XPeng expects overseas sales to double in 2025

Chinese NEV startup XPeng is expected to ship over 40,000 vehicles overseas this year, twice the 2024 level, said Chairman and CEO He Xiaopeng on Tuesday.

Last year, XPeng delivered over 20,000 vehicles in overseas markets, ranking first among Chinese startups.

He said the company will also double its overseas sales and service points to over 300 and build new R&D facilities outside of China. XPeng is scheduled to start overseas production later this year.

His comments came after the startup released its 2024 financial results. Last year, XPeng's revenues reached 40.87 billion yuan ($5.65 billion), a 33.2 percent increase year-over-year.

Its full-year gross margin was 14.3 percent, an increase of 12.8 percentage points year-over-year.

Its revenues were 16.11 billion yuan for the fourth quarter of 2024, representing an increase of 23.4 percent from the same period of 2023 and a 59.4 percent increase from the third quarter of 2024.

A total of 91,507 vehicles were delivered in the fourth quarter last year. It expects deliveries to reach between 91,000 and 93,000 units in the first quarter of this year.

"In the fourth quarter of 2024, we achieved a series of notable results that reflect a holistic upgrade in our capabilities to scale up growth. We are well-positioned to significantly expand our market share in the smart EV industry both in China and globally," said He.