Chinese electric car manufacturer Xpeng ended 2024 with a significant record and almost doubling sales in the last quarter of the year.
A total of 91,507 cars were delivered in the fourth quarter of 2024 – an increase of 96.6 percent compared to the previous quarter. The figures have just been published in Xpeng Denmark's annual report.
It's not just deliveries that have run away. Revenue in Q4 reached 16.11 billion yuan – equivalent to approximately 15.24 billion Danish kroner.
This is a growth of 59.4 percent from the third quarter and 23.4 percent compared to the same period last year.
Xpeng's total revenue in 2024 ended at 40.87 billion yuan – approximately 38.66 billion kroner. Year-on-year, this is a growth of 33.2 percent.
At the same time, Xpeng has strengthened its profit margin, which has increased for six consecutive quarters.
The company's cash balance has also grown significantly. At the end of 2024, XPeng had a total of 41.96 billion yuan in cash and similar assets.
That's a good 39.7 billion kroner. That's over 5.67 billion kroner more than in Q3.
Expectations for the start of 2025 are therefore high. Xpeng expects to deliver between 91,000 and 93,000 cars in the first quarter, which would be an increase of more than 317 percent compared to the same period last year.
Xpeng is one of the Chinese manufacturers that is really gaining ground in the global electric car market. At a time when rivals like Tesla are struggling with declining market share, uncertainty and bad PR, Xpeng is experiencing explosive growth.
