XPeng Inc. · Q2 2026

The quarter in short

Revenue $2.91B, up 14.1% year over year and 54.0% on the quarter. EPS −$0.21, down 200.0% year over year and up 22.2% on the quarter.

What we learned

1. Overseas deliveries topped 20,000 for the first time, up 81% year over year. CEO He Xiaopeng said international sales are now more than 25% of first-half revenue — the one delivery line growing while the domestic car business stood still.
2. The Dogotix raise valued the robotics unit at over $6.2 billion post-money. He Xiaopeng named IDG Capital as lead investor with Tencent and Alibaba participating — the first outside price on the humanoid bet, not just the $900 million headline.
3. Management is targeting monthly deliveries above 60,000 units by the fourth quarter. He Xiaopeng blamed extreme weather and supply-chain disruption for this quarter's flat ramp and pointed to that exit rate as the recovery, without giving a volume guide beyond it.
4. The stored US dollar revenue series actually grew 14.1% year over year, not the 8.0% RMB figure this piece leads with. The quarter's own translation rate moved between periods, so the two currencies tell different growth stories for the same twelve weeks — neither is wrong, but they cannot be mixed.

Read moreRead call