EV automaker XPeng Motors shared its unaudited financial report for Q1 2025, and nearly all of its data points to growth and potential as the Chinese brand continues its quest to become globally recognized. As such, XPeng’s predictions for Q2 continue massive year-over-year growth.
Regarding Chinese EV automotive brands, XPeng Motors ($XPEV) is easily one of the more prominent and newsworthy, especially as it continues to globalize, entering new markets such as Italy earlier this month.
As outlined in a December 2024 internal letter from XPeng founder, chairman, and CEO He Xiaopeng, the company has huge goals for 2025 and beyond. In Q1 2025, we’ve already seen XPeng unveil its new G7 SUV and hit 100,000 builds of its new MONA M03 sedan (a Max trim of which was just unveiled yesterday).
So far, so good.
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XPeng Motors shared its Q1 2025 financial report today, which provides room for optimism. The automaker’s continued YoY growth and dwindling net losses suggest a positive outlook for the rest of the year.
Source: XPeng Motors/Weibo
XPeng’s Q1 report shows 141.5% YoY increase in revenue
The full Q1 2025 report, available from XPeng Motors here, states that the company’s quarterly revenues were RMB 15.81 billion ($2.18 billion), representing an increase of 141.5% compared to Q1 2024. However, that number is slightly down (1.8% compared to Q4 2024).
Similarly, vehicle sales revenues for Q1 were RMB 14.37 billion ($1.98 billion), up 159.2% from the same period of 2024 but down 2.1% from Q4 2024. The vehicle margin, which is the gross profit of vehicle sales as a percentage of quarterly sales revenue, was 10.5%, up from 5.5% in Q1 2024 and 10.0% in Q4 2024.
Per the Q1 2025 report, XPeng’s Gross margin was its highest ever at 15.6%, up from 12.9% in Q1 2024 and 14.4% a quarter ago. One of the key takeaways from today’s report is XPeng’s decreasing net loss. That tally has dropped for three consecutive quarters and as of the end of Q1 2025, sat at RMB 0.66 billion ($91.4 million), compared with RMB 1.37 billion ($189.8 million) for XPeng’s same period in 2024 and RMB 1.33 billion ($184.2 million) for Q4 2024.
XPeng’s total BEV deliveries for Q1 2025 were 94,008 units, representing a YoY increase of 330.8%. XPeng CEO He Xiaopeng spoke about the company’s Q1 report:
Despite seasonality for auto sales, our quarterly deliveries hit a new historical high, making us the top-selling automaker among emerging EV companies. Positive market feedback strengthened our confidence in our three-year product cycle. We remain committed to our steadfast long-term growth strategy and continue to launch more blockbuster products. We are just beginning to unleash our growth potential. I believe our strong product cycle, global expansion and accelerated adoption of physical AI technologies, will fuel strong and sustainable growth for XPeng.
Looking ahead, XPeng Motors expects to deliver between 102,000 and 108,000 EVs in Q2 2025, representing YoY growth between 237.7% and 257.5%. Additionally, the Chinese automaker predicts total revenues for Q2 2025 to be between RMB 17.5 billion ($2.4 billion) and RMB 18.7 billion ($2.6 billion), representing YoY growth between approximately 115.7% and 130.5%.
The company’s new MONA M03 sedan will launch in China on May 28.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories of 2025 from the world of electric bikes and other nontraditional electric vehicles. This time, that includes California’s new e-bike regulations and updated laws, Bafang’s automatic-shifting hub motor, e-bike brand shutdowns, China opting for lead-acid over lithium batteries, Honda’s upcoming low-cost electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
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Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 9:00 a.m. ET (or the video after 10:00 a.m. ET):
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Winter is coming and for the hardcore ebikers in cold climates, that means time to batten down the hatches. I’ve been trying some “snow ebikes” for years and have mostly landed on a Heybike that has made Husky walking a lot easier.
But along comes this Enffe EAES-2D Ultra bike that has AWD, lots of battery and a super unique look that might be the best thing yet for getting around in the snow…
Let’s get these crazy specs out of the way first:
2x 48V/22.5Ah 1080Wh batteries = 2.16kWh
2x 1.5kW peak motors = 3kW
4 piston Tecktro hydraulic brakes on 180mm rotors
20×4-inch wheels and knobby tires.
Charger: 48V 4A
Top speed: 32mph
Range: up to 200 miles (?!)
Shimano 7 speed
Big display and dual headlights
As you might imagine, this bike is heavy and powerful. One battery sits on the downtube like a traditional fat tire ebike while the “gas tank” battery sits much higher between the seat and handlebars. Each of the batteries is over a kWh and must be charged independently. The bike comes in Yellow/Black and Red/Black varieties, and we got the yellow head-turner for the review.
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You are sitting much higher in the very comfortable seat than a typical fat tire ebike, and the handlebars are raised for comfort, not aerodynamics.
And that riding position is helpful when you punch the accelerator off the line. While this thing tops out at 32mph, it gets there a lot faster than most lesser-powered bikes. It doesn’t accelerate quite like a Sur Ron or Talaria, but in the very important 0-20mph speed curve, it will accelerate as fast as most cars.
Off-road and snow
We took this thing out to the trails and had a good time on the mild hills and turns. It is much too heavy and front-motor bulky to enjoy turns and maneuverability exercises, but for easy trails and gravel roads, this thing is fun and the mild full suspension and fat tires make the ride smoother than I was anticipating.
We only had a little snow during the review time but it handled snowy conditions amicably. The front tire acceleration does help get off the line in slippery conditions and the power is helpful when going through the deeper stuff.
That 200-mile range?
No. Sorry guys. Even if this was an efficient bike, and it is the opposite of that in every way, it would have a hard time getting to 200 miles, even out of that over 2kWh of battery. Sure you can pedal like a madman and barely use the motors and stretch it that far but zero people are going to do this. If you use this like most people which is hammering the throttle, using the pedals like pegs, and bumping up against that 32-mph speed, you will be lucky to get 50 miles of range. But that’s still respectable. I think we just need to stop being silly about the range here.
What’s nice is that you don’t have to use both batteries and you still have enough – 1kWh – for most commutes. You can leave a battery on the charger for the longer weekend adventures and have a much lighter ebike.
What made this bike noteworthy to me is all of the extras. We’ve talked about the dual motors and dual batteries but those have existed on fat tire ebikes like Ariel Grizzly before. The Enffe also has a big, beautiful display which can be locked to an NFC tag, similar to the Talaria XXX and other higher-end machines.
It also has dual headlights, which are amazing at not only lighting up the road in front of you at night , but also throwing off a safety beam to let others know you are on the road. The turn signals in the back are nice as well but going to be hard to discern from farther away.
As this is a heavy bike, I would expect nothing less than 4-piston tecktro hydraulic brakes which are table stakes when stopping a bike llike this. They do the job.
I also think this thing looks pretty unique. I’m sure it is polarizing to some but it kind of takes that Super 73 vibe to the next level.
Electrek’s take
At $1400, the Enffe EAES-2D Ultra takes the very common 20-inch fat tire ebike and throws a ton of extras onto the platform. For those looking for something a little flashier, a lot faster and a bit more premium in this popular form factor, I’m on board with this thing. Just don’t expect you’ll be able to handle your 200 mile commute.
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Another company that made big claims about its ability to scale and deploy EV battery swapping stations has just gone bankrupt – and, frankly, it’s not too surprising that it has.
Ample is a company that made big claims about its EV battery swapping technology. It claimed to have designed autonomous battery swapping stations that would be rapidly deployable, cheap to build, and could adapt to any EV design with a modular battery which would be easy for manufacturers to use.
An Ample battery swap would take around 5 minutes and cost as little as $13, the company said.
The plan was to use this technology to scale up EV charging much faster than traditional charging stations, with the goal of getting a billion electric cars on the road.
Ample had raised $330 million in total over its lifetime, but shut down due to “liquidity constraints.” It was able to raise some money this year, but cited a challenging environment for renewable energy investments.
The company’s filing says it has $10-50 million in assets and $50-100million in liabilities, and is seeking $6 million in financing for working capital and to fund its bankruptcy case. Currently the company has fired all but two employees.
An anonymous tip sent to Electrek told us the employees were laid off abruptly “a few months ago,” and the company is now facing a lawsuit for violating the federal WARN act. Our tipper said the technology is real, but that the reason for the bankruptcy is regular-old poor management due to inexperience, overhyped company statements, and inefficient use of money. Take that anonymous tip with a grain of salt, but that story does sound about right for a tech startup.
Where this bankruptcy leaves Ample’s technology is unclear. Another company could snap it up and try to do something with it, if they find that the technology is real and useful. Ample had gotten investments and partnerships with Shell, Mitsubishi and Stellantis, for example, so the company wasn’t alone in touting its tech.
Or, it could just disappear, as other EV battery swapping plans have before. Both Tesla and a startup called Better Place tried and failed to set up battery swapping before. Tesla dropped the idea after a single demonstration station was built in California (both because people didn’t care to use it and because California snatched away credits which Tesla was planning to use, because they were intended for hydrogen… long story), and Better Place went bankrupt after failing to scale out of a small number of demo stations in Israel and Denmark.
That’s not to say that nobody has been successful at at implementing battery swap, though. NIO seems to be successful with its battery swapping tech in China, though the company did miss its 2025 scaling goals by a longshot. But as of yet, this is the only notable example of a successful battery swap initiative, and it was done by an automaker itself, rather than a startup claiming to work for every automaker.
Electrek’s Take
Some are covering this as a major blow to the industry, but frankly I’m not surprised.
I’m just not bullish on battery swapping as a solution in general.
Currently, the fastest-charging vehicles can charge from 10-80% in about 18 minutes. While that’s longer than 5 minutes, it’s not really a terrible amount of time to spend during most stops. I’ve done it myself on trips where I never felt like I was waiting for the car to charge, and many EV drivers can tell you the same.
Then come the power demands. While DC fast charging stations demand very high and peaky power supply, so would a fully utilized battery swap station. In fact, if cars come and go in 5 minutes instead of 18 minutes, then you’re going to have more than triple the throughput at peak utilization.
That demand could be balanced out by holding a large store of batteries in the station and charging them up at slower rates during non-peak swapping times, but then you also have to consider the additional space required to store batteries and charge them on the property. And if you don’t have enough charged batteries to give out, you need to notify people before they show up that they’ll have to wait for a battery to charge.
Ample said its swaps could be as cheap as $13, but also said that they would cost “10-20% cheaper than gas.” That’s not far off from the normal pricing of EV quick charging (and much more expensive than home charging), so there’s no real advantage there.
Then come the ownership concerns. Early on, one of the reasons Tesla drivers didn’t use Tesla’s swapping system is because after spending all that money on a Tesla Model S, much of which went to purchasing a then-quite-expensive battery pack, why would an owner want to give up their nice pristine battery pack that they’ve babied for some random pack that might have been beat up all to hell by some other owner?
There are some ways around this, like having battery health metrics or leasing and guaranteeing battery packs so people don’t feel ownership concerns. But there’s a certain pride among some of us EV nerds, especially the early ones, who understand how to be kind to batteries and want to feel ownership over how well we’ve taken care of them (my 17 year old Roadster battery still has 83% capacity).
That concern might also fade away as the industry moves to more durable battery chemistries like Lithium Iron Phosphate, but that will require a migration across the industry, and owning a startup whose main physical assets are big piles of batteries just turns that asset into a liability if everyone decides to change chemistries. Nevermind the process of trying to get everyone onto the same battery in the first place – which is why only NIO has been successful at this so far, since it’s just one company and can dictate its own battery use, whereas a small startup is going to have a hard time getting the whole industry to agree on batteries.
So as I’ve said many times before, I still think the real solution to EV charging is ubiquitous level 2 charging where people park their cars most often (apartment buildings, homes, workplaces) and then standardized DC fast charging on the road for longer trips. We don’t need to reinvent the wheel, and we don’t need to make EVs more like gas cars (they’re already better anyway). Just plug in, it’s easy (also, as a note to governments and businesses: make it easier).
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