XPEV 6-K 2026 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

May 2026

CommissionFile Number: 001-39466

XPENG INC.

No.10, Cencun Fengzhuang Avenue

Tianhe District, Guangzhou

Guangdong 510640

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

TABLE OF CONTENTS

Exhibit 99.1		Press Release: XPENG Reports First Quarter 2026 Unaudited Financial Results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

XPENG INC.
By:	/s/ Xiaopeng He
Name:	Xiaopeng He
Title:	Chairman and Chief Executive Officer

Date: May 28, 2026

EX-99.1

Exhibit 99.1

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XPENG Reports First Quarter 2026 Unaudited Financial Results

•	Cash position^i^ wasRMB 42.09 billion (US$ 6.10 billion) as of March 31, 2026
•	Quarterly total revenues were RMB13.03 billion, a 17.6% decrease year-over-year<br>
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•	Quarterly gross margin was 20.6%, an increase of 5.0 percentage points over the same period of 2025<br>
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•	Quarterly vehicle margin was 12.1%, an increase of 1.6 percentage points over the same period of 2025<br>
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GUANGZHOU, China, May 28, 2026 —XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading global AI mobility technology company, today announced its unaudited financial results for the three months ended March 31, 2026.

Operational and Financial Highlights for the Three Months Ended March 31, 2026


Total deliveries		62,682	116,249	116,007	103,181	94,008	91,507
•	Total deliveries of vehicles were 62,682 for the first quarter of 2026, representing a decrease of 33.3%<br>from 94,008 in the corresponding period of 2025.
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•	XPENG’s physical sales network had a total of 733 stores, covering 256 cities as of March 31,<br>2026.
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•	XPENG self-operated charging station network reached 3,455 stations, including 2,398 XPENG ultra-fast<br>charging stations as of March 31, 2026.
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•	Total revenues were RMB13.03 billion (US$1.89 billion) for the first quarter of 2026, representing a<br>decrease of 17.6% from the same period of 2025, and a decrease of 41.4% from the fourth quarter of 2025.
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•	Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for the first quarter of 2026,<br>representing a decrease of 23.5% from the same period of 2025, and a decrease of 42.3% from the fourth quarter of 2025.
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•	Gross margin was 20.6% for the first quarter of 2026, compared with 15.6% for the same period of 2025 and<br>21.3% for the fourth quarter of 2025.
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•	Vehicle margin, which is gross profit of vehicle sales as a percentage of vehicle sales revenue, was 12.1%<br>for the first quarter of 2026, compared with 10.5% for the same period of 2025 and 13.0% for the fourth quarter of 2025.
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•	Net loss was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of<br>RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025. Excluding share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent<br>consideration, non-GAAP net loss was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of<br>RMB0.51 billion for the fourth quarter of 2025.
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^i^	Cash position includes cash and cash equivalents, restricted cash, short-term investments and time deposits.<br>Time deposits include restricted short-term deposits, short-term deposits, current portion and non-current portion of restricted long-term deposits, current portion and<br>non-current portion of long-term deposits.
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•	Net loss attributable to ordinary shareholders of XPENG was RMB1.78 billion (US$0.26 billion) for the<br>first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025. Excluding share-based compensation expenses and fair value loss (gain) on derivative<br>liability relating to the contingent consideration, non-GAAP net loss attributable to ordinary shareholders of XPENG was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared<br>with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.
•	Basic and diluted net loss per American depositary share (ADS) were both RMB1.87 (US$0.27) and basicand diluted net loss per ordinary share were both RMB0.93 (US$0.14) for the first quarter of 2026. Each ADS represents two Class A ordinary shares.
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•	Non-GAAP basic and diluted net loss per ADS were both RMB1.76<br>(US$0.26), and non-GAAP basic and diluted net loss per ordinary share were both RMB0.88 (US$0.13) for the first quarter of 2026.
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•	Cash position was RMB42.09 billion (US$6.10 billion) as of March 31, 2026, compared with<br>RMB47.66 billion as of December 31, 2025.
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Key Financial Results

(in RMB billions, except for percentages)

	For the Three Months Ended									% Change^ii^
	March 31,			December 31,			March 31,
	2026			2025			2025			YoY			QoQ
Vehicle sales		11.00			19.07			14.37			-23.5	%		-42.3	%
Vehicle margin		12.1	%		13.0	%		10.5	%		1.6pts			-0.9pts
Total revenues		13.03			22.25			15.81			-17.6	%		-41.4	%
Gross profit		2.68			4.74			2.46			9.1	%		-43.4	%
Gross margin		20.6	%		21.3	%		15.6	%		5.0pts			-0.7pts
Net (loss) profit		(1.78	)		0.38			(0.66	)		168.7	%		N/A
Non-GAAP net (loss) profit		(1.69	)		0.51			(0.43	)		295.9	%		N/A
Net (loss) profit attributable to ordinary shareholders		(1.78	)		0.38			(0.66	)		168.7	%		N/A
Non-GAAP net (loss) profit attributable to ordinary<br>shareholders		(1.69	)		0.51			(0.43	)		295.9	%		N/A
Comprehensive (loss) profit attributable to ordinary shareholders		(2.06	)		0.22			(0.69	)		198.4	%		N/A

^ii^ Except for vehicle margin and gross margin, where absolute changes instead of percentage changes are presented

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Management Commentary

“Kickstarted by the successful launch of the GX, XPENG will deliver four new models this year, positioning us for a robust sales growth trajectory,” said Mr. Xiaopeng He, Chairman and CEO of XPENG. “This year, I am dedicated to leading our team to achieve the mass production of Robotaxis and humanoid robots. We are nurturing a global business ecosystem to transform physical AI technologies into new growth drivers for revenue and profit.”

“For the first quarter of 2026, our gross margin surpassed 20%. Our in-house technological innovation and surging international revenue enabled us to remain resilient through the industry’s seasonal slowdown,” added Dr. Hongdi Brian Gu, Vice Chairman and Co-President of XPENG. “We will accelerate the mass adoption and commercialization of physical AI applications as a corporate strategic priority.”

Recent Developments

Deliveries in April 2026

•	Total deliveries were 31,011 vehicles in April 2026.
•	As of April 30, 2026,<br>year-to-date total deliveries were 93,693 vehicles.
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Launch of XPENG GX

On May 20, 2026, XPENG launched the XPENG GX, its tech flagship SUV.

Unaudited Financial Results for the Three Months Ended March 31, 2026

Total revenues were RMB13.03 billion (US$1.89 billion) for the first quarter of 2026, representing a decrease of 17.6% from RMB15.81 billion for the same period of 2025 and a decrease of 41.4% from RMB22.25 billion for the fourth quarter of 2025.

Revenues from vehicle sales were RMB11.00 billion (US$1.59 billion) for the first quarter of 2026, representing a decrease of 23.5% from RMB14.37 billion for the same period of 2025, and a decrease of 42.3% from RMB19.07 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly attributable to lower vehicle deliveries.

Revenues from services and others were RMB2.03 billion (US$0.29 billion) for the first quarter of 2026, representing an increase of 41.2% from RMB1.44 billion for the same period of 2025 and a decrease of 36.1% from RMB3.18 billion for the fourth quarter of 2025. The year-over-year increase was primarily attributable to increased revenues from technical research and development services (“technical R&D services”) and parts and accessories sales. The quarter-over-quarter decrease was primarily due to the reduction in technical R&D services revenues following a significant milestone catch-up in the prior quarter, as well as no revenue contribution from carbon credit trading in the current quarter.

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Cost of sales was RMB10.35 billion (US$1.50 billion) for the first quarter of 2026, representing a decrease of 22.5% from RMB13.35 billion for the same period of 2025 and a decrease of 40.9% from RMB17.51 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were mainly in line with vehicle deliveries as described above.

Gross margin was 20.6% for the first quarter of 2026, compared with 15.6% for the same period of 2025 and 21.3% for the fourth quarter of 2025.

Vehicle margin was 12.1% for the first quarter of 2026, compared with 10.5% for the same period of 2025 and 13.0% for the fourth quarter of 2025. The year-over-year increase was primarily attributable to the cost reduction and improvement in product mix of models. The quarter-over-quarter decrease was due to higher unit vehicle costs resulting from increased memory chip and battery related costs.

Services and others margin was 66.5% for the first quarter of 2026, compared with 66.4% for the same period of 2025 and 70.8% for the fourth quarter of 2025. The quarter-over-quarter decrease was due to a decreased share of the revenue from technical R&D services and parts and accessories sales within total services and other revenue.

Research and development expenses were RMB2.91 billion (US$0.42 billion) for the first quarter of 2026, representing an increase of 46.8% from RMB1.98 billion for the same period of 2025 and an increase of 1.1% from RMB2.87 billion for the fourth quarter of 2025. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and AI-related technologies as the Company expanded its product portfolio to support future growth.

Selling, general andadministrative expenses were RMB1.88 billion (US$0.27 billion) for the first quarter of 2026, representing a decrease of 3.2% from RMB1.95 billion for the same period of 2025 and a decrease of 32.5% from RMB2.79 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were primarily due to the lower commission to the franchised stores.

Other income, net was RMB0.18 billion (US$0.03 billion) for the first quarter of 2026, representing a decrease of 66.5% from RMB0.54 billion for the same period of 2025 and a decrease of 78.3% from RMB0.84 billion for the fourth quarter of 2025. The year-over-year and quarter-over-quarter decreases were primarily due to the decrease in receipt of government subsidies.

Fair value (loss) gain on derivative liability relating to the contingent consideration was a gain of RMB0.05 billion (US$0.01 billion) for the first quarter of 2026, compared with a loss of RMB0.12 billion for the same period of 2025 and a gain of RMB0.04 billion for the fourth quarter of 2025. This non-cash (loss) gain resulted from the fair value change of the contingent consideration related to the acquisition of DiDi Global Inc. (“DiDi”)’s smart auto business.

Loss from operations was RMB1.87 billion (US$0.27 billion) for the first quarter of 2026, compared with RMB1.04 billion for the same period of 2025 and RMB0.04 billion for the fourth quarter of 2025.

Non-GAAP loss from operations, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.80 billion for the same period of 2025 and a profit of RMB0.08 billion for the fourth quarter of 2025.

Net loss was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025.

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Non-GAAP net loss, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.

Net loss attributable to ordinary shareholders of XPENG was RMB1.78 billion (US$0.26 billion) for the first quarter of 2026, compared with a loss of RMB0.66 billion for the same period of 2025 and a profit of RMB0.38 billion for the fourth quarter of 2025.

Non-GAAP net loss attributable to ordinary shareholders of XPENG, which excludes share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, was RMB1.69 billion (US$0.24 billion) for the first quarter of 2026, compared with a loss of RMB0.43 billion for the same period of 2025 and a profit of RMB0.51 billion for the fourth quarter of 2025.

Basic and diluted net loss per ADS were both RMB1.87 (US$0.27) for the first quarter of 2026, compared with RMB0.70 basic and diluted net loss per ADS for the first quarter of 2025 and RMB0.40 basic and diluted net profit per ADS for the fourth quarter of 2025.

Non-GAAP basic and diluted net loss per ADS were both RMB1.76 (US$0.26) for the first quarter of 2026, compared with RMB0.45 non-GAAP basic and diluted net loss per ADS for the first quarter of 2025 and RMB0.53 and RMB0.52 non-GAAP basic and diluted net profit per ADS for the fourth quarter of 2025, respectively.

Balance Sheets

As of March 31, 2026, the Company had a cash position of RMB42.09 billion (US$6.10 billion), compared with RMB45.28 billion as of March 31, 2025 and RMB47.66 billion as of December 31, 2025.

Business Outlook

For the second quarter of 2026, the Company expects:

•	Deliveries of vehicles to be between 100,000 and 106,000, representing a year-over-year change of<br>approximately -3.08% to +2.73%, and a quarter-over-quarter increase of approximately 59.54% to 69.11%.
•	Total revenues to be between RMB19.60 billion and RMB20.80 billion, representing a<br>year-over-year increase of approximately 7.25% to 13.82%, and a quarter-over-quarter increase of approximately 50.38% to 59.59%.
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The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, and customer demand, which are all subject to change.

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Conference Call

The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on May 28, 2026 (7:00 PM Beijing/Hong Kong Time on May 28, 2026).

For participants who wish to join the call by phone, please access the link provided below to complete the pre-registration process and dial in 5 minutes prior to the scheduled call start time. Upon registration, each participant will receive dial-in details to join the conference call.

Event Title:		XPENG First Quarter 2026 Earnings Conference Call
Pre-registration link:		https://s1.c-conf.com/diamondpass/10054534-c1s7jl.html

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.xiaopeng.com.

A replay of the conference call will be accessible approximately an hour after the conclusion of the call until June 4, 2026, by dialing the following telephone numbers:

United States:		+1-855-883-1031
International:		+61-7-3107-6325
Hong Kong, China:		800-930-639
Chinese Mainland:		400-120-9216
Replay Access Code:		10054534

About XPENG

XPENG is a leading Chinese Smart EV and NEV company that designs, develops, manufactures, and markets Smart EVs and NEVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company’s Smart EVs and NEVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as non-GAAP (loss) profit from operations, non-GAAP net (loss) profit, non-GAAP net (loss) profit attributable to ordinary shareholders, non-GAAP basic (loss) profit per ordinary share and non-GAAP basic (loss) profit per ADS, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and fair value loss (gain) on derivative liability relating to the contingent consideration, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net (loss) profit or other consolidated statements of comprehensive (loss) profit data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

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For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.8980 to US$1.00, the exchange rate on March 31, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For Investor Enquiries

IR Department

XPeng Inc.

E-mail: [email protected]

Jenny Cai

Piacente Financial Communications

Tel: +1-212-481-2050 or +86-10-6508-0677

E-mail: [email protected]

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For Media Enquiries

PR Department

XPeng Inc.

E-mail: [email protected]

Source: XPeng Inc.

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XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

		March 31,2026<br><br><br>RMB			March 31,2026 <br>US
ASSETS
Current assets
Cash and cash equivalents	17,329,612	****	14,460,430	****	****	2,096,322	****
Restricted cash	6,071,491	****	5,436,604	****	****	788,142	****
Short-term deposits	11,388,834	****	9,568,321	****	****	1,387,115	****
Restricted short-term deposits	296,277	****	1,223,833	****	****	177,419	****
Short-term investments	3,217,293	****	3,112,654	****	****	451,240	****
Long-term deposits, current portion	3,020,317	****	3,453,198	****	****	500,609	****
Restricted long-term deposits, current portion	600,472	****	—	****	****	—	****
Derivative assets	—	****	2,203	****	****	319	****
Accounts and notes receivable, net	1,996,917	****	1,078,429	****	****	156,339	****
Installment payment receivables, net, current portion	3,553,054	****	3,213,713	****	****	465,891	****
Inventory	10,380,668	****	13,291,855	****	****	1,926,914	****
Amounts due from related parties	102,219	****	119,406	****	****	17,310	****
Prepayments and other current assets, net	5,296,673	****	5,707,084	****	****	827,353	****

Total current assets	63,253,827	****	60,667,730	****	****	8,794,973	****

Non-current assets
Long-term deposits	4,263,542	****	3,354,922	****	****	486,362	****
Restricted long-term deposits	1,468,708	****	1,476,815	****	****	214,093	****
Property, plant and equipment, net	13,527,237	****	17,421,250	****	****	2,525,551	****
Right-of-use<br>assets, net	3,730,921	****	1,187,653	****	****	172,174	****
Intangible assets, net	4,253,168	****	4,120,041	****	****	597,281	****
Land use rights, net	3,216,526	****	3,491,040	****	****	506,095	****
Installment payment receivables, net	6,496,020	****	5,866,931	****	****	850,526	****
Long-term investments	2,523,037	****	2,817,726	****	****	408,484	****
Other non-current assets	429,644	****	408,481	****	****	59,217	****

Total non-current assets	39,908,803	****	40,144,859	****	****	5,819,783	****

Total assets	103,162,630	****	100,812,589	****	****	14,614,756	****

All values are in US Dollars.

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XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	December 31,			March 31,			March 31,
	2025			2026			2026
	RMB			RMB			US
LIABILITIES
Current liabilities
Short-term borrowings		4,282,000		****	6,764,000	****	****	980,574	****
Accounts payable		18,001,675		****	13,077,399	****	****	1,895,825	****
Notes payable		19,161,724		****	17,817,244	****	****	2,582,958	****
Amounts due to related parties		1,064		****	2,532	****	****	367	****
Income taxes payable		44,682		****	25,921	****	****	3,758	****
Derivative liabilities		281,009		****	227,709	****	****	33,011	****
Operating lease liabilities, current portion		445,901		****	327,703	****	****	47,507	****
Finance lease liabilities, current portion		55,581		****	84,002	****	****	12,178	****
Deferred revenue, current portion		1,463,065		****	1,753,105	****	****	254,147	****
Long-term borrowings, current portion		1,837,950		****	790,251	****	****	114,562	****
Accruals and other liabilities		12,538,698		****	12,463,653	****	****	1,806,850	****

Total current liabilities		58,113,349		****	53,333,519	****	****	7,731,737	****

Non-current liabilities
Long-term borrowings		6,588,865		****	9,004,823	****	****	1,305,425	****
Operating lease liabilities		4,246,599		****	2,066,919	****	****	299,640	****
Finance lease liabilities		740,576		****	4,644,769	****	****	673,350	****
Deferred revenue		1,206,014		****	1,275,748	****	****	184,945	****
Deferred tax liabilities		330,353		****	330,353	****	****	47,891	****
Other non-current liabilities		1,568,284		****	1,696,838	****	****	245,990	****

Total non-current liabilities		14,680,691		****	19,019,450	****	****	2,757,241	****

Total liabilities		72,794,040		****	72,352,969	****	****	10,488,978	****

SHAREHOLDERS’ EQUITY
Class A Ordinary shares		105		****	105	****	****	15	****
Class B Ordinary shares		21		****	21	****	****	3	****
Additional paid-in capital		71,236,011		****	71,385,560	****	****	10,348,733	****
Statutory and other reserves		137,720		****	151,302	****	****	21,934	****
Accumulated deficit		(42,767,710	)	****	(44,565,392	)	****	(6,460,625	)
Accumulated other comprehensive income		1,762,443		****	1,488,024	****	****	215,718	****

Total shareholders’ equity		30,368,590		****	28,459,620	****	****	4,125,778	****

Total liabilities and shareholders’ equity		103,162,630		****	100,812,589	****	****	14,614,756	****

All values are in US Dollars.

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XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT/(LOSS)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	Three Months Ended
	March 31,			December 31,			March 31,			March 31,
	2025			2025			2026			2026
	RMB			RMB			RMB			US
Revenues
Vehicle sales		14,369,298			19,072,174		****	10,999,321	****	****	1,594,567	****
Services and others		1,441,330			3,181,585		****	2,034,460	****	****	294,935	****

Total revenues		15,810,628			22,253,759		****	13,033,781	****	****	1,889,502	****

Cost of sales
Vehicle sales		(12,866,303	)		(16,583,754	)	****	(9,669,451	)	****	(1,401,776	)
Services and others		(484,795	)		(928,199	)	****	(681,737	)	****	(98,831	)

Total cost of sales		(13,351,098	)		(17,511,953	)	****	(10,351,188	)	****	(1,500,607	)

Gross profit		2,459,530			4,741,806		****	2,682,593	****	****	388,895	****

Operating expenses
Research and development expenses		(1,980,724	)		(2,874,248	)	****	(2,906,991	)	****	(421,425	)
Selling, general and administrative expenses		(1,946,064	)		(2,792,254	)	****	(1,883,438	)	****	(273,041	)
Other income, net		544,040			839,694		****	182,249	****	****	26,421	****
Fair value (loss) gain on derivative liability relating to the contingent<br>consideration		(118,229	)		40,744		****	51,113	****	****	7,410	****

Total operating expenses, net		(3,500,977	)		(4,786,064	)	****	(4,557,067	)	****	(660,635	)

Loss from operations		(1,041,447	)		(44,258	)	****	(1,874,474	)	****	(271,740	)

Interest income		291,227			262,919		****	257,166	****	****	37,281	****
Interest expense		(128,935	)		(76,485	)	****	(164,994	)	****	(23,919	)
Fair value loss on derivative assets or<br><br><br>derivative liabilities		—			—		****	(101	)	****	(15	)
Investment gain on long-term investments		79,653			265,364		****	169,117	****	****	24,517	****
Exchange gain (loss) from foreign currency transactions		130,448			(12,994	)	****	(148,728	)	****	(21,561	)
Other non-operating income (expenses), net		20,275			22,173		****	(959	)	****	(139	)

(Loss) profit before income tax expenses and share of results of equity methodinvestees		(648,779	)		416,719		****	(1,762,973	)	****	(255,576	)

Income tax expenses		(7,991	)		(22,128	)	****	(9,251	)	****	(1,341	)
Share of results of equity method investees		(7,276	)		(11,383	)	****	(11,876	)	****	(1,722	)

Net (loss) profit		(664,046	)		383,208		****	(1,784,100	)	****	(258,639	)

Net (loss) profit attributable to ordinary shareholders of XPeng Inc.		(664,046	)		383,208		****	(1,784,100	)	****	(258,639	)

All values are in US Dollars.

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XPENG INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE PROFIT/(LOSS) (CONTINUED)

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	Three Months Ended
	March 31,			December 31,			March 31,			March 31,
	2025			2025			2026			2026
	RMB			RMB			RMB			US
Net (loss) profit		(664,046	)		383,208		****	(1,784,100	)	****	(258,639	)
Other comprehensive loss
Foreign currency translation adjustment, net of tax		(25,710	)		(166,194	)	****	(274,419	)	****	(39,782	)

Total comprehensive (loss) profit attributable to XPeng Inc.		(689,756	)		217,014		****	(2,058,519	)	****	(298,421	)

Comprehensive (loss) profit attributable to ordinary shareholders of XPeng Inc.		(689,756	)		217,014		****	(2,058,519	)	****	(298,421	)

Weighted average number of ordinary shares used in computing net (loss) profit per ordinaryshare
Basic		1,899,365,591			1,908,651,262		****	1,910,568,643	****	****	1,910,568,643	****
Diluted		1,899,365,591			1,934,719,272		****	1,910,568,643	****	****	1,910,568,643	****
Net (loss) profit per ordinary share attributable to ordinary shareholders
Basic		(0.35	)		0.20		****	(0.93	)	****	(0.14	)
Diluted		(0.35	)		0.20		****	(0.93	)	****	(0.14	)
Weighted average number of ADS used in computing net (loss) profit per share
Basic		949,682,796			954,325,631		****	955,284,322	****	****	955,284,322	****
Diluted		949,682,796			967,359,636		****	955,284,322	****	****	955,284,322	****
Net (loss) profit per ADS attributable to ordinary shareholders
Basic		(0.70	)		0.40		****	(1.87	)	****	(0.27	)
Diluted		(0.70	)		0.40		****	(1.87	)	****	(0.27	)

All values are in US Dollars.

LOGO

XPENG INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except for ADS/ordinary share and per ADS/ordinary share data)

	Three Months Ended
	March 31,			December 31,			March 31,			March 31,
	2025			2025			2026			2026
	RMB			RMB			RMB			US
Loss from operations		(1,041,447	)		(44,258	)	****	(1,874,474	)	****	(271,740	)
Fair value loss (gain) on derivative liability relating to the contingent<br>consideration		118,229			(40,744	)	****	(51,113	)	****	(7,410	)
Share-based compensation expenses		120,028			162,629		****	149,549	****	****	21,680	****

Non-GAAP (loss) profit from operations		(803,190	)		77,627		****	(1,776,038	)	****	(257,470	)

Net (loss) profit		(664,046	)		383,208		****	(1,784,100	)	****	(258,639	)
Fair value loss (gain) on derivative liability relating to the contingent<br>consideration		118,229			(40,744	)	****	(51,113	)	****	(7,410	)
Share-based compensation expenses		120,028			162,629		****	149,549	****	****	21,680	****

Non-GAAP net (loss) profit		(425,789	)		505,093		****	(1,685,664	)	****	(244,369	)

Net (loss) profit attributable to ordinary shareholders		(664,046	)		383,208		****	(1,784,100	)	****	(258,639	)
Fair value loss (gain) on derivative liability relating to the contingent<br>consideration		118,229			(40,744	)	****	(51,113	)	****	(7,410	)
Share-based compensation expenses		120,028			162,629		****	149,549	****	****	21,680	****

Non-GAAP net (loss) profit attributable to ordinaryshareholders of XPeng Inc.		(425,789	)		505,093		****	(1,685,664	)	****	(244,369	)

Weighted average number of ordinary shares used in calculatingNon-GAAP net (loss) profit per share
Basic		1,899,365,591			1,908,651,262		****	1,910,568,643	****	****	1,910,568,643	****
Diluted		1,899,365,591			1,934,719,272		****	1,910,568,643	****	****	1,910,568,643	****
Non-GAAP net (loss) profit per ordinaryshare
Basic		(0.22	)		0.26		****	(0.88	)	****	(0.13	)
Diluted		(0.22	)		0.26		****	(0.88	)	****	(0.13	)
Weighted average number of ADS used in calculatingNon-GAAP net (loss) profit per share
Basic		949,682,796			954,325,631		****	955,284,322	****	****	955,284,322	****
Diluted		949,682,796			967,359,636		****	955,284,322	****	****	955,284,322	****
Non-GAAP net (loss) profit per ADS
Basic		(0.45	)		0.53		****	(1.76	)	****	(0.26	)
Diluted		(0.45	)		0.52		****	(1.76	)	****	(0.26	)

All values are in US Dollars.