Founded in 2014 in the southern city of Guangzhou, XPeng is one of the country's dozens of young automotive firms to emerge in recent years as consumers shift towards electric vehicles.
The company -- listed on stock exchanges in New York and Hong Kong -- is one of China's most prominent EV brands, alongside BYD and Nio.
XPeng's revenue during the second quarter of 2024 rose 60.2 percent year-on-year, totalling 8.11 billion yuan ($1.1 billion), according to a statement published on the Hong Kong Stock Exchange.
Total vehicle deliveries stood at 30,207 in the quarter, up 30.2 percent from the year before, it added.
That growth came despite making a net loss of 1.28 billion yuan ($179.2 million) during the same period.
EV sales in China were previously bolstered by generous purchase subsidies, doled out by Beijing in a bid to gain an edge in the emerging sector.
But with the scrapping of those measures in 2022, automakers have recently entered into a fierce price war, weighing heavily on their profitability.
Chinese political leaders are aiming for domestic car sales to be mainly composed of electric and hybrid models by 2035.
In July, such models accounted for more than half of all cars sold in the country for the first time, according to the China Association of Automobile Manufacturers.
sbr-pfc/je/sn
Related Links
Car Technology at SpaceMart.com
| Subscribe Free To Our Daily Newsletters |
| Subscribe Free To Our Daily Newsletters |
