---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/41205668.md"
description: "XPeng 1Q26 First Take: results modestly beat a low bar. However, vs. the trough-like Q1 print, the market is clearly more focused on Q2 guidance, especially after the 'one car, two powertrains' range‑extender strategy faced temporary pressure in Q1. Q2 sales and revenue guidance came in above expectations. This suggests the 2026 Mona M03 refresh and the all-new GX can help XPeng start to turn the corner. Details below. Key takeaways follow. 1) ASP reached RMB 175k, slightly above the street’s RMB 172k, up RMB 11k QoQ, driving auto revenue to RMB 11 bn vs. consensus RMB 10.8 bn. The QoQ ASP uplift was mainly driven by continued mix optimization (higher-priced X9 mix up, lower-priced Mona M03 mix down) and a higher overseas contribution. These factors effectively offset the impact from heavier promotions. 2) Auto GPM was 12.1%, down 90bps QoQ as scale benefits faded and upstream materials costs rose, yet still above the street’s 11.3%. The better‑than‑expected ASP helped partially offset cost pressure. 3) Non-GAAP net loss was slightly wider than expected (actual -RMB 1.78 bn vs. -RMB 1.66 bn), mainly on higher R&D QoQ. Non-GAAP net income came in at -RMB 1.7 bn, wider than the -RMB 1.14 bn expected, with the variance driven by lower other income and larger FX losses. On Q2 guidance, where investor focus is higher, XPeng offered constructive signals. Key items: 1) Q2 deliveries guided to 100k–106k units, ahead of the street’s 97k. With 31k already delivered in Apr, the guide implies May/Jun average monthly deliveries of 34.5k–37.5k. Incremental volume is expected to come mainly from the 2026 Mona M03 refresh and the new GX. 2) Q2 revenue guided to RMB 19.6–20.8 bn, also above the street’s RMB 19.3 bn, primarily on stronger volumes. The guide implies Q2 ASP of roughly RMB 175k; despite a sharply higher mix of the lower-priced Mona M03, blended ASP should hold at Q1’s elevated level. Dolphin Research expects the higher-priced GX (RMB 269.8k–349.8k) to lift the overall ASP. $XPeng(XPEV.US) $XPENG-W(09868.HK)"
datetime: "2026-05-28T10:19:35.000Z"
locales:
  - [en](https://longbridge.com/en/topics/41205668.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/41205668.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/41205668.md)
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# XPeng 1Q26 First Take: results modestly beat a low…


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