Leading Chinese electric-vehicle (EV) maker Xpeng reported record quarterly revenue and sharply narrowed losses in the third quarter, even as its Hong Kong-listed shares fell on Monday after investors shrugged off a bullish call from JPMorgan, reports the South China Morning Post. The Guangzhou-based firm’s net loss narrowed by nearly 80% to RMB 380.9 million ($53.6 million) in the third quarter from RMB 1.81 billion a year earlier, according to a filing to the Hong Kong stock exchange.
Revenue surged 101.8% year on year to RMB 20.38 billion, driven by record deliveries of 116,007 units, up nearly 150% from a year earlier. Its gross margin improved to 20.1% from 15.3% a year earlier, while vehicle margin rose to 13.1% from 8.6%.
Xpeng is broadening its ambitions into advanced mobility and robotics. The company earlier this month debuted its humanoid robot, IRON, with plans for mass production by late next year. It is also expected to introduce new robotaxi models in 2026 for commercial ride-hailing operations.