Image source: Visual China Group
On the evening of 8/24, XPeng Group held its 2026 mid-year earnings call. The call was somewhat unexpected, as XPeng Chairman and CEO He Xiaopeng dedicated a significant portion of his time to discussing robotics.
During the earnings call, XPeng Robotics announced completion of its first funding round, raising over $0 billion with a valuation exceeding $1 billion. According to He Xiaopeng, IRON is expected to become one of the group's core growth engines in the future, with per-unit profit margins projected to significantly exceed those of automotive units.
Overall, He Xiaopeng has established a clear development strategy for the group: automobiles form the core business, generating cash flow and leveraging supply chain and manufacturing capabilities; robotics represents the second growth curve, reusing automotive strengths while offering higher profit margins. The two are not mutually exclusive but rather "one foundation with two market channels."
Automotive business continues to ramp up; Q3 delivery is expected to be 11.5 to 12.1 million units.
In the first half of the year, XPeng Group achieved total revenue of 327.8 billion yuan, with vehicle sales contributing 280.5 billion yuan. Quarterly breakdowns clearly show the growth trajectory of the automotive business. In Q1, vehicle sales generated 110 billion yuan in revenue for XPeng Group, rising to 170.5 billion yuan in Q2, representing a quarter-over-quarter increase of 55%.
Growth was driven by an increase in delivery volume. In the first half of the year, XPeng delivered approximately 16.6 vehicles. The second quarter saw deliveries of about 10.33 units, representing a 64.8% sequential increase. The gross margin for the quarter improved by 3.4 percentage points year-over-year to 20.7%, with the automotive gross margin at 12.1%.
In the second quarter, XPeng Group continued to upgrade its product lineup. He Xiaopeng stated, "The consecutive success of the G9 and MONA L03 has given us greater confidence in our upcoming new models." Based on this, he set a monthly sales target of up to 6 units for the automotive business. The flagship five-seater G9L is scheduled to launch and begin deliveries in 9, while the MONA L05 will go on sale in China during the fourth quarter.
"With the launch of four new SUV models, we will achieve full coverage of key SUV segments. I expect XPeng's sales to surge in Q4 and challenge a monthly volume exceeding 6 thousand units."
Entering the second half of the year, XPeng Group's automotive business continues to scale up. In 7, the company delivered 3.8 vehicles in a single month, representing approximately 4% year-over-year growth. This signals that international markets are becoming a key growth driver for the group.
In Q2, XPeng Group's overseas sales surpassed 2 units for the first time, marking a 81% year-over-year increase. In the first half of this year, overseas revenue accounted for over 25% of total revenue. During the earnings call, He Xiaopeng praised the overseas business: "XPeng's overseas operations demonstrate high quality, with an average selling price exceeding €4. Both revenue per vehicle and gross profit per vehicle rank among the top in China's automotive sector going global."
According to their statement, following the global launch of the MONA L03 in Munich, Germany, overseas deliveries are expected to begin in the fourth quarter, potentially pushing the group's quarterly overseas sales beyond 4 units. In 2027, XPeng Group also plans to introduce several extended-range models in international markets.
Additionally, in 7 this year, XPeng Group officially launched its long-term strategy for Australia, planning to introduce five all-new vehicle models in the second half of 2026 while continuing to expand its local sales and service network. Meanwhile, XPeng's NGP (Next Generation Pilot) powered by the second-generation VLA large model is scheduled to launch globally starting in 2027, further advancing...Smart VehicleTechnology is reaching more markets.
Regarding next quarter's guidance, He Xiaopeng stated that deliveries in Q3 2026 are expected to range from 11.5 to 12.1 thousand units, with total revenue projected between 217 and 234 hundred million yuan.
机器人业务年底量产，投后估值超63亿美元
The robotics segment was the highlight of the entire earnings call. During the call, He Xiaopeng addressed six key questions about the robotics business, marking the first systematic disclosure of mass production timelines, cost and gross margin targets, progress on in-house large models and chip development, data closed-loop strategy, dexterous hand technology roadmap, and commercialization scenarios.
He Xiaopeng shared that the development of XPeng's humanoid robots has been underway for 8 years. He remains convinced that the technical challenges and innovation hurdles for advanced, general-purpose humanoid robots far exceedSmart Vehicle, a gap of at least 20x. Achieving such significant innovation requires integrated R&D that combines breadth and depth across design and styling, hardware and chips, software and AI, data and governance, quality and manufacturing. Only then can success be achieved.
XPeng Robotics is the only Chinese robot company to develop its entire technology stack in-house. As a result, XPeng IRON differs fundamentally from current market competitors and possesses unique capabilities across multiple dimensions.
To date, XPeng Group's full-stack self-developed technology covers the robot's body, brain, cerebellum, data, and infrastructure. In terms of the body, XPeng IRON features industry-leading anthropomorphic posture and design, pioneering a fully enclosed flexible lattice that balances aesthetics and safety. It boasts 76 degrees of freedom across its entire body and 21 degrees of freedom in its dexterous hand, both setting industry benchmarks.
In addition, XPeng Robotics has independently designed and developed an AI-native hardware platform and all core components—including chips, controllers, motion modules, and dexterous hands—leveraging its comprehensive intelligent EV R&D and manufacturing system to deliver automotive-grade quality and scalable mass production capabilities.
He Xiaopeng revealed that the XPENG IRON will be unveiled starting from 9, enter mass production by the end of this year, and begin commercial deployments at XPENG Group stores and campuses. It is scheduled to officially launch in 2027, targeting retail and service industry customers externally, with large-scale deliveries commencing in both China and overseas markets.
明年，小鹏IRON月产能可以根据市场需求迅速提升至数千台。何小鹏认为，高阶通用机器人的优质供给相当稀缺，因此每一台IRON在全生命周期的收入和毛利贡献，包含硬件销售和软件AI模型能力升级带来的持续性收入，将会大幅高于当前汽车业务的单车均价和毛利。
He expects that once humanoid robots are mass-produced, they will achieve rapid commercialization both domestically and internationally, delivering significant gross margin growth for the group. This will fund further investment in physical AI R&D, sustaining our technological leadership.
Capital is also stepping in. During the conference call, XPeng Robotics secured its first round of funding, exceeding 9 billion USD and setting a new record for private equity financing in China's humanoid robotics sector. The round was led by IDG Capital, with participation from GaoRong Venture Capital, and additionally brought inTencentandAlibabaTwo strategic investors; post-money valuation exceeds $0 billion.