XPeng (XPEV) Posts Wider Q1 Loss, Revenue Declines 14% on Sluggish Deliveries

XPeng Inc. (NYSE: XPEV) reported a larger net loss for the first quarter of 2026 on May 28, 2026, as the Chinese electric-vehicle maker struggled with weakening demand and intensifying price competition. The Guangzhou-based company posted a net loss of RMB 2.82 billion ($387 million), or RMB 3.21 per American depositary share, compared with a loss of RMB 2.35 billion, or RMB 2.74 per ADS, a year earlier. Revenue fell 14% to RMB 6.55 billion ($900 million), missing consensus estimates of RMB 6.89 billion. Total vehicle deliveries dropped to 21,800 units, down from 25,200 in the same period last year and below the company’s own forecast of 25,000–26,000 vehicles. Vehicle margin turned negative at minus 2.5%, compared with plus 1.7% in the prior-year quarter, reflecting higher sales incentives and production costs. For the second quarter, XPeng expects deliveries of 25,000 to 27,000 vehicles, while revenue is projected between RMB 7.2 billion and RMB 7.7 billion. Shares of XPeng declined 4.8% in premarket trading.