TLDR
- XPeng reported a Q2 loss of RMB1.29 per share, far wider than the RMB0.29 analysts expected
- Revenue came in at RMB19.74 billion, up 8% year-over-year but below the RMB20.57 billion estimate
- Stock fell 3.5% in U.S. premarket trading following the results
- The robotics subsidiary Dogotix raised nearly $915 million, backed by IDG Capital, Tencent, and Alibaba
- XPeng guided Q3 revenue between RMB21.7 billion and RMB23.4 billion
XPeng fell 3.5% in U.S. premarket trading Monday after the Chinese EV maker posted Q2 results that came in below Wall Street’s expectations on both the top and bottom lines.
The company reported a Q2 loss of RMB1.29 per share. That was well ahead of the RMB0.29 loss analysts had penciled in.
Revenue for the quarter reached RMB19.74 billion. That was up 8% year-over-year and 51.5% quarter-over-quarter, but still short of the RMB20.57 billion consensus estimate.
Today, we announced XPENG’s Q2 2026 financial results, marked by strong quarterly expansion: 103,295 smart EVs delivered (+64.79% QoQ / +0.11% YoY), RMB 19.74B in total revenue (+51.5% QoQ / +8.0% YoY), and gross margin increasing to 20.7% (+3.4 pp YoY).
Continuing this… pic.twitter.com/ROYBfdyxph— XPENG (@XPENG_Global) August 24, 2026
Vehicle sales revenue came in at RMB17.05 billion, rising 1.0% year-over-year and 55.0% quarter-over-quarter. Total vehicle deliveries were roughly flat year-over-year at 103,295 units.
Gross margin improved to 20.7%, up from 17.3% a year ago and 20.6% in Q1. Vehicle margin, however, narrowed to 12.1% from 14.3% a year earlier, though it held flat compared to Q1.
Q3 Guidance
For Q3, XPeng guided vehicle deliveries of 115,000 to 121,000. That implies year-over-year growth ranging from roughly -0.87% to +4.30%.
Total Q3 revenue guidance was set at RMB21.7 billion to RMB23.4 billion, representing year-over-year growth of approximately 6.5% to 14.8%.
The Q2 numbers tell a mixed story. Sequential momentum was strong, but year-over-year comparisons and the earnings miss will likely keep some investors on the sidelines.
Dogotix Raises Nearly $1 Billion
The bigger headline alongside the earnings may be the robotics unit. XPeng disclosed that its subsidiary Dogotix has raised up to $915.12 million in a Series A financing round.
IDG Capital led the deal, with Gaorong Ventures also participating. Tencent and Alibaba came in as strategic investors.
XPeng called it the largest single-round private financing in China’s embodied AI industry to date. That’s a headline-grabbing claim in a space that’s attracting serious attention.
As part of the deal, XPeng’s stake in Dogotix will be diluted from 100% to approximately 68.41% if the round is fully executed. The company will retain controlling ownership, and Dogotix will remain consolidated in XPeng’s financial statements.
Investors in the round also received redemption rights if Dogotix fails to complete a qualified IPO within seven years.
Proceeds are earmarked for R&D, physical AI model training, data generation, mass production, and global expansion.
A 2026 equity incentive plan was also adopted as part of the deal, which Hong Kong listing rules classify as a deemed disposal.
The most recent analyst rating on XPeng’s Hong Kong-listed stock is a Buy, with a price target of HK$96.00.
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