies will also explore building co-branded super-fast charging stations to accelerate network expansion and improve operational efficiency.
This initiative marks the fourth milestone in the long-term strategic partnership between XPENG and Volkswagen Group, with both parties planning to explore additional strategic collaboration opportunities and technology partnerships.
XPENG has launched its latest global OTA software update, XOS 5.4, introducing advanced features for intelligent driving, safety, and personalization. The update, rolling out from January 2, 2025, includes the new 'AI Guard' system with Sentry Mode for vehicle monitoring and a Driving Recorder for real-time event capture.
Key improvements include voice control support in multiple languages (English, French, German, Cantonese, and Thai), Smart Speed Limit Recognition, and an enhanced Personalized Operating System 2.0 with multitasking capabilities. The update also features X-Combo for automating in-car tasks and refined charging visuals.
XPENG emphasizes its commitment to data privacy and security, maintaining compliance with EU regulations including GDPR, with EU customer data stored in AWS's Frankfurt data center.
XPENG reported strong delivery results for December 2024, with 36,695 Smart EVs delivered, marking an 82% year-over-year increase and 19% month-over-month growth. The company's Q4 2024 deliveries reached 91,507 units, up 52% year-over-year, exceeding their quarterly guidance. Full-year 2024 deliveries totaled 190,068 units, representing a 34% increase from 2023.
The MONA M03 model maintained strong performance, exceeding 10,000 deliveries for the fourth consecutive month and reaching its 50,000th vehicle production milestone in just four months. The P7+ model received its second OTA upgrade with XOS 5.5.0, introducing advanced smart driving features including the industry's first 'door-to-door' ADAS. XNGP's monthly active user penetration rate in urban driving reached 85.12% in December.
XPENG reported strong delivery results for November 2024, with 30,895 Smart EVs delivered, marking a 54% year-over-year increase and 29% growth from the previous month. The MONA M03 maintained over 10,000 deliveries for the third consecutive month, while the newly launched P7+ achieved 7,000 deliveries in its first 23 days. Year-to-date deliveries reached 153,373 units, up 26% year-over-year. The company's XNGP system achieved 85% monthly active user penetration in urban driving and expanded internationally into Nepal and UK markets. The G6 model received the 2024 Technology Frontrunner of the Year award in Denmark.
XPENG reported strong Q3 2024 financial results with total revenues reaching RMB10.10 billion (US$1.44 billion), up 24.5% quarter-over-quarter. The company delivered 46,533 vehicles, representing a 16.3% increase year-over-year. Notably, gross margin reached a historical high of 15.3%, improving 18.0 percentage points from the same period in 2023. Vehicle margin improved to 8.6% from -6.1% year-over-year. Despite improvements, the company recorded a net loss of RMB1.81 billion. For Q4 2024, XPENG expects deliveries between 87,000-91,000 vehicles and revenues of RMB15.3-16.2 billion.
XPENG has announced a strategic partnership with International Motors (IML) as its official UK distributor, planning to launch in early 2025 with the G6 mid-size SUV. IML, with nearly 50 years of experience, will establish a broad network for sales and after-sales services. The UK market entry aligns with the country's rapid EV adoption, supported by 62,536 public charging devices as of July 2024. The G6, featuring 800-volt supercharging and advanced AI technology, recently received a Euro NCAP 5-star safety rating. This expansion is part of XPENG's broader strategy to enter over 60 international markets by 2025, targeting 50% of sales from markets outside China.
XPENG unveiled major technological innovations at XPENG AI Day, including the Kunpeng Super Electric System for fast charging and extended range, and the Turing AI Intelligent Driving System for autonomous driving. The Kunpeng system, built on an 800V platform, enables charging that adds 1km range per second, reaching 80% in 12 minutes, with a combined range exceeding 1,400km. The Turing system features a 40-core processor supporting models up to 30 billion parameters. XPENG also introduced XPENG AIOS for enhanced in-car AI interactions, announced plans for a flying car presale in December, and unveiled its humanoid AI Robot Iron.
XPENG has launched the P7+, positioned as the world's first AI-defined vehicle, in China. The vehicle features built-in AI-powered advanced ADAS, XOS 5.4 platform, and X-GPT model for smart cockpit interactions. The P7+ achieves 10 km per kWh energy efficiency and offers comprehensive safety features including a 2000 MPa ultra-high-strength cage frame. With a 5,056 mm length and 3,000 mm wheelbase, it provides exceptional space with a 725-liter trunk capacity. The vehicle accelerates from 0-100 km/h in 5.9 seconds and includes premium features like Nappa leather seats with heating, ventilation, and massage functions as standard.
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