XPeng Misses on Guidance and Losses Deepen – Is There Any Hope Left?
$XPeng Inc.(XPEV)$ Released Its 2026 Q2 Earnings This Afternoon; Overall Performance Was Mediocre, and U.S. Pre-Market Shares Dropped Nearly 4% After the Report.
The results show that for the second quarter of 2026, revenue came in at RMB 19.74 billion, up 8% year-over-year and 51.5% quarter-over-quarter, missing the consensus estimate of RMB 20.2 billion. Gross margin was 20.7%, an increase of 3.4 percentage points from the same period last year and above the consensus estimate of 19.15%. On an adjusted basis, the comparable net loss was RMB -1.237 billion, far worse than the expected loss of RMB -0.767 billion. The profit shortfall was mainly due to a swing from gain to loss on a long-term investment, creating a paper loss of approximately RMB 1.65 billion, combined with a 32.1% year-over-year increase in R&D expenses (up RMB 0.7 billion) and a 15.2% rise in selling, general and administrative expenses.
The company provided revenue guidance of RMB 21.7–23.4 billion for the third quarter, implying 6.5%–14.8% year-over-year growth, but still well below the market consensus of RMB 27.26 billion.
On the automotive front, second‑quarter deliveries were 103,295 vehicles, almost flat year-over-year with a growth rate of just 0.1%, essentially in line with Bloomberg’s estimate of 103,348 units. Vehicle margin was only 12.1%, down 2.2 percentage points from 14.3% a year ago, which the company attributed to product generation transition. For the third quarter, the company expects total revenue of RMB 21.7–23.4 billion and deliveries of 115,000–121,000 vehicles, while the market had anticipated 147,000 units – a shortfall of 18%–22%.
Regarding robotics, XPeng positioned its robotics business as the core of its “Physical AI” strategy in the second‑quarter 2026 earnings report, stating that its mass‑production version of the humanoid robot has reached several important milestones. The business has not yet generated independent revenue, but its subsidiary, Dogotix Inc., has completed a US$900 million external financing round, marking a key step toward capitalization. Management clearly indicated that the mass production and commercialization of Physical AI technologies (including robotics) will accelerate over the next year, and it is expected to contribute meaningful gross profit growth to support continued R&D investment.$XPENG-W(09868)$
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