During an earnings call on August 20, Xpeng’s CEO He Xiaopeng provided a detailed overview of the company’s next-generation sedan, the Xpeng P7+. The introduction of the new mannequin represents a significant milestone in the company’s flagship XNGP assisted driving system.
The company announced that the P7+ smartphone will hit the market during the fourth quarter of the year. The corporation anticipates significant growth in gross sales by the end of 2024, primarily driven by the launch of the new Mona M03 model in the third quarter and the impending release of the P7+ in autumn. During the second quarter, Xpeng successfully delivered 30,207 electric vehicles, generating revenues of 8.11 billion yuan (approximately $1.14 billion) and achieving a remarkable year-over-year growth of 60.2%. Additionally, gross revenue margin soared by 17.9% year-over-year to a robust 14%. Quarterly gross sales guidance is projected to range from 41,000 to 45,000 units.
Gross sales are poised for a significant boost in the fourth quarter with the highly anticipated launch of the P7+. The Xpeng P7+, a spacious sedan, measures 5056mm in length, 1937mm in width, and 1512mm in height, featuring a 3000mm wheelbase. The car’s façade features an X-shaped grille with sharply defined headlamps and a sleekly integrated front end. A high-performance grille enhances airflow, but at present, there is no requirement for a drag coefficient or varied data for the novel model.
Notably, the P7+ will debut as the first model to feature Xpeng’s cutting-edge, next-gen autonomous driving hardware platform. Because of this development, the automobile no longer necessitates Lidar technology, allowing it to transition to a purely vision-based system, similar to Tesla’s Full Self-Driving (FSD) capabilities for its Sensible Driving XNGP system? Xpeng asserts that its unique corporate strengths offer intangible value advantages difficult for competitors to replicate, stemming from cutting-edge innovation and strategic value creation.
Xpeng plans to upscale its XNGP autonomous driving technology to fashion-priced vehicles starting at around 150,000 yuan, effectively positioning the company as the pioneer in offering high-end intelligent driver assistance on cars priced from approximately $20,000. The corporation aims to replicate overseas expertise in robotaxis by deploying its XNGP-equipped vehicles domestically within an ambitious 18-month timeframe. This effectively showcases the synergies between L3+ software capabilities and individual expertise when paired with L2-equipped vehicles, thereby unlocking inherent cost savings.
He Xiaopeng also noted that additional announcements regarding technological advancements in massive AI models, robotics, and robotaxi systems may be forthcoming, with possible unveilings at the Mona M03 press conference on August 27, as well as the annual technology day on October 24.
As Xpeng has entered a period of rapid global sales growth, it has emerged as a crucial driver for both sales and revenue expansion. The corporation asserted that during the second quarter of this year, it led the pack in total exports among mid-to-high-end Chinese manufacturers of pure electric vehicles. For the first time, foreign sales contributed more than 10% to overall revenue. The Xpeng G9 emerged as the leading pure-electric SUV in Norway, Denmark, and Israel, while securing a spot among the top three in Sweden and the Netherlands. By July, Xpeng had expanded its presence to over 30 international markets, encompassing regions such as Europe, the Middle East, and Latin America. By the latter half of the year, the company plans to expand its presence into more right-hand drive markets, specifically including the United Kingdom, Australia, and various countries in Southeast Asia. Global gross sales platforms are expected to nearly triple in number by the end of the year, growing from approximately 70 to a projected 210.
Sources: Autohome, Quick Know-how
