Xpeng (XPEV) Gross Margin (2019 - 2026)
Xpeng (XPEV) posted quarterly Gross Margin of 20.58% for Q1 2026, up 503.0% year-over-year from 3.41% in Q1 2025, and down 3.41% quarter-over-quarter from 21.31% in Q4 2025.
Xpeng (XPEV) Gross Margin (2019 - 2026) Analysis & Trends
Xpeng (XPEV) has reported Gross Margin for 8 consecutive years, with 20.58% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin rose 503.0% year-over-year to 20.58%; the TTM figure through Mar 2026 stood at 19.89% (up 500.0% YoY), while the FY2025 annual figure was 18.86%, up 456.0% from the prior year.
- Gross Margin retreated to 20.58% in Q1 2026 per XPEV's latest filing, from 21.31% in the prior quarter.
- Across five years, Gross Margin topped out at 21.31% in Q4 2025 and bottomed at 3.9% in Q2 2023.
- Historically, Gross Margin has averaged 11.65% across 5 years, with a median of 13.53% in 2022.
- Annual changes were most pronounced in 2023 — Gross Margin slumped 1620 bps — and 2024, when it surged 1793 bps.
- Xpeng's Gross Margin stood at 8.66% in 2022, then declined by 28 bps to 6.2% in 2023, then jumped by 133 bps to 14.44% in 2024, then surged by 48 bps to 21.31% in 2025, then declined by 3 bps to 20.58% in 2026.
- Business Quant data shows XPEV's Gross Margin at 20.58% in Q1 2026, 21.31% in Q4 2025, and 20.14% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Tesla | 1,040.86 Bn | 997.94 Bn | 4.75 Bn | 16.83% |
| 2 | Toyota Motor | 242.43 Bn | 113.98 Bn | 12.27 Bn | 16.11% |
| 3 | Polestar Automotive Holding UK | 199.81 Bn | 199.81 Bn | -20.00 Mn | -3.16% |
| 4 | Ford Motor | 85.01 Bn | 53.71 Bn | 6.08 Bn | 12.59% |
| 5 | General Motors | 78.23 Bn | 55.16 Bn | 7.33 Bn | 15.26% |
| 6 | Li Auto | 25.97 Bn | 12.60 Bn | 262.11 Mn | 7.87% |
| 7 | Xpeng | 22.53 Bn | 19.99 Bn | 388.90 Mn | 20.58% |
| 8 | Rivian Automotive | 21.19 Bn | 15.90 Bn | 179.00 Mn | 10.80% |
| 9 | Stellantis | 16.26 Bn | -24.66 Bn | 5.55 Bn | 10.98% |
| 10 | Nio | 11.54 Bn | 8.43 Bn | 704.43 Mn | 19.03% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 20.58% |
| Dec 31, 2025 | 21.31% |
| Sep 30, 2025 | 20.14% |
| Jun 30, 2025 | 17.33% |
| Mar 31, 2025 | 15.56% |
| Dec 31, 2024 | 14.44% |
| Sep 30, 2024 | 15.26% |
| Jun 30, 2024 | 14.00% |
| Mar 31, 2024 | 12.89% |
| Dec 31, 2023 | 6.20% |
| Sep 30, 2023 | -2.67% |
| Jun 30, 2023 | -3.90% |
| Mar 31, 2023 | 1.66% |
| Dec 31, 2022 | 8.66% |
| Sep 30, 2022 | 13.53% |
| Jun 30, 2022 | 10.88% |
| Mar 31, 2022 | 12.22% |
| Dec 31, 2021 | 11.96% |
| Sep 30, 2021 | 14.35% |
| Jun 30, 2021 | 11.93% |