--- title: "XPeng (1Q25 Minutes): Gearing up, is this 'Great Roc' really about to take off?" description: "Below is the earnings call minutes for $XPeng(XPEV.US) FY25 Q1. For the earnings interpretation, please refer to "XPeng: Bitter Ends, Sweet Begins, Is XPeng About to Spread Its Wings as a 'Giant R" type: "topic" locale: "en" url: "https://longbridge.com/en/topics/29907411.md" published_at: "2025-05-21T14:23:12.000Z" author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)" --- # XPeng (1Q25 Minutes): Gearing up, is this 'Great Roc' really about to take off? **Below is the**$XPeng(XPEV.US) **FY25 Q1 earnings call minutes. For earnings analysis, please refer to《**[**XPeng: After Bitter Comes Sweet, Is XPeng Ready to Soar?**](https://longportapp.cn/zh-CN/topics/29900770?app_id=longbridge&utm_source=longbridge_app_share&channel=t29900770&invite-code=4NOXYT&locale=zh-CN&community_badge=1&profile_following_followers_activities=1)**》** **I. Key Earnings Highlights** ​ ![0](https://pub.pbkrs.com/uploads/2025/b3e549702fcd66084a016ece1ece0113?x-oss-process=style/lg) **II. Detailed Earnings Call Content** **2.1 Key Management Statements** ​​​1、Operational Milestones​​： （1）Delivery Breakthrough​​：Q1 deliveries reached 94,008 units (YoY +331%), ranking first among new energy vehicle brands. （2）Hit Models Performance：MONA M03 achieved cumulative deliveries of over 100,000 units within 8 months of launch, topping the A-class pure electric sedan segment; P7+ production exceeded 50,000 units in 5 months; 2025 G6/G9 models delivered 7,500+ units in their first month. ​​2、Technology & Product Roadmap​​ ​​（1）AI Technology：Pure vision-based autonomous driving solution significantly improves safety in complex urban environments (e.g., rain/snow, unprotected turns); Self-developed Turing chip delivers 3–7x effective computing power vs. mainstream automotive chips, with first tape-out completed in 2024; 72B-parameter physical-world cloud model, supported by industry-first 10,000-GPU cluster, will cover 200 million km of national road data this year. ​​（2）New Product Launches​​： ​​a）May 28​​：MONA M03 Max debut, featuring 150k RMB-class full-scenario autonomous driving. ​​b）June​​：G7 SUV targeting 250k RMB competitive segment. ​​c）Q3​​：Next-gen P7 luxury coupe (300k RMB class). ​​d）Q4​​：Mass production of "Kunpeng" series (dual-energy: EV+EREV) for global expansion. ​​3、Globalization Strategy​​ （1）Overseas Deliveries：Q1 exported 7,615 units, leading China's mid-to-high-end NEV exports. （2）Channel Expansion：40+ new overseas stores covering UK, Europe & Southeast Asia; overseas business to become growth driver within 3 years. ​​4、AI & Robotics Vision​​：Fifth-gen humanoid robots with Turing chips planned for 2026 commercial/industrial models, creating "third growth curve". ​​5、Profit Target​​：Achieve profitability by Q4 2025. **2.2 Q&A** **Q: XPeng has maintained ~30k monthly sales for 6 consecutive months, outperforming peers in off-season. Given strong product pipeline, will growth accelerate?** **A:** Q2 will see 5 upgraded models, which may cause short-term fluctuations but benefit long-term growth. From Q3, new model momentum will intensify through 2026, boosting deliveries. AI capabilities will widen our lead in vehicles/robotics. Kunpeng E-drive system will power future products. Despite Q1 being China's auto off-season, we grew steadily. Q2 deliveries remain stable amid model transitions. MONA Max launches end-May, followed by G6/G7/P7 – all growth catalysts. Higher-priced new models will improve mix and margins. **Q: Which model debuts Turing chip? Will all XPeng EVs use it? Will cost savings be passed to customers?** **A:** Turing chip development progresses well across vehicles/AI/ADAS. Mass production begins Q2. More Turing-equipped models launch Q3. Industry-leading 3–7x AI compute power enables next-gen ADAS. Our goal is democratizing premium tech. **Q: MONA series next model timing, AI strategy, and target share?** **A:** No true 150k RMB full-performance EVs exist today. M03 is MONA series' first; more models coming 2026. **Q: 2025 AI R&D allocation?** **A:** 2024 R&D: ~6.5B RMB; 2025: ~8.5B. AI focus areas: cloud computing for AV training, robotics, VLA-enabled smart cabins. Continued vehicle investments for product lineup expansion. **Q: Q1 other income/FX impacts?** **A:** Q1 included subsidies/tax refunds (cash basis). FX gains from Europe operations (10k+ deliveries in 2023); monitoring EUR exposure. **Q: Q2 ASP/margin guidance?** **A:** 7 straight months of margin improvement via cost cuts/scale. New models (G6/G9 refreshes) lift ASPs. Target high-teens gross margin by H2 to achieve Q4 profitability. **Q: Robotics synergies with ADAS? Production targets?** **A:** 70% shared R&D resources. Mass production + OTA iterations by 2026. **Q: Core margin impact from inventory/procurement commitments?** **A:** Minimal impact from model transitions. Continuous cost/scale/product improvements to drive margin growth. **Q: Premiumization preparations?** **A:** Current focus: 100k–500k RMB segments. MONA at ~200k RMB. Q3 2025–2026 new models integrate advanced ADAS/smart cabins. Dual-energy vehicles planned. **Q: Japanese OEMs' China competition?** **A:** Technology differentiation is key. Transitioning to integrated R&D ecosystem for long-term advantage. **Q: Volkswagen partnership updates?** **A:** All milestones achieved. G9-based models launching early 2026. Exploring new opportunities. **Disclosures:**[**Dolphin Research Disclaimer**](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### Related Stocks - [XPEV.US - XPeng](https://longbridge.com/en/quote/XPEV.US.md) - [09868.HK - XPENG-W](https://longbridge.com/en/quote/09868.HK.md) --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.