Q3 2025 XPeng Inc Earnings Call

Speaker #1: After management's remarks, there will be a question-and-answer session. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Xie.

Speaker #1: Head of Investor Relations and Capital Markets of the company. Please go ahead.

Speaker #2: Thank you. Hello, everyone, and welcome to Xpeng's third quarter 2025 earnings conference call. Our financial and operating results were issued via newswire service earlier today and are available online.

Speaker 1: You can also view the earnings press release by visiting the IR section of our website at ira.xiaopeng.com. Participants on today's call from the management team will include Co-founder, Chairman, and CEO Mr. He Xiaopeng, Vice Chairman and President Dr. Brian Wu, Vice President of Corporate Finance and VW Projects, Mr. Charles Jiang, Vice President of Finance and Accounting, Mr. James Wu, and myself. Management will begin with the prepared remarks, and the call will conclude with a Q&A session. A webcast replay of this conference call will be available on the IR section of our website. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today.

Speaker #2: the earnings press release by visiting You can also view the IRA section of our website at ira.xiaodong.com. Participants on today's call from management team will include co-founder, chairman, and CEO Mr. He Xiaopeng, vice chairman and president Dr. Brian Gu, vice president of corporate finance and VW projects Mr. Charles Zhang, vice president of finance and accounting Mr. James Wu, and myself.

Speaker #2: Management will begin with the prepared remarks in the call and will conclude with a Q&A session. A webcast replay of this conference call will be available in the IR section of our website.

Speaker #2: Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995.

Speaker #2: Forward-looking statements involve inherent risks and certainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the relevant public filings of the company as filed with the US Securities and Exchange Commission.

Speaker 1: the company as filed with the US Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that Xpeng's earnings press release and this conference call include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Xpeng's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. I will now turn the call over to our Co-founder, Chairman, and CEO, Mr. He Xiaopeng. Please go ahead. ???? Hello, everyone. Q3 2025. In Q3 2025, Xpeng's key operating metrics, including sales volume, revenue, gross margin, and cash on hand, all reached new highs. Our deliveries were 116,007 units, a year-over-year increase of 149%. After the launch of the all-new Xpeng P7, we quickly entered the RMB 200,000 to 300,000 pure electric delivery market top three, driving our monthly sales to surpass 40,000 starting from September. In Q3, the company's overall gross margin exceeded 20% for the first time, and net loss further narrowed. Our goal is to achieve company-wide breakeven in Q4. The company's continued operational improvement gives us greater confidence to invest in Physical AI R&D, accelerating the second-generation VLA model Robotaxi and humanoid robot mass production and scale production in 2026. In Q3 2025, Xpeng reported record sales at record results in key operating metrics, with new highs in deliveries, revenue, gross margin, and cash reserves.

Speaker #2: We do not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that Xpeng's earnings press release and this conference call include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures.

Speaker #2: Xpeng's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. I will now turn the call over to our co-founder, chairman, and CEO, Mr. Xiaopeng He.

Speaker #2: Please go ahead.

Speaker #3: 大家好。

Speaker #4: everyone. Hello, In Q3

Speaker #3: 2025年三季度小鹏汽车的各项关键的经营指标，包括销量、收入、毛利率，在场的现金都再创新高。我们的交付量为116,007台，同比增长149%。在全新的小鹏P7上市后，迅速进入了20-30万纯电轿车市场前三，带动我们从月销量从9月起突破了4万。那么在三季度公司的综合毛利首次突破了20%，净亏损也进一步收窄。我们的目标在四季度实现公司的盈亏平衡。那么公司的经营的持续改善，让我们更加笃定的投入物理AI研发，加速第二代VA模型Robotaxi和人形机器人在2026年的量产和规模量产。

Speaker #4: 2025, Xpeng reported record sales at record results in key operating metrics with new highs in deliveries, revenue, gross margin, and cash reserves. Vehicle deliveries for the quarter totaled 116,007 units, a 149% increase year over year.

Speaker 1: Vehicle deliveries for the quarter totaled 116,007 units, a 149% increase year over year. The all-new Xpeng P7, launched recently, quickly became one of the top three BEV sedans, priced between RMB 200,000 to 300,000, boosting monthly deliveries to over 40,000 units starting in September. Additionally, the company's gross margin exceeded 20% for the first time in Q3, and we reduced our net loss further. Our goal is to achieve break-even for the company in the fourth quarter. These continuous operational improvements strengthen our focus on physical AI R&D, supporting the targeted mass production of our VLA 2.0 model, Robotaxi, and humanoid robots in 2026. ??AI??????????????????????????????????????????????????????????????????????????????????????11??????????????????????????????AI??????????????????????AI?????????????????????????????????????????????????????AI?????????????????????????????????????????????????????AI???????????????????????????????AI?????????????????????????Robotaxi??????????????????????AI?????????????????????????????????????????????????????Robotaxi??????????????SDK???????????????????????????AI??????????????? As AI models advance and become increasingly integrated with real-world data, machines are slowly gaining the ability to interact, communicate, transform, and create within our physical environment. This development is reshaping the future of mobility and daily life.

Speaker #4: Xpeng P7 launched recently The all-new quickly became one of the top three BEV sedans priced between 200,000 RMB to 300,000 RMB, boosting monthly deliveries to over 40,000 units starting in September.

Speaker #4: Additionally, the company's gross margin exceeded 20% for the first time in Q3, and we reduced our net loss further. Our goal is to achieve breakeven for the company in the fourth quarter.

Speaker #4: These continuous operational improvements strengthen our focus on physical AI R&D, supporting the targeted mass production of our VLA 2.0 model Robotaxi and humanoid robots in 2026.

Speaker #2: For the AI Star 模型与物理世界在数据的深度融合，那么我相信机器将会逐步具备在物理世界里面交互、沟通、改变，甚至在未来可以创造。那么我相信这会改变未来的出行方式和生活方式。小鹏汽车在过去的11年里面，我们坚持全站自研。那么从软件定义汽车发展到今天的物理AI，我们强烈的感觉到汽车和人形机器人这两个物理AI的最大的应用可以基于同源的物理世界的模型、芯片以及英法体系快速的迭代跟进化。那我倍感兴奋的是，我们的物理AI体系已经开始出现了许多能力的涌现。在新的十年，我们的愿景是让小鹏汽车成为面向全球的具身智能公司，围绕在物理AI应用，我们会打造一个强大的产品技术体系跟商业生态。我们不仅要将AI汽车带给全球市场的广大消费者，大规模部署前装量产的Robotaxi，而且要实现人形机器人的规模量产。我认为物理AI应用为人类创造的价值必须通过开放的生态来最大化，为此我们将开源我们的物理世界模型以及和出行平台合作推出Robotaxi的服务，并且开放人形机器人的SDK。那么这些与商业和技术的合作伙伴一起，会扩大我们的物理AI应用的生态，并且加速创造价值。

Speaker #4: As AI models advance and become increasingly integrated with real-world data, machines are slowly gaining the ability to interact, communicate, transform, and create within our physical environment.

Speaker #4: This development is reshaping the future of mobility and daily life. Over the past 11 years, Xpeng has dedicated itself to building full tech, full-stack technologies in-house, evolving from software-defined vehicles to the emerging realm of physical AI.

Speaker 1: Over the past 11 years, XPeng has dedicated itself to building full-stack technologies in-house, evolving from software-defined vehicles to the emerging realm of physical AI. We understand that vehicles and humanoid robots, the two primary applications of physical AI, share a homogeneous physical world model, SOCs, and infrastructure, allowing for rapid iteration and evolution. Excitingly, new capabilities are continuously emerging from our physical AI technology stack. Over the next decade, my goal is to make XPeng a leading global company in embodied intelligence. Focused on physical AI applications, we're developing an extensive portfolio of technologies, products, and a supporting business ecosystem. Besides providing AI-powered vehicles to consumers worldwide, we aim to deploy pre-installed mass-produced Robotaxi on a large scale and achieve the mass production of humanoid robots. We believe that an open and dynamic ecosystem is crucial to unlocking the full potential of physical AI for humanity.

Speaker #4: We understand that vehicles and humanoid robots, the two primary applications of physical AI, share a homogeneous physical world model, SoCs, and infrastructure allowing for rapid iteration and evolution.

Speaker #4: Excitingly, new capabilities are continuously emerging from our physical AI technology stack. Over the next decade, my goal is to make XPeng a leading global company in embodied intelligence.

Speaker #4: Focused on physical AI applications, we're developing an extensive portfolio of technologies, products, and a supporting business ecosystem. Besides providing AI-powered vehicles to consumers worldwide, we aim to deploy pre-installed, mass-produced Robotaxis on a large scale and achieve the mass production of humanoid robots.

Speaker #4: We believe that an open and dynamic ecosystem is crucial to unlocking the full potential of physical AI for humanity. To achieve this, we plan to open-source our physical world model, launch Robotaxi services in partnership with mobility platforms, and release our humanoid robot SDK.

Speaker 1: To achieve this, we plan to open-source our physical world model, launch Robotaxi services in partnership with mobility platforms, and release our humanoid robot SDK. This approach will expand the physical AI application ecosystem through collaborations with business and technology partners, and accelerate the value creation process. ???????????AI????????????????????????????????????????????????????????????11?6??????????????????51???????????X9?????????????????1,602???????????????AI??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????X9????????????????????????????X9??????11?20??????????????????12????????????????? I'm also glad to report that as we introduce the one-vehicle dual-energy product cycle for AI vehicles, we'll expand our scale and increase our NEV market share through a wider product range. On 6 November 2025, we launched pre-sales for the Xpeng X9 Super Extended Range EV, an industry front-runner in extended range vehicles, equipped with a 5C rate high-capacity LFP battery and a total range of up to 1,602km. It is the world's first large seven-seater to offer the longest range, highest AI computing power, smallest turning radius, and most efficient space utilization in its category.

Speaker #4: This approach will expand the physical AI application ecosystem through collaborations with business and technology partners and accelerate the value creation process.

Speaker #4: I'm also glad to report 我非常开心的是，我们的AI汽车业务正在开启一车双人的大产品周期。那么通过更全面的动力和产品的组合布局，会加速扩大规模以及在新能源市场的份额。那么在11月6号，我们推出行业领先的大电池磷酸铁锂51的增程车型，也就是小鹏X9超级增程开启预售。综合续航达到了1,602公里。我相信这是全球续航最长AI算力也最大、转弯半径最小、空间利用率最高的大汽车车型。我相信超级增程将会显著加快大量燃油车用户过渡到新能源汽车的进程。在我们的超级增程启动预售后，我们看到我们在北方区域跟更多的内陆城市获得了前所未有的用户关注。那么这转换了一批我们在纯电难以触达的客群。X9超级增程的预售订单达到了在上次预售同期数据的近4倍。小鹏X9超级增程将于11月20日正式上市，并且上市即交付。我相信在12月份，我们的预约销量将会再创新高。 that as we introduce the one vehicle dual energy product cycle for AI vehicles, we'll expand our scale and increase our NEV market share through a wider product range.

Speaker #4: On November 6th, we launched pre-sales for the Xpeng X9 super extended range EV, an industry front-runner in extended range vehicles. Equipped with a 5C range high-capacity LFP battery and a total range of up to 1,602 kilometers, it is the world's first large seven-seater to offer the longest range, highest AI computing power, smallest turning radius, and most efficient space utilization in its category.

Speaker #4: We see super extended range EVs as crucial for accelerating the shift from ICE vehicles to NEVs. Since pre-sales began for the X9 super EREV, we've experienced unprecedented interest, especially in northern regions and inland cities of China.

Speaker 1: We see super extended range EVs as crucial for accelerating the shift from ICE vehicles to NEVs. Since pre-sales began for the X9 Super EREV, we've experienced unprecedented interest, especially in northern regions and inland cities of China, attracting many customers who previously hesitated to switch to BEV models. To date, pre-orders for this model are nearly three times higher than the pre-sale of the previous X9 on a like-for-like basis. The X9 Super EREV will officially launch on 20 November 2025, with deliveries starting immediately afterward. I anticipate reaching a new delivery record in December. ?????2026??????????????????????????????5C??????????????????????????????????????????2025??????????????????????2026???????????????2026???????????????????????????????????????????????????????????????????????????Mona M03?????????????????????????????????????????????????????????????TAM?????????????? We plan to introduce three super extended range products in Q1 2026, focusing on alleviating key challenges for EREV users by offering long, pure electric range and quicker 5C supercharging, thereby capturing more of the EREV market. We have put in more R&D expenses in 2025.

Speaker #4: Attracting many customers who previously hesitated to switch to BEV models. To date, pre-orders for this model are nearly three times higher than the pre-sale of the previous X9.

Speaker #4: On a light-for-light basis, the X9 Super EREV will officially launch on November 20th, with deliveries starting immediately afterward. I anticipate reaching a new delivery record in December.

Speaker #2: 我们计划在2026年的第一季度继续推出三款超级增程产品，用更长的纯电续航、更快的5C超快充来解决增程市场的用户痛点，进一步提升我们在增程市场的份额。此外，大家看到我们在2025年的研发费用快速的增长，我们非常开心，我们在26年会开始进入更大的产品周期。在2026年，小鹏还将推出四款一车双人的全新的车型。那么这其中包括我们在重要细分市场投放的首款产品，这为我们在这些品类实现过去的从无到有的突破，并且会打造更多像Mora M03一样引领市场的热销的爆款。我相信在明年上市的七款具备超级增程配置的一车双人车型，将会极大幅度拓宽我们车型可的可达市场空间，也就是TAM，为我们带来显著的销量增长。

Speaker #4: We plan to introduce three super-extended range products in Q1 2026, focusing on alleviating key challenges for EREV users by offering long, pure electric range and quicker 5C supercharging, thereby capturing more of the EREV market.

Speaker #4: We have invested more in R&D expenses in 2025. As a result, in 2026, we'll also launch four new one-vehicle dual-energy models, including our first product launch in some key market segments.

Speaker 1: As a result, in 2026, we'll also launch four new one-vehicle dual-energy models, including our first product launch in some key market segments. These innovative products will help us establish a presence in these markets and build leading products like the Mona M03. I'm confident that the seven one-vehicle dual-energy models with super extended range technology debuting next year will greatly increase our total addressable market, or TAM, and provide significant sales growth opportunities. ????????????????????????????????????????????????9????????????????5,000??????79%?????????????56??????????????52??????????????????????????????????????????????????????G6?G9??????????????????????????????????????????????????????????????????2026???????????????????????????????????????SUV??????????????????? On the global business front, we maintain strong sales growth and establish a solid foundation for long-term expansion through our localized approach. In September 2025, our monthly overseas deliveries exceeded 5,000 units for the first time, a 79% increase year over year. During the third quarter, we grew our global presence with 56 new overseas stores, expanding our sales and service network to 52 countries and regions worldwide.

Speaker #4: These innovative products will help us establish a presence in these markets and build leading products like the Mona M03. I'm confident that the seven one-vehicle dual energy models with super extended range technology debuting next year will greatly enhance our Total Addressable Market (TAM) and provide significant sales growth opportunities.

Speaker #2: 那么在全球市场，我们不仅销量保持高速增长，而且正在通过本地化的布局，为长期增长打下更坚实的基础。在9月份，小鹏的海外月销量首次突破了5,000台，同比增长79%。那么在三季度，海外新增了56家门店，销售服务网络覆盖全球52个国家和地区。在三季度，我们首个欧洲本地化的生产项目，位于奥地利的格拉茨的麦格纳工厂，正式启动。那么首批的小鹏的G6和G9顺利量产下线。同时，小鹏现在在德国慕尼黑的研发中心也已经启用。我们将会加强更深度的挖掘海外用户的需求，加快技术创新和产品落地。那么在2026年，我们还计划面向海外市场推出最少三款新车型，其中包括更受全球用户期待的中小型SUV车型，满足全球消费者多样化的购车需求。

Speaker #4: On the global

Speaker #4: On the business front, we maintain strong sales growth and establish a solid foundation for long-term expansion through our localized approach. In September 2025, our monthly overseas deliveries exceeded 5,000 units for the first time, a 79% increase year over year.

Speaker #4: During the third quarter, we grew our global presence with 56 new overseas stores, expanding our sales and service network to 52 countries and regions worldwide.

Speaker #4: Additionally, our first European localized production facility at Magnetland in Graz, Austria, officially commenced operations, with the initial batch of Xpeng G6 and G9s rolling off the line.

Speaker 1: Additionally, our first European localized production facility at Magna plant in Graz, Austria, officially commenced operations, with the initial batch of Xpeng G6 and G9 rolling off the line. Simultaneously, Xpeng's R&D center in Munich, Germany, officially began functioning, helping us better understand overseas customer needs and accelerate technological advancement and product launches. In 2026, we plan to introduce three new overseas models, including popular mid-to-small SUVs that meet the diverse preferences of global consumers. ???AI????????????????????????????????????????????????????VOA???????????????????????10???????????????????????????????????VOA????????????????????????????????????????????????12?????????????????????2026????????????????????????????VOA??????????VOA??????????????????????????????????????????????? Our strong focus on investing in AI large models, computing infrastructure, and dataset is driving the continuous emergence of advanced capabilities from our physical world model. Our upcoming VLA 2.0 model, which has 10 times more parameters than its predecessors, will substantially enhance safety and user experience in intelligent driving.

Speaker #4: Simultaneously, Xpeng's R&D center in Munich, Germany, officially began functioning, helping us better understand overseas customer needs and accelerate technological advancement and product launches. In 2026, we plan to introduce three new overseas models, including popular mid-to-small SUVs that meet the diverse preferences of global consumers.

Speaker #2: 我们在AI模型算力数据正在全力以赴，将其转化为物理世界大模型所看到的能力以及持续的智能涌现。我们即将推出小鹏第二代VOA大模型。那么它比上一代端到端模型的参数量提高了10倍，将整个自驾的体验跟能力提升到了全新的高度。那么在我最近自己试驾这个VOA模型的反应来看，整个在复杂路况的体验是极其的惊艳，没有任何在这个当前阶段的这个端到端能够比拟。在12月底开始，我们会开放先锋用户的共创体验。在2026年的一季度，我们计划面向欧产车型，全量会推送小鹏第二代的VOA模型。我相信这一代的VOA模型的量产会是

Speaker #2: ???????????????????????????????????????Our strong focus on investing in...

Speaker #4: AI large models, computing infrastructure, and data sets are driving the continuous emergence of advanced capabilities from our physical world model. Our upcoming VLA 2.0 model, which has 10 times more parameters than its predecessors, will substantially enhance safety and user experience in intelligent driving.

Speaker #4: From my own recent driving experience, during very complicated and complex road conditions, we experienced very impressive and unparalleled driving experience from the intelligent VLA model.

Speaker 1: From my own recent driving experience during very complicated and complex road conditions, we experienced very impressive and unparalleled driving experience from the intelligent VLA model. Starting from late December, we will initiate a co-creation program with our early adopters. In the early quarter of 2026, we aim to deploy the VLA 2.0 model across the entire ultra lineup. I see the mass production of VLA 2.0 as a major breakthrough in physical AI models, offering a significant generational leap in user experience, and attracting more people to choose Xpeng for its leading intelligent driving technology. ????????????VI?????????????????????????????????????????????????????VI???????????????AI??????????????????????????2026????? Going forward, Xpeng will open-source its VLA 2.0 model to global commercial partners, aiming to provide industry-leading advanced driver assistance experience to a wider audience. Volkswagen will be the initial launch customer for the VLA 2.0 model.

Speaker #4: Starting from late December, we will initiate a co-creation program with our early adopters. In the early quarter of 2026, we aim to deploy the VLA 2.0 model across the entire ultra lineup.

Speaker #4: I see the mass production of VLA 2.0 as a major breakthrough in physical AI models, offering a significant generational leap in user experience and attracting more people to choose Xpeng for its leading intelligent driving technology.

Speaker #2: 那么接下来，小鹏第二代的VOA模型也会对全球市场的商业伙伴开源。我们希望将一流的智能驾驶体验带给全球更多的用户。那么大众将成为小鹏第二代VOA模型的首发客户。同时，小鹏的图灵AI芯片也获得了大众的定点。我们双方合作研发的车型将会在2026年初量产。

Speaker #4: Going

Speaker #4: Forward, Xpeng will open source its VLA 2.0 model to global commercial partners, aiming to provide an industry-leading advanced driver assistance experience to a wider audience.

Speaker #4: Volkswagen will be the initial launch customer for the VLA 2.0 model. Additionally, Xpeng's Turing AI SoC has earned a formal sourcing designation from Volkswagen, with co-developed vehicles expected to start mass production early next year.

Speaker 1: Additionally, XPeng's Turing AI SOC has earned a formal sourcing designation from Volkswagen, with co-developed vehicles expected to start mass production early next year. ????????????????????????????????????????VI????????????????????????????????????????T1?????????????????VI????????????????????????????????????? Revenue from licensing our technology to external partnerships will be reinvested into our R&D, mainly to support iteration and upgrades of the Turing SOC and VLA models. This fosters a positive cycle of innovation and commercialization. We invite more automakers and Tier 1 manufacturers to collaborate with us on the Turing SOC and VLA 2.0, working together to promote the adoption of advanced intelligent technologies in both Chinese and global markets. ??????????????????????????L2?????????????????????????????????????????????????????????????????Robotaxi?????????????????????2026???????????Robotaxi????Robotaxi????????????????????????????????Robotaxi??????????????????????????????????????????????????????????????2026????????Robotaxi?????????????Robotaxi?????????????????????????????????????????Robotaxi???SDK???????????Robotaxi?????????????????????????????????Robotaxi?????? Traditionally, end-to-end models were able to maybe reach advanced level two at its best. However, the rise of physical world model is speeding up the arrival of true autonomous driving. I believe that only pre-installed mass-produced Robotaxis with a strong ability to generalize can achieve widespread adoption and create a sustainable business model.

Speaker #2: 我们在对外技术合作中会产生授权收入，这将反哺我们在研发。那么投入到包括图灵芯片、VOA模型等迭代升级，形成技术研发与商业化相互促进的正循环。我们也非常欢迎更多整车厂和Tier

Speaker #2: 1厂商与我们开展基于图灵芯片和第二代VOA模型的合作。我们希望共同推动领先的智能化技术在中国和全球市场的大规模普及。 Revenue from

Speaker #4: Licensing our technology to external partnerships will be reinvested into our R&D, mainly to support iteration and upgrades of the Turing SoC and VLA models.

Speaker #4: This fosters a positive cycle of innovation and commercialization. We invite more automakers and Tier 1 manufacturers to collaborate with us on the Turing SoC and VLA 2.0, working together to promote the adoption of advanced intelligent technologies in both Chinese and global markets.

Speaker #2: 我认为在过去的端到端的大模型，它最多是做成一个最好的L2的智能辅助驾驶，但是今天我们非常开心地看到物理世界大模型，让无人驾驶的时代真正加速到来。我相信只有前端量产，并且拥有泛化能力极强的 Robotaxi 才能够大规模普及，并且同时跑通商业模型。在2026年，小鹏汽车会推出三款 Robotaxi。我们的 Robotaxi 的技术路线不使用高级地图，不使用激光雷达。那么反而可以很好地解决 Robotaxi 行业成本高昂，特别是部署成本高昂、出行限制多、泛化能力弱等系列问题。那么支持会在全球范围内的高速、高效规模化的部署。我们计划在2026年在中国开启小鹏 Robotaxi 的试运营，并且进一步打磨好 Robotaxi 的软硬件和运营生态。我认为只有形成全产业链共赢的生态，才可以快速扩大规模。所以小鹏 Robotaxi 会开放 SDK，那么高德将会成为小鹏 Robotaxi 的首个生态合作伙伴。同时我们也再次欢迎出行领域更多的企业与我们洽谈 Robotaxi 的未来合作。

Speaker #4: Traditionally, end-to-end models were able to maybe reach advanced level 2 at their best. However, the rise of physical world models is speeding up the arrival of true autonomous driving.

Speaker #4: I believe that only pre-installed, mass-produced robotaxis with a strong ability to generalize can achieve widespread adoption and create a sustainable business model. In 2026, Xpeng plans to launch three robotaxi models. Our technology stack for robotaxi does not depend on high-definition maps or LiDAR.

Speaker 1: In 2026, XPeng plans to launch three Robotaxi models. Our technology spec for Robotaxi does not depend on high-definition maps or LiDAR. This approach enables us to address current industry's challenges, including high costs, operational limitations, and poor generalization, allowing for an efficient and scalable deployment worldwide. We intend to begin pilot operations of XPeng Robotaxi in China in 2026, continuously improving both software and hardware of Robotaxi while building an operational ecosystem. I believe that a collaborative ecosystem where all industry stakeholders benefit is key to scaling rapidly. Therefore, we plan to open our SDK to our partners, and AMAP will be the first ecosystem partner for XPeng Robotaxi. We also invite more companies in the mobility sector to explore Robotaxi collaboration opportunities with us. ?????????????????????????????????????????????????????????????????Iron???????????????????????????????????????????????????????????????????????????????????Iron???????????????2026????????????????????????????????????????????????????????????2026???????????????????????????????????????????????????????????????????????????????????????Iron?????????????????????????????????SDK???????????????Iron???????Iron?????????????????????????????????????????????????????????????????EV?????????????????????????????????????2030???????????100?????? Our humanoid robots adopt a technology roadmap driven by physical world model.

Speaker #4: This approach enables us to address current industry challenges, including high costs, operational limitations, and poor generalization, allowing for efficient and scalable deployment worldwide.

Speaker #4: We intend to begin pilot operations of Xpeng Robotaxi in China in 2026, continuously improving both the software and hardware of Robotaxi while building an operational ecosystem.

Speaker #4: I believe that a collaborative ecosystem where all industry stakeholders benefit is key to scaling rapidly. Therefore, we plan to open our SDK to our partners, and a map will be the first ecosystem partner for Xpeng Robotaxi.

Speaker #4: We also invite more companies in the mobility sector to explore Robotaxi collaboration opportunities with us.

Speaker #2: ????????????????????????????????????????????????????????????????? Iron ??????????????????????????????????????????????????????????????????????????????????? Iron ???????????????2026?????????????????????????????????????????????????????????????2026??????????????????????????????????????????????????????????????????????????????????????? Iron ????????????????????????????????? SDK??????????????? Iron ??????? Iron ????????????????????????????????????????????????????????????????? EV...

Speaker #2: 产业一样跨过了智能化和电动化的拐点，我相信会迎来极大的爆发性增长。我期待在2030年小鹏集成的年销量超过100万台每一年。 Our humanoid robots adopt a

Speaker #4: Technology roadmap driven by physical world model. With full support from our vehicle and powertrain R&D teams, we unveiled our next-generation Iron robot at the latest XPeng Tech Day.

Speaker 1: With full support from our vehicle and power chain R&D teams, we unveiled our next generation Iron robot at the latest XPeng Tech Day. The Iron's human-like posture and agile gait surprised and deeply moved many XPeng fans, and also highlighted the great commercial potential of humanoid robots. Currently, Iron demonstrates only a very small fraction of its capabilities. In Q2 2026, we plan to achieve full capability integration through cross-domain innovation, aiming for performance and user experience far surpassing current market offerings. Our target is to begin mass production of advanced humanoid robots by the end of 2026. Once produced, Iron will be first deployed in commercial scenarios, providing services like tour guiding, retail assistance, and patrols. By the end of next year, I hope Iron will be working alongside us at XPeng stores, campuses, and factories as our new team members.

Speaker #4: The Iron's human-like posture and agile gait surprised and deeply moved many Xpeng fans and also highlighted the great commercial potential of humanoid robots. Currently, Iron demonstrates only a very small fraction of its capabilities.

Speaker #4: In Q2 2026, we plan to achieve full capacity and full capability integration through cross-domain innovation, aiming for performance and user experience that far surpass current market offerings.

Speaker #4: Our target is to begin mass production of advanced humanoid robots by the end of 2026. Once produced, Iron will be first deployed in commercial scenarios, providing services like tour guiding, retail assistance, and patrols.

Speaker #4: By the end of next year, I hope Iron will be working alongside us at Xpeng stores, campuses, and factories as our new team members.

Speaker #4: Additionally, Xpeng Robotics will open its SDK to global developers, inviting partners from various industries to collaborate on secondary development. This will enable Iron to be trained and to evolve across diverse and long-tail real-world scenarios.

Speaker 1: Additionally, XPeng Robotics will open its SDK to global developers, inviting partners from various industries to collaborate on secondary development. This will enable Iron to be trained and to evolve across diverse and long-tail real-world scenarios, unlocking broader application possibilities. From a long-term perspective, I believe the market potential for humanoid robots will exceed that of automobiles. Once a new generation of robots reaches the inflection point, just as China's EV industry did with electrification, we expect explosive growth ahead. I envision that by 2030, XPeng Robots could sell over 1 million units annually. ???????????????????????????12.5??13.2???????36%?44%???????????????215???230???????33%?42%?????AI????????????????????????Robotaxi??????????????????????????????AI??????????????????????? With the launch of our one-vehicle dual-energy product cycle, I expect total deliveries in the fourth quarter to reach between 125,000 and 132,000 units, reflecting a year-over-year growth of 36.6% to 44.3%.

Speaker #4: Unlocking broader application possibilities. From a long-term perspective, I believe the market potential for humanoid robots will exceed that of automobiles. Once a new generation of robots reaches the inflection point, just as China's EV industry did with electrification, we expect explosive growth ahead.

Speaker #4: I envision that by 2030, Xpeng robots could sell over 1 million units annually.

Speaker #2: 觉得一车双人的产品周期的开启，我预计四季度的总交付量为12.5万至13.2万台，同比上升36%至44%。在四季度的收入预计约为人民币215亿元至330亿元，同比上升33%至42%。那么小鹏AI的规模跟市场份额正处在高速扩张的早期阶段。我相信Robotaxi和能行集成正在加速规模量产。我坚信小鹏会成为中国甚至全球物理AI的引领者，为全球的客户和股东们创造更大的价值。

Speaker #4: With the launch of our one-vehicle dual energy product cycle, I expect total deliveries in the fourth quarter to reach between 125,000 and 132,000 units, reflecting a year-over-year growth of 36.6% to 44.3%.

Speaker #4: We project fourth quarter revenue to be roughly between 21.5 billion RMB and 23 billion RMB, up 33.5% to 42.8% from the previous year. Xpeng's AI-driven vehicle business is in the early stages of rapid expansion in terms of scale and market share.

Speaker 1: We project Q4 revenues to be roughly between RMB 21.5 billion to 23 billion, up 33.5% to 42.8% from the previous year. Xpeng's AI-driven vehicle business is in the early stages of rapid expansion in terms of scale and market shares, while Robotaxi and humanoid robot programs are swiftly moving forward and towards mass production. I'm confident that Xpeng will establish itself as a leader in physical AI, both in China and globally, delivering greater value for our customers and shareholders worldwide. ???????????????VP James???????2025??????????? Thank you, everyone. With that, I'll now turn the call over to our VP of Finance, Mr. James, who will discuss our financial performance for Q3 2025. Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for Q3 2025. I'll reference RMB only in my discussion today unless otherwise stated.

Speaker #4: While robotaxi and humanoid robot programs are swiftly moving forward and towards mass production, I am confident that Xpeng will establish itself as a leader in physical AI, both in China and globally.

Speaker #4: Delivering greater value for our customers and shareholders worldwide.

Speaker #2: 那么谢谢大家，下面由我们的财务VP

Speaker #2: James为大家介绍我们2025年第三季度的财务状况。

Speaker #4: Thank you, everyone.

Speaker #4: With that, I'll now turn the call over to our VP of Finance, Mr. James, who will discuss our financial performance for the third quarter of 2025.

Speaker #4: 2025. Thank you,

Speaker #2: Xiaopeng. Now let me provide a brief overview of our financial results for the third quarter of 2025. Our reference RMB only in my discussion today unless otherwise stated.

Speaker #2: Our total revenues were $20.38 billion for the third quarter of 2025, an increase of 101.8% year over year and an increase of 11.5% quarter over quarter.

Speaker 1: Our total revenues were RMB 20.38 billion for the third quarter of 2025, an increase of 101.8% year-over-year, and an increase of 11.5% quarter-over-quarter. Revenues from vehicle sales were RMB 18.05 billion for the third quarter of 2025, an increase of 105.3% year-over-year, and an increase of 6.9% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries from newly launched vehicle models. Revenues from services and others were RMB 2.33 billion for the third quarter of 2025, representing an increase of 78.1% year-over-year, and an increase of 67.3% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from after-sales services and technical R&D services rendered to the Volkswagen Group due to the successful achievement of certain key milestones in the current quarter.

Speaker #2: Revenues from vehicle sales were $18.05 billion for the third quarter of 2025, an increase of 105.3% year over year and an increase of 6.9% quarter over quarter.

Speaker #2: The year over year and quarter over quarter increases were mainly attributable to higher deliveries from newly launched vehicle models. Revenues from services and others were 2.33 billion, for the third quarter of 2025, representing an increase of 78.1% year over year and an increase of 67.3% quarter over quarter.

Speaker #2: The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from after-sales services and technical R&D services rendered to the Volkswagen Group due to the successful achievement of certain key milestones in the current quarter.

Speaker #2: Gross margin was 20.1% for the third quarter of 2025, compared with 15.3% for the same period of 2024 and 17.3% for the second quarter of 2025.

Speaker 1: Gross margin was 20.1% for the third quarter of 2025, compared with 15.3% for the same period of 2024, and 17.3% for the second quarter of 2025. Vehicle margin was 13.1% for the third quarter of 2025, compared with 8.6% for the same period of 2024, and 14.3% for the second quarter of 2025. The year-over-year increase was primarily attributable to the ongoing cost reduction, while the quarter-over-quarter decrease was due to targeted promotion to clear outgoing inventory during product transition. R&D expenses were RMB 2.43 billion for the third quarter of 2025, representing an increase of 48.7% year-over-year, and an increase of 10.1% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies, as the company extended its product portfolio to support future growth.

Speaker #2: Vehicle margin was 13.1% for the third quarter of 2025, compared with 8.6% for the same period of 2024 and 14.3% for the second quarter of 2025.

Speaker #2: The year-over-year increase was primarily attributable to the ongoing cost reduction, while the quarter-over-quarter decrease was due to targeted promotions to clear outgoing inventory during product transition.

Speaker #2: R&D expenses were $2.43 billion for the third quarter of 2025, representing an increase of 48.7% year over year and an increase of 10.1% quarter over quarter.

Speaker #2: The year over year and quarter over quarter increases were mainly due to higher expenses related to the development of new vehicle models and technologies, as the company expanded its product portfolio to support future growth.

Speaker #2: SG&A expenses were $2.49 billion for the third quarter of 2025, representing an increase of 52.6% year over year and an increase of 15% quarter over quarter.

Speaker 1: SG&A expenses were RMB 2.49 billion for the third quarter of 2025, representing an increase of 52.6% year-over-year and an increase of 15% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily due to higher commission to the franchise stores driven by higher sales volume, as well as higher marketing and advertising expenses. As a result of the foregoing, loss from operations was RMB 0.75 billion for the third quarter of 2025, compared with RMB 1.85 billion year-over-year and RMB 0.93 billion quarter-over-quarter. Net loss was RMB 0.38 billion for the third quarter of 2025, compared with RMB 1.81 billion year-over-year and RMB 0.48 billion quarter-over-quarter. As of 30 September 2025, our company had cash and cash equivalents, restricted cash, short-term investments, and time deposits in total of RMB 48.33 billion.

Speaker #2: The year-over-year and quarter-over-quarter increases were primarily due to higher commissions to the franchise stores, driven by higher sales volume, as well as higher marketing and advertising expenses.

Speaker #2: As a result of the foregoing, loss from operations was 0.75 billion for the third quarter of 2025. Compared with 1.85 billion year over year and 0.93 billion quarter over quarter.

Speaker #2: Net loss was $0.38 billion for the third quarter of 2025, compared with $1.81 billion year over year and $0.48 billion quarter over quarter. As of September 30, 2025, our company had cash and cash equivalents, restricted cash, short-term investments, and time deposits totaling $48.33 billion.

Speaker #2: To be mindful of the lengths of the earnings call, I would encourage listeners to refer to our earnings press release for more details on our third-quarter 2025 financial results.

Speaker 1: To be mindful of the length of the earnings call, I would encourage listeners to refer to our earnings press release for more details on our third quarter 2025 financial results. This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead. Thank you. If you wish to ask a question, please press star then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star then two. If you are on a speakerphone, please pick up the handset to ask your question. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. For the sake of clarity and order, please ask one question at a time.

Speaker #2: This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead.

Speaker #2: ahead. Thank

Speaker #3: If you wish to ask a question, please press star, then one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star, then two.

Speaker #3: If you are on a speakerphone, please pick up the handset to ask your question. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English.

Speaker #3: For the sake of clarity and order, please ask one question at a time. Management will respond, and then feel free to follow up with your next question.

Speaker 1: Management will respond, and then feel free to follow up with your next question. The first question today comes from Tim Zhao with Morgan Stanley. Please go ahead. ???????? Morgan Stanley ? Tim??????????????????????????????????????????????????????????????? AI ???????????????????????????????????????????????????????????????????? physical AI ??????????????????????????????????? My first question is about the physical AI, because in the past, the competitive advantages of other companies were reflected in several aspects like cost, brand, and channels. Just wondering if the management could elaborate a bit more about in what aspects XPeng's long-term competitive advantage in physical AI will be demonstrated, and how will the company continuously enhance its strength in these areas. That's my first question. ?????????????????????????????????????????????????????????????????????????????? TO1 ????????????????????? AI ???????????????????????????? AI ?????????????????????????????????????????????????????? Iron ??????????????????????????????????????????????????????????????????? 5 ? 10 ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? AI ???AI ???????????????????? 50% ?????????????? I think this is definitely a big question.

Speaker #3: The first question today comes from Tim Zhao with Morgan Stanley. Please go ahead.

Speaker #3: The first question today comes from Tim Zhao with Morgan Stanley. Please go ahead. Question for you,

Speaker #5: how was Morgan Stanley the team? 感谢接受我的提问，也恭喜集团在这个毛利在这个季度达到一个新高。那我有两个问题。那第一个问题呢，主要想聚焦在小朋友刚才提到这个物理AI的研发，因为我们也看到过去车企的竞争优势，主要体现在成本、品牌、渠道等方面。那我想小朋友刚才也提到了一些应用，但想跟进一下就是小鹏汽车在Facebook AI的长期竞争优势，主要会体现在哪些方面？那公司如何持续增强这些领域的优势？ So my first question is about the physical AI, because in the past, the competitive advantages of auto companies were reflected in several aspects like cost, brand, and channels.

Speaker #5: Just wondering if the management could elaborate a bit more about in what aspects experts' long-term competitive advantage in physical AI will be demonstrated. And how will the company continuously enhance its strength in these areas?

Speaker #5: That's my first question.

Speaker #2: 我觉得这个问题它是一个非常大的问题，这个我认为实际上它是两个不同的基因。在过去的车企里面，我认为绝大部分生产一台汽车是定位加上集成，定位用户群在哪里，如何把TO1的能力进行有效率、有质量的集成。但是如果在AI和物理来进行结合的情况下，它的整个逻辑是完全不同。它会用AI的角度去定义未来的科技怎么变化，通过全站自研加在跨域融合来进行不一样的产品的能力的组合。比如说类似小鹏这次的ION能源集成，实际上是在多个域领域里面都要通过研发来进行集成。所以您会看到这是两家两种不同的基因，生产两种不同的产品。我相信是个轮子的汽车，在5到10年之间也会是下一代的汽车。那么在这个时候你会看到集成的逻辑论和融合创新的逻辑论，最后会生产不一样的产品。所以在这个时候，软硬件研发体系不一样，模块化逻辑不一样，整个英法的逻辑不一样，数据闭环逻辑不一样。那么最终生产出来的产品，一个是仅仅是规模效益，另外一个是还会考虑类似互联网平台或者互联网生态的能力。我觉得这是两条不同的道路。所以我还是非常的兴奋，我看到了在过去软件定义汽车里面，软件占据汽车的比例并不高，但是在今天的物理AI世界，AI一定会在数年内占据一个汽车或者一个集成的50%的比例。这一个事件很快会到来。 I think this is definitely a big

Speaker #4: question. The traditional way for automakers to make money is completely different from the new physical AI model generated kind of business format. They come from different DNAs.

Speaker 1: The traditional way for automakers to make money is completely different from the new physical AI model generated kind of business format. They come from different DNAs. Traditionally, older traditional automakers focus on their own positioning, and also about how they target their user segments. Everything boils down to their integration of Tier 1 suppliers and other different parts of the supply chain. However, when it comes to a physical AI generated model, the definition is different. We determine what the everything boils down to do the definition of the future tech. It involves full stack technology capability, and also cross-domain integration. For example, the launch of our Iron robot is a great example of that. That's why different DNA is going to generate different products and different growth momentum.

Speaker #4: Traditionally, older traditional automakers focus on their own precisioning, and also about how they target their user segments. And then everything boils down to their integration of tier one suppliers and all the other different parts of the supply chain.

Speaker #4: However, when it comes to a physical AI-generated model, the definition is different. We determine what we come to; everything boils down to technology that involves the full set of technology capability and also cross-domain integration.

Speaker #4: For example, the launch of our Iron robot is a great example of that. So that's why different DNA is going to generate different products and different growth momentum.

Speaker #4: In the future, I believe that cars will be a new format of robotics, and it's going to actually come to real life in the coming five to ten years, as the next generation of robotics in our lives.

Speaker 1: In the future, I believe that cars will be a new format of robotics, and it's going to actually come to real life in the coming five to 10 years as the next generation of robotics in our lives. Traditionally, the integration of supply chain is completely different from what we are looking at right now, which is the physical AI technology integration across different domains. It involves software, hardware, and infrastructure upgrades, which will lead to a completely new set of products. As a result, traditionally, software was only a small percentage of traditional car development, whereas right now it takes up a large part of new product development.

Speaker #4: So, traditionally, the integration of supply chain is completely different from what we are looking at right now, which is the physical AI technology integration across different domains.

Speaker #4: It involves software, hardware, and infrastructure upgrades, which will lead to a completely new set of products. As a result, traditionally, software will only be a small percentage of traditional car development, whereas right now it takes up a large part of new product development.

Speaker #4: And I believe that when you look at our future development, we are actually going to see more and more physical AI components in the future for car development over 50%.

Speaker 1: I believe that when you look at our future development, we are actually going to see more and more physical AI components in the future for car development, over 50%, and we are going to see that very, very soon. Thank you. ??????????????????????????????????????????????????????????????????????????????????????????? 2022 ??????????????? My question is about revenue from the collaboration with Volkswagen. First of all, congratulations on the project wins of Turing chips at Volkswagen. May I know from which quarters the related revenue will start to kick in? How should we think about the trends of the revenue contribution from the collaboration with Volkswagen in the December quarter and the full year 2026? That's my second question. Thank you. Hi, Tim. This is Charles. In Q3, we delivered a few key development milestones on time.

Speaker #4: And we are going to see that very, very soon. Thank you.

Speaker #5: ??????????????????????????????????????????????????????????????????????????????????????????2026??????????????? My second question is about revenue from the collaboration with Volkswagen. So first of all, congratulations on the project wins of touring chips at Volkswagen.

Speaker #5: So I know from which quarters they're related to revenue will start to kick in. And how should we think about the trends of the revenue contribution from the collaboration with Volkswagen in December

Speaker #5: quarter and the full year

Speaker #5: you. 2026? That's my second question. Thank

Speaker #2: Hi, team. This is the development milestones on time. We delivered a few key results. So, in Q3, you probably have seen that the revenue from the technology collaboration increased significantly quarter over quarter.

Speaker 1: You probably have seen that the revenue from the technology collaboration increased significantly quarter over quarter. We continue to see that there are a few key development milestones to be delivered in Q4. We believe that the revenue from technical collaboration in Q4 will be expected at a comparable level we see in Q3 2025. Regarding your question on the Turing AI SOC, yes, our Turing AI SOC was selected by Volkswagen for the two B-class vehicles we're joint developing. We have already started to supply the Turing AI SOC to some of our partners, the pre-production and the verification vehicles. Therefore, we would expect that the revenue from Turing AI SOC will start to be recognized in Q4 and probably in a small amount.

Speaker #2: And we continue to see that there are a few key development milestones to be delivered in Q4. So we believe that the revenue from technical collaboration in Q4 will be expected to be at a comparable level to what we see in Q3 2025.

Speaker #2: And then regarding your question, on the touring SOC, yes, we were our touring SOC was selected by Volkswagen for the two B-class vehicles we're joint developing.

Speaker #2: And we have already started to supply the touring SOC to some of the our partners pre-production and verification vehicles. So therefore, the revenue we would expect that the revenue from touring SOC will start to be recognized in Q4.

Speaker #2: And probably in the small amount, but however, as our jointly developed vehicle SOP from early next year and we would expect that the revenue from the touring SOC will ramp up with the sales volume of the two vehicles we jointly developed.

Speaker 1: However, as our jointly developed vehicle SOP from early next year, we would expect that the revenue from the Turing AI SOC will ramp up with the sales volume of the two vehicles we jointly developed. In terms of the revenue from the technical collaboration in 2026, we expect that as long as we can deliver the key milestones that are scheduled in 2026, we would expect that the revenue, the technical collaboration, the revenue from the technical collaboration for the full year 2026 would be comparable to that of the revenue we recognized in 2025. I think looking back, we have demonstrated that we can deliver the revenue from commercialization of technology for seven consecutive quarters. I think we believe that there are still opportunities we would like to explore to commercialize our technology.

Speaker #2: In terms of the revenue from the technical collaboration in 2026, and we expect that as long as we can deliver the key milestones that are scheduled in 2026, we would expect that the revenue the technical collaboration the revenue from the technical collaboration for the full year 2026 would be comparable to that of the revenue we recognized in 2025.

Speaker #2: So I think looking back, we have demonstrated that we can we delivered the revenue from commercializing our technology for seven consecutive quarters. And I think we believe that there are still opportunities we would like to explore to commercialize our technology and also as our CEO Xiaopeng mentioned, and we will reinvest such revenue from the licensing or technical collaboration back into our R&D.

Speaker 1: As our CEO, Xiaopeng, mentioned, we will reinvest such revenue from the licensing or technical collaboration back into our R&D. Thank you, Tim. That's great. Thanks for sharing all the details, and congratulations again on all the project breakthrough. Thank you. The next question comes from Nick Lai with JPMorgan. Please go ahead. ??????????????? JPMorgan ? Nick??????????????????????? 2030 ? 100 ??????????????????????????????????????????????????Iron ???????????????????????????????????????????????????????????????????????????????????????????????????????????? My first question is my two questions actually related to human robot strategy and ambition in the longer term. At a recent technology day, Xiaopeng demonstrated our first humanoid robot Iron, which looked really like a human, and can we talk about our technology roadmap and compare with comparable peers? And where is our competitive advantage comparing with the peers in the medium and longer term? That's my first question. Thank you. ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? AI ?????????????????????????????????????????????????????????????????? AI ??????? AI ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Thank you.

Speaker #2: Thank you,

Speaker #2: team. That's great.

Speaker #3: Thanks for sharing all the details and congratulations again on all the project work. Thank you.

Speaker #4: Next question comes from Nick Lai with JP Morgan. Please go ahead.

Speaker #5: 好的，谢谢让我提问。我是JP Morgan的Nick。也非常兴奋刚刚小鹏总有提到这个机器人这个2030年100万的目标。我有两个简单的问题想再展开一下对机器人这个业务跟中长期的发展。第一个就是在科技日的时候，Iron的这个机器人的行走姿势跟人非常类似，然后想讨论一下小鹏机器人这个技术路线跟现在市场上的人形机器人有哪一些差异，可以跟我们深入讨论一下。然后这个小鹏在这个国内外的机器人的行业非常多的这个竞品公司，我们的竞争优势体现在哪里？ My first question is my two questions actually related to human robot strategy and ambition in the longer term, and recent technology day Xiaopeng demonstrated our first humanoid robot Iron, which worked really like a human, and can you talk about our technology roadmap and compare with comparable peers?

Speaker #5: And where is our competitive advantage compared with the peers in the medium and longer term? That's my first question. Thank you.

Speaker #2: 因为这个市场上有非常多的机器人公司，说实话，小鹏的人形机器人的技术路线跟产品路线是在按照我们的期待中间向前进。我们上并没有关注其他的公司的人形机器人有哪些差异。我只能说一下小鹏自己，比如说我们的产品理念是非常期望拟人的，大家会看到这一次我们有肌肉，有皮肤，实际上我们发现一个非常有趣的点就是当一个机器人有肌肉跟皮肤之后，大家敢抱它。在我们以前做人形机器人从来没有一个人敢去拥抱它。那么它真正的可以融入到我们的未来的生活，未来的工作的很多的体系里面。那么小鹏现在这一代的机器人上是我们推出第七代，我们将在第八代会进行真正的量产，实际上整个行业的机器人我看到一部分的机器人我认为还是处在小鹏的第三到第五代之间，是以关节为驱动整个软件整个硬件的能力，主要是在运控上面。所以大家会看到很多机器人的步态是非常的一致的。我认为这些机器人很难最终进入到商业化，所以在我们的后面的几代机器人里面，我们都思考应该用全融合的AI去驱动全集成的硬件该怎么去设计。所以我们真正在这一次是全站自研加上跨域融合。我认为小鹏汽车在机器人里面有非常多的优势，例如我们的物理AI的资源跟我们的AI汽车是有协同效应，例如我们更多的思考机器人将来应该是车规甚至超过车规，例如我们考虑的如何进行商业和如何进行量产的思考逻辑是比因为我们有了汽车的积累，因为又例如我们将来的销售售后服务和全球化上拥有大量的协同效应。我相信在未来机器人行业里面，其中有一部分的公司肯定是来自于整车厂。我相信小鹏在机器人上的先发优势还会有数据等一系列的优势。谢谢。

Speaker #4: Thank you. Because there are so many robotics companies in the market, to be honest, the technological and product development roadmap and strategy of XPeng's robotics is moving forward as we expect, according to our own plan.

Speaker 1: Because there are so many robotics companies in the market, to be honest, the technological and product development roadmap and strategy of XPeng's robotics is moving forward as we expect, according to our own plan. We have paid really little attention to any other differences in the robotics industry to other companies before we launch our own products. Now, when we look at XPeng, for example, our product philosophy is highly theoretical. You can actually, well, it's highly human-like. That is the goal of developing our own humanoid robots. What's interesting about our product is that we realized that when we incorporate muscles and very bionic skin onto our robots, we actually attracted a lot of people to dare to hug him. This is very, very exciting because traditional robots really were not that attractive and appealing for a human being to give them a hug.

Speaker #4: We have paid really little attention to any other differences in the robotics industry compared to other companies before we launch our own products. Now, when we look at Xpeng, for example, our product philosophy is highly theoretical.

Speaker #4: You can actually well, it's highly human-like. That is the goal of developing our own humanoid robot. What's interesting about our product is that we realize that when we incorporate muscles and very bionic skin onto our robots, we actually attracted a lot of people to dare to hug him.

Speaker #4: And this is very, very exciting because traditional robots really were not that attractive and appealing for a human being to give them a hug.

Speaker #4: In addition to that, we also would like to mention that in the future, I believe that across many aspects of life and work, we are going to see more and more robots that are working alongside us.

Speaker 1: In addition to that, we also would like to mention that in the future, I believe that across many aspects of life and work, we are going to see more and more robots that are working alongside us. For the current generation of XPeng robots, last time that we launched it, it was actually the seventh generation, and we are going to begin mass production of the eighth generation of our humanoid robots. In fact, when we look at some of the available robotics in the market, I believe that a lot of them are between generation three and five, which is mainly being driven by joints and all the operation of different hardware. When you look at the operation of hardware and software, you can see that the available products in the market look very similar in the way that they walk and they move.

Speaker #4: So for the current generation of Xpeng robots, last time that we launched it, it was actually the seventh generation, and we are going through the beginning mass production of the eighth generation of our humanoid robots.

Speaker #4: In fact, when we look at some of the available robotics in the market, I believe that a lot of them are between generation three and five, which is mainly being driven by joints and all the operation of different hardware.

Speaker #4: And when you look at the operation of hardware and software, you can see that the available products in the market look very similar in the way that they walk and they move.

Speaker #4: And these kinds of robots, I believe, are very, very hard or difficult to commercialize in the end. So in the future generations of our robots, we have actually been thinking about what kind of technological route we should be using, and we have fully integrated, actually, hardware and software driven by integrated AI.

Speaker 1: These kinds of robots, I believe, are very, very hard or difficult to commercialize in the end. In the future generations of our robots, we actually have been thinking about what kind of technological route we should use. We have fully integrated, actually, hardware and software driven by integrated AI. This time, you can see that the robot that we show to the market is based on our full-stack R&D capability and cross-domain integration. I believe that XPeng has many advantages when it comes to our robotics and humanoid robot development. For example, our physical AI resources have a synergy effect with our AI cars. For example, we actually are considering maybe producing higher-than-car grade performance for our humanoid robots.

Speaker #4: So this time, you can see that the robot that we showed to the market is based on our full stack R&D capability and cross-domain integration.

Speaker #4: I believe that Xpeng Motors has many advantages when it comes to our robotics and humanoid robot development. For example, our physical AI resources have a synergy effect with our AI cars. We are actually considering producing higher-than-car-grade performance for our humanoid robots.

Speaker #4: And also, our thinking logic on how to conduct business and mass production of our humanoid robots is largely driven by our knowledge and industry know-how in the EV industry.

Speaker 1: Our thinking logic on how to conduct business and mass production of our humanoid robots is largely driven by our knowledge and industry know-how in the EV industry. For example, when we built the future sales and marketing layout and globalization, there are a lot of synergistic effects that we can enjoy from the existing layout with our car sales. I believe when it comes to future robotics development, some companies will still, some of the players will come from the automaking industry. I believe that XPeng will definitely have a first-mover advantage in this regard because of the data, the SOCs, and the capability that we have. Thank you. ?????????????????????????????????????????Iron?????????????????????????achieve????2026?????????????????????????????????????100???????????????????????????????????????????????????????????????????? My second question is also related to humanoid robot long-term strategy and operation. From here to commercialization, what are the key critical milestones that we should be mindful of?

Speaker #4: For example, when we built the future sales and marketing layout and globalization, there are a lot of synergistic effects that we can enjoy from the existing layout with our car sales.

Speaker #4: So I believe when it comes to the future, robotics development, some company will still, some of the players will come from automaking industry, and I believe that Xpeng will definitely have a first mover advantage in this regard because of the data the SOCs and the capability that we have.

Speaker #4: Thank

Speaker #4: you. This

Speaker #3: This, this, this, this, this, this is???????????????????????????????????Aaron?????????????????????? achieve????2026?????????????????????????????????30??100???????5????????????????????????????????5?????????????????????My second question is also related to humanoid robot long-term strategy and operations. And from here to commercialization, what are the key critical milestones that we should be mindful of?

Speaker #3: And from now until the end of the 26th, can you remind us of the capacity and expected scale of our human-robot operations? Also, in terms of use case, you mentioned that by say 2030, we target to deliver 1 million units.

Speaker 1: From now to the end of 2026, can you remind us what's the capacity and expected scale of our human robot operation? Also, in terms of use case, by 2030, you mentioned that in 2030 we target to deliver 1 million units. Can you also talk about the use case in the longer term? Thank you. ?????? Iron ?????????????????????????????????????????Iron ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? VOA??????????????????????????????????????????????? VOM??????????? VOT ?????????????????????????????????????????????????????????????????????????????????????????????? Thank you. To be honest, Iron's mass production is probably the most challenging kind of vehicle or product I've ever worked on at XPeng Motors. If I have to make the comparison between mass producing Irons and other cars, because there's still a lot of challenges. For example, our ultimate goal is for it to be easily trained with human language so that it can really help us in various ways.

Speaker #3: Can you also talk about the use case in the longer term? Thank you.

Speaker #2: 说实话，现在Aaron的量产，我相信是我在小鹏汽车里面最难量产的一款车。如果小米车的话，有特别多的挑战。Aaron期望最后是一个可以用语言沟通，并且让他做事情的机器人。期望是一个可以简单教导他、培训他，他就可以干活的一个机器人。所以实际上我们还有挺多的能力，没有最终的集成。举例，比如说如何让他非常稳定的各种姿态的行走或者奔跑是安全可靠的，这需要关节，这需要嵌入式，这需要乐观理，这需要限速的全偶合。比如说如何让他能够有相对比较放话的手部的运动，我们在手部的VOA，我们在明年初会开始进行集成。那么例如我们的大脑跟我们的语言对话能力，那么对话能力来自于小鹏的VOM。那么以及我们的大脑的VOT的能力的组合。但是我还是很开心的是，我们在下个月就会开始进入到我们全新一代量产机器人的ET0阶段。我相信在未来的十几个月里面，我们会把机器人能够在量产有序的推进，先翻第一段。谢谢。

Speaker #1: Thank you. To be honest, Aaron's mass production is probably the most challenging kind of vehicle or product I've ever worked on at Xpeng Motors, if I have to make the comparison between mass producing Aaron's and other cars.

Speaker #1: Because there are still a lot of challenges; for example, our ultimate goal is for it to be easily trained with human language, so that it can really help us in various ways.

Speaker #1: And there's a lot of room for improvement there when it comes to capability integration. For example, if this robot requires a lot of integration of walking or running in various safe postures, that capability as well.

Speaker 1: There's a lot of room for improvement there when it comes to capability integration. For example, if this robot can walk or run in various safe postures, that requires a lot of integration of capability as well. For example, it needs to have all the joints embedded in management, and also the full coupling of different wiring, et cetera. Also, if we need to allow it to have more generalized kind of gestures, hand movements, it will also require a lot of hand-based VLA, which we believe by the beginning of next year will be integrated. We also need to allow it to have that kind of communication and language-based communication capability between the robots and humans. That also will come from, for example, a lot of VLM and VLT, which is the small brain and large brain kind of modeling capability.

Speaker #1: For example, it needs to have all the joints embedded in management and also the full coupling of different wiring, etc. Also, if we need to allow it to have a more generalized kind of gestures, hand movements, it will also require a lot of hand-based VLA, which we believe by the beginning of next year will be integrated.

Speaker #1: We also need to allow it to have that kind of communication and language-based communication capability between the robot and humans. So that also will come from, for example, a lot of VOM and VLT, which is the small brain and large brain kind of modeling capability.

Speaker #1: But what I'm really excited to share here is that we will start entering the 1.0 stage of our new generation of mass-produced models next month.

Speaker 1: What I'm really excited to share here is that we will start entering the 1.0 stage of our new generation of mass-produced models next month. I believe that in the next 10 months, we'll be able to actually promote the robot development in an orderly manner during mass production. I think that's the first part of my answer. Thank you. ??????????????????????????????????????????????????????????????????????????????????????????????????????????? 2026 ?????????????????????????????????? SDK ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? SDK ????????????????????????????????????????????? I think the ramp-up in robot production capacity is much simpler compared to cars. However, the commercialization of robots is indeed very, very challenging. It requires us to look for really new heights of technology and ultimately achieving more capabilities. Therefore, we hope to initially implement in several commercial scenarios, including tour guiding, shopping or retail assistance, et cetera.

Speaker #1: I believe that in the next 10 months, we'll be able to actually promote the robot development in an orderly manner during mass production. And I think that's the first part of my answer.

Speaker #1: Thank you.

Speaker #1: I think the ramp-up 我觉得机器人的产能的爬升相比汽车来说会简单非常的多。但机器人的商业化的确是一个需要我们去寻找技术的高度所最后能够实现能力。所以小鹏希望最开始在商业场景，包括导购、导览以及包括前台加上导巡的商业化场景去落地。在2026年我们希望在小鹏自己的门店园区先来开始进行测试，并且我们要将整个SDK以及教导培训的工作做好，这样的话我们的合作伙伴可以用很简单的方式把我们的机器人买来之后可以利用好他们的商业化。如果你要说5年机器人会用到哪些场景，我觉得会可能会比我们想象的更广泛。比如说我们的商业机器人在将来可能通过换两只手就可以进入到工业。那么什么时候开始机器人可以进入家庭，我觉得也肯定是在5年以内。我觉得是有机会的。我们也希望通过SDK能够让更多的长尾的场景需求的伙伴都能够跟我们一起来去把这样的一个机器人生态做得更好。谢谢。 up in robot production capacity is much simpler compared to cars. However, the commercialization of robots is indeed very, very challenging.

Speaker #1: It requires us to look for really new heights of technology and, ultimately, achieving more capabilities. Therefore, we hope to initially implement this in several commercial scenarios, including tour guiding, shopping, or retail assistance, etc.

Speaker #1: In 2026, we hope that we will actually see a lot of our own robots working alongside us at the first stage of field testing.

Speaker 1: In 2026, we hope that we actually can see a lot of our own robots working alongside us at our XPeng stores and campuses for the first stage of field testing. At the same time, we are also opening our SDK to more of our partners, so that our partners can easily and simply buy our robots and train them for commercialization purposes. If your question is about future possibilities of scenario application, I think it's going to be even more than you think. For example, for commercialized robots, maybe you can switch their arms and allow them to go into the industrial production scenarios. When will the robots go into our household setting? I think maybe five years' time. We still have a big chance of achieving that.

Speaker #1: At the same time, we are also opening our SDK to more of our partners so that our partners can easily and simply buy our robots and train them for commercialization purposes.

Speaker #1: If your question is about future possibilities of scenario application, I think it's going to be even more than you think. For example, for commercialized robots, maybe you can switch their arms and allow them to go into the industrial production scenarios.

Speaker #1: And when will the robots go into our household setting? I think maybe five years' time. We still have a big chance of achieving that.

Speaker #1: And I hope that through opening our SDK, we can allow more kinds of partners to help us tackle those diverse and long-tail scenarios of application so that we can all enjoy a better robotic future and build a better ecosystem.

Speaker 1: I hope that through opening our SDK, we can allow more kind of partners to help us tackle those diverse and long-tail scenarios of application so that we can all enjoy a better robotic future and build a better ecosystem. Thank you. ???????????????????????????????????????? The next question comes from Bank of America. Please go ahead. ??????????????? Ming???????????????????????? 2026 ????? Robotaxi????????????????????????????????????????????????????? L4 ???????????????????????? Why does XPeng choose to launch Robotaxi service in 2026? Could you share your technology inflection point or how fast you lower your cost? And compared to other Robotaxi companies in China, what is XPeng's technology pass or business model? What is your advantages? ???????????? ?? Ming?????????????????????????????????????? 2026 ??? Robotaxi?????????????????????????????????????????? Robo ???????????????????????????? VOM ???????????????????????????????? VOA ????????????????????????? Ultra?????? Robotaxi???????? Max ??? ?????????????? Robotaxi???????? Robotaxi ??????????????????????????????????????????????????????????????????? 2026 ????????? L4 ?????? Robotaxi ??????????? Robo ????? L4 ?????????????????????????????????????????????? L4 ????????????????? Thank you, Ming, for your question.

Speaker #1: Thank you.

Speaker #4: The next 好的，谢谢小鹏总，非常详细的介绍，也祝公司中长期顺利成功。谢谢，我没有其他问题了。 question, from Bank of America. Please go ahead.

Speaker #5: 谢谢给我提问的机会。我是美银的Ming，然后也是两个问题。第一个问题，公司为什么选择在2026年选择推出Robotaxi？能否分享一下背后的技术拐点或者是成本的有效降本？面向无人驾驶，小鹏公司的技术路线跟商业模式与行业中其他L4的友商相比有哪些优势？我翻译一下这个问题。Why does Xpeng choose to launch Robotaxi service in 2026? Could you share your technology inflection point or how fast you lower your cost? And compared to other Robotaxi companies in China, what is Xpeng's technology path or business model?

Speaker #5: What is your advantages? 谢谢，这是我第一个问题。

Speaker #2: 谢谢Ming。在小鹏的研发策略里面，有其中的两条，包括全栈自研和跨域融合。我相信在2026年推出Robotaxi，这意味着小鹏在多个的自研的体系里面出现了集中的拐点。比如说，我们在当前车型里面增加到Robo的配置，对我们来说，这个研发已经到达时间点。再比如说，我们的VOM能够为将来的汽车变成机器人形成全新的能力。再比如说，我们现在第二代VOA可以用一种模型，不同的逻辑去训练我们的智能辅助驾驶Ocher，或者我们的Robotaxi，甚至将来我们的Max版本。所以换一个角度，我们所跨域融合Robotaxi，它可以解决当前Robotaxi行业里面的，比如说车的贵，比如说出行很多地方都不能去，比如说小路、小区、停车场，比如说需要激光雷达提前的扫描跟部署等系列的问题。所以在2026年，小鹏我们希望把L4的商业化推出Robotaxi的全共享模式跟乘用车的Robo的有人驾驶L4的模式，两种方式共同推出。我相信在之后的时间里面会更快速地证明小鹏在这样的商业逻辑上比其他的L4公司拥有巨大的优势，我相信。谢谢。 Thank you, Ming, for your

Speaker #1: question. I think that within our R&D strategy, there are two key aspects, which are full-stack self-development and also cross-domain integration. I believe that in 2026, we'll be actually seeing a collection of inflection points within our own development system.

Speaker 1: I think that within our R&D strategy, there are two key aspects, which are full-stack self-development, and also cross-domain integration. I believe that in 2026, we'll be actually seeing a collection of inflection points within our own development system. For example, we are going to be able to launch our current models into the Robotaxi configuration or fleet, which by that time we believe that the inflection point will arrive. At the same time, our VLM models will continue to offer new capabilities for our future vehicles to be more robotic-like. In addition to that, our current second-generation VLA can actually train our intelligent driving Ultra cars, and also in the future maybe also train our mass version of cars using the same kind of large model too.

Speaker #1: For example, we are going to be able to launch our current models into the Robotaxi configuration of fleets, which by that time we believe that the inflection point will arrive.

Speaker #1: At the same time, our VLM models will continue to offer new capabilities for our future vehicles to be more robotic-like. In addition to that, our current second-generation VLA can actually train our intelligent driving Ocher cars and also in the future maybe also train our mass version of cars using the same kind of large model too.

Speaker #1: In other words, we have our cross-domain capability based on our robotic development, which really can solve a lot of Robotaxi current limitations, for example, the high cost of production and also the limitation of the mobility destinations for example, current Robotaxi now cannot really handle very complicated and complex road conditions and also in residential areas that has a lot of unpredicted scenarios and also a lot of them currently require LiDAR for their perception capability and so on.

Speaker 1: In other words, we have a cross-domain capability based on our robotic development, which really can solve a lot of Robotaxi current limitations. For example, the high cost of production, and also the limitation of the mobility destinations. For example, current Robotaxi now cannot really handle very complicated and complex road conditions, and also in residential areas that have a lot of unpredicted scenarios. Also, a lot of them currently require LiDARs for their perception capability and so on. In 2026, we hope that by commercializing fully shared L4 capability in our Robotaxi, we actually can have the dual development of the driverless L4 model together with an assisted driving L4 model.

Speaker #1: So in 2026, we hope that by commercializing fully shared L4 capability in our Robotaxi, we actually can have the dual development of the driverless L4 model together with a assisted driving L4 model.

Speaker #1: With the launch of both method or roadmap in the future, I think very soon it will be proven that Xpeng has actually a better commercial logic thinking compared to other Robotaxi companies and that will give us a great competitive advantage.

Speaker 1: With the launch of both methods or roadmap in the future, I think very soon it will be proven that XPeng has actually a better commercial logic thinking compared to other Robotaxi companies, and that will give us a great competitive advantage. Thank you. ?????????? Robotaxi ??????????? Robotaxi ???????????????????????????? fleet number ??????????????????????????????????????????????????????????????????????????????????? How does the management team think about the commercialization of your Robotaxi business, especially in the future? What is your planned milestone, for example, like in terms of the number of a fleet, or when will you plan to roll out in different cities or overseas markets? Also, currently you already have a cooperation with AMAP, and could you elaborate more about your cooperation? In the future, do you plan to cooperate with more partners like other ride-hailing companies? Thank you.

Speaker #1: Thank you.

Speaker #5: 那我第二个问题还是跟Robotaxi有关。那管理层如何思考Robotaxi之后的商业化，然后包括我们未来有哪些里程碑，比如说我们的fleet number或者是我们有没有一个大概的出海的时间点。那公司已经宣布跟高德的合作，那可不可以多讲一下之后如何展开？那后续是否计划跟更多的夥伴展开合作？那我也翻译一下第二个问题。 So how does the management team think about the commercialization of your Robotaxi business, especially in the future what is your planned milestone for example like in terms of the number of fleet or when will you plan to roll out in different cities or overseas markets?

Speaker #5: And also currently you already have a collaboration with Galden Map and could you elaborate more about your collaboration? And in the future, do we expand do you plan to cooperate with more partners like other ride-hailing companies?

Speaker #5: Thank you.

Speaker #2: 明年小鹏将会推出三款不同价位的Robotaxi的车型，因为支持不同类型的出行需求。实际上在下个阶段，我相信在监管许可的前提下，那么我们首先要跑通Robotaxi的整个的技术运营以及商业模型。那么在这样的一个模型情况下，我们期望跟更多的合作夥伴开始合作，例如高德。那么高德会进行在流量的入口、支付、运营服务环节进行推进。当小鹏跟很多的无人驾驶的厂商有一个很大的不同，我们认为像Robotaxi的license将来是在各个国家各个区域可能是在不同的环节里面的。我们希望跟这些不同环节的服务提供商一起合作。那么小鹏做好我们的工具箱，开放好我们的接口能力，这样的话在多个国家跟城市，我们一旦当我们跑通商业模型，我们会快速地建立更多的Robotaxi生态。这是我们的其中的一个思考。 Thank you.

Speaker 1: ??????????????? Robotaxi ????????????????????????????????????????????????? Robotaxi ?????????????????????????????????????????????????????????????????????????????????????????????????????????? Robotaxi ? license ????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Robotaxi ???????????????? Thank you. Actually, next year, XPeng is going to launch three different types of Robotaxi models at different price points to support different mobility purposes and demands. The next phase of development, I believe, with the premise of regulatory approval, our priority is to really get everything running smoothly when it comes to the whole technological and operation and business model. In that scenario, we hope to work with more and more business partners in the ecosystem. For example, AMAP will be a great partner. They are going to give us more development support when it comes to traffic, and also payment, operation, and services, et cetera. That really sets us apart from a lot of the autonomous driving OEMs.

Speaker #1: Actually, next year, Xpeng is going to launch three different types of Robotaxi models at different price points to support different mobility phase of development, I purposes.

Speaker #1: believe, with the premise of And demands. And the next regulatory approval, our priority is to really get everything running smoothly. When it comes to the whole technological and operation and business model.

Speaker #1: So in that scenario, we hope to work with more and more business partners in the ecosystem. For example, AMAP will be a great partner.

Speaker #1: They are going to give us more development support when it comes to traffic and also payment and operation and services, et cetera. That really set us apart from a lot of the autonomous driving OEMs.

Speaker #1: And I believe that in the future, for different countries and regions, and different steps of development, we are going to actually launch more partnerships with different service providers across different links.

Speaker 1: I believe that in the future, for different countries and regions and different steps of development, we are going to actually launch more partnerships with different service providers across different links. For XPeng, what we need to do is that we are building our toolbox really well, and we're opening up our interface capability so that we can work more with our ecosystem partners in the future across different countries and cities. Once we really get everything up and running commercially in different environments, we can then quickly build our ecosystem. This is one of our considerations. Thank you. Thank you. That's all my question. The next question comes from Tina Hu with Goldman Sachs. Please go ahead. ???????????????????????????? Robotaxi????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????2030????100???????????????????????????????????100??????????????????????????????????????????? Let me translate my first question.

Speaker #1: And for Xpeng, what we need to do is that we are building our toolbox really well and we're opening up our interface capability so that we can work more with our ecosystem partners in the future across different countries and cities.

Speaker #1: And so once we really get everything up and running commercially in different environments, we can then quickly build our ecosystem. This is one of our considerations.

Speaker #1: Thank you.

Speaker #5: Thank you. That's all my question.

Speaker #4: from Tina Hu with Goldman The next question comes Sachs. Please go ahead. 感谢管理层接受我的提问。我第一个问题是想问一下我们包括像Robotaxi，然后人形机器人和这个低空飞行器陆地航母这一块，有没有大致的一个，比如说未来三年大致的一个收入体量？因为刚才提到可能也会也开始商业化量产，然后合作夥伴也可以来买我们的这个人形机器人。所以想要看看就是有没有一个大致的一个收入规模，然后包括就是人形机器人这边小鹏总讲到2030年的这个100万台，想要看一下有没有就是有哪几类就是应用场景，然后每种应用场景这100万台大致怎么分配，然后到那个时候人形机器人咱们认为的这个售价以及成本大概是什么样子的。 Let me translate my first question. So first, I would like to understand over the next one to three years, do we have a rough revenue revenue estimate or breakdown for our new businesses, including Robotaxi, humanoid robot, as well as eVTOL?

Speaker 1: First, I would like to understand over the next one to three years, do we have a rough revenue estimate or breakdown for our new businesses, including Robotaxi, humanoid robot, as well as eVTOL? Thank you. Hey, Tina, it's Brian. First of all, I would say that for these future development areas, we do not provide any numerical guidance at the moment. Clearly, all those three areas, we anticipate volume, scale-level production, and operation in the next 12 months. For example, the land aircraft carrier from our flying car company is aimed to be delivered to end customers before the end of next year. It will be in volume, also scale, which I would say in the thousands of range.

Speaker #4: Thank you.

Speaker #2: Hey Tina, it's Brian. First of all, I would say that for these future development areas, we do not provide any numerical guidance at the moment.

Speaker #2: Clearly, all those three areas we anticipate volume, scale, level production, and operation in the next four months. For example, the land aircraft carrier from our flying car company, aimed to be delivered to end customers before the end of next year, will be in volume as well as scale.

Speaker #2: Which I would say in the thousands of range. But the other two for example, the humanoid robot as well as autonomous driving Robotaxi, as we just discussed earlier, next year will be actually a year we'll see a lot of operational testing as well as scaling up process to make them ready for large quantity production and use.

Speaker 1: The other two, for example, the humanoid robot as well as autonomous driving Robotaxi, as we just discussed earlier, next year will be actually a year we'll see a lot of operational testing as well as scaling up process to make them ready for large quantity production and use. I would say the contribution from next year probably be limited, but I think the volume we'll expect to ramp up rapidly once the model and the stability of these products is proven in the use consumer end as well as your application end. The long-term goal of having 1 million per year humanoid robot sort of sales by 2030 is our long-term goal. That is something that we have good confidence given we see the quick ramp-up in terms of technology as well as multiple application areas in home, in offices, in factory settings.

Speaker #2: So I would say the contribution from next year probably be limited, but I think the volume we'll expect to ramp up rapidly once the model and the stability of these products is proven in the use consumer end as well as your application end.

Speaker #2: So the long-term goal of having one million humanoid robot sales per year by 2030 is our long-term goal. This is something we have good confidence in, given that we see the quick ramp-up in terms of technology, as well as multiple application areas in homes, offices, and factory settings.

Speaker #2: So with all these future areas, we believe the potential is immense. So at this moment, unfortunately, I can not give you the exact breakdown as well as precise cost estimates because these are still, I would say, evolving.

Speaker 1: With all these future areas, we believe the potential is immense. At this moment, unfortunately, I cannot give you the exact breakdown as well as precise cost estimate because these are still, I would say, evolving. I think the overall trend is very exciting for us. ????????????????????????????????????????????????????????????????????????????????????????????????????????????? launch ????????????????????? segment???????????????????2026?????????????????? My second question is regarding our passenger vehicles, so wondering if we can get more details on the new models, their segment as well as price segment, both in the domestic market as well as overseas, and also do we have a volume target for 2026. Thank you. Hi Tina, this is Charles here. I think we believe that when chassis to powertrain vehicles present very attractive opportunities, it is also one of our strategic initiatives to expand the volume and the tan of each of our vehicles.

Speaker #2: But I think the overall trend is very exciting for us.

Speaker #4: ????????????????????????????????????????????????????????????????????????????????????????????????????????? launch ????????????????????? segment???????????????????2026??????????????? So my second question is regarding our passenger vehicles. So, wondering if we can get more details on the newly new models, their segment as well as price segment both in the domestic market as well as overseas, and also do we have a volume target for 2026.

Speaker #4: Thank you.

Speaker #2: Hi Tina, it's Charles here. I think we believe that one chassis to powertrain vehicles present a very attractive opportunity. It is also one of our strategic initiatives to expand the volume and the ten of each of our vehicles.

Speaker #2: So I think on November 20th, we are launching the X9 with pricing. That will be our first we call it the super EREV product to be launched.

Speaker 1: I think on 20 November 2025, we are launching the Xpeng X9 with pricing. That will be our first, we call it the super EREV product to be launched. You probably also have noticed that we already have three existing vehicles, super electric model already registered with the regulators, and we plan to launch those three products in early 2026. As Xiaopeng also mentioned, we have four new vehicles when we launch. It will be equipped with both BEV as well as EREV powertrain options. Those four new vehicles are positioned in the different various pricing segments we're in, and we believe that that will continue to enhance our product portfolio in each of the price segments we're targeting.

Speaker #2: And then you probably also have noticed that we already have three existing vehicles—super electric models—registered with the regulators, and we plan to launch those three products in early 2026.

Speaker #2: As Xiaopeng also mentioned that we have four vehicles four new vehicles when we launch it will be equipped with both BEV as well as EREV powertrain options.

Speaker #2: And those four new vehicles are positioned in the different very, very segment various pricing segment we're in. And we believe that that will continue to enhance our product portfolio in each of the price segment we're targeting.

Speaker #2: So, in terms of growth into next year, we believe that the one chassis dual powertrain vehicle models, the seven models, will significantly drive our growth next year.

Speaker 1: In terms of the growth into next year, we believe that the one chassis dual powertrain vehicle models, the seven models, will significantly drive our growth next year. Also, another growth driver we have seen is that the international market will continue to be a major growth driver for us. With our current products available in the international market, we have already hit 5,000 per month for September and October, the two consecutive months already. Of the seven new vehicles we are launching next year, at least three of them will go to the international market. We are confident that the international market volume will continue to be a very important growth driver for us into 2026. ??????????? The next question comes from Pengyu with Civic. Please go ahead.

Speaker #2: And also, another growth driver we have seen is that the international market will continue to be a major growth driver for us. With our current products available in the international market, we have already hit 5,000 per month for September and also October, marking two consecutive months already.

Speaker #2: And of the seven new vehicles we are launching next year, three of them at least three of them will go to international market. And so we're confident that the international market volume will continue to be a very important growth driver for us into 2026.

Speaker #4: 好的，感谢，非常感谢。 The next question comes from Ping Wei Yu with Civics. Please go ahead.

Speaker #5: Hey, 观众好，感谢这是我的提问。那我这边有两个问题。第一个是关于我们的这个增程的车型，因为我们其实从明年开始增程的这个车型也会很快速的去铺开，然后之前何总也提到其实在一些北方的市场也看到了这个前所未有的一些订单的一个这个增长和一个比例的结构。那我想请教的第一个问题就是说我们可能看明年来说我们怎么看这个增程车型对于这个小鹏本品这边的一个销售的增长的一个带动，这是第一个这个问题。那我的第二个问题是还是关于这个机器人这个方面，因为我其实在这个汽车上的规模效应非常显著，其实汽车最初可能从30万到50万这个区间一路这个规模化之后实现到了一个10万到20万甚至更低的一个价格。那我们其实在我们的这个机器人上也是使用了很多新技术，这些新技术可能在初期是一个这个小量，但是成本比较高的状态。那我其实是想请教比如说我们在这个什么样的一个规模上可能能看到一个这个规模化的降本，或者是说应该在 affordability 这个方面我们的 Iron 机器人在可能比如说是不是在我们量产的初期就能够去做到一个比如说在 2C 的家庭这个层面可以去接受的一个价格，这个价格比方说可能是20万左右或者是还是有机会去做到更低。谢谢。 I have two questions and my first question is about the new EREV model. And what do we think about the growth potentials of our new EREV models in 2026?

Speaker 1: 200,000, or is there a chance to go even lower? Thank you. I have two questions, and my first question is about the new EREV model, and what do we think about the growth potentials of our new EREV models in 2026? My second question is about the humanoid robots, and how do we think about the fuel economy of the humanoid robots since we have implemented some new technologies? For example, the solid state batteries and et cetera. In terms of affordability, will Iron robots be affordable for a family, say like RMB 200,000 or even less? Thank you.

Speaker #5: And my second question is about the humanoid robots. How do we think about the fuel economy of the humanoid robots, given that we have implemented some new technologies, for example, solid-state batteries, etc.?

Speaker #5: And in terms of affordability, will Iron robots be affordable for family say like 200 KRMB or even less? Thank you.

Speaker 1: accurate data. Thank you, this is the first question. First of all, regarding the first question, I think what's interesting that we discover from the sales figures that we gather from since the launch of X9 was that the targeted customers and also the actual users of BEV and EREV are quite different. We believe that we can expect to actually see several times of quarter-over-quarter growth when the new version of X9 actually got delivered. Different customer groups, when they purchase BEV versus EREV, are using the cars across different scenarios as well. Specifically, what I want to share is that obviously BEV and EREV users in different sizes or scale of cars are also different. In larger vehicles, the percentage of EREV adoption is higher, whereas for class A vehicles, especially smaller passenger vehicles, BEV ratio is actually higher.

Speaker #2: 谢谢。第一个问题关于这个超级增程呢，从我们现在X9的数据来看，实际上纯电跟增程的用户真的还是差别非常大的。所以我们还是蛮开心我们相信X9在超级增程交付的时候会比原来的纯电会有数倍的环比增长。那么这些用户群而且来自于不同的用户群，在不同的区域，他们有不同的场景，这还是一个非常有趣的现象，这个我们相信看到其他的公司在纯电加上混动或者纯电加上增程上面也有类似的情况。这是我想分享的。但是，在不同的汽车的情况下，我认为纯电跟增程的比例会是不一样。我觉得大型的汽车里面增程的比例会比较偏高，而小型的汽车里面我觉得特别是A级的车我觉得会相对这个纯电的比例反而会偏高。所以在具体等我们很快我们在这个今年的四季度加上明年一季度我们的增程就会出来有几款，那个时候我们有更准确的数据。谢谢。这是第一个问题。

Speaker #4: First of all, regarding

Speaker #4: The first question, I think what's interesting that we discovered from the South figures that we gathered since the launch of X9 is that the targeted customers and also the actual users of VEV and EREV are quite different.

Speaker #4: So we believe that we can expect to actually see several times of quarter-over-quarter growth when the new version of X9 actually gets delivered.

Speaker #4: And actually, different customer groups, when they purchase VEV versus EREV, are using the cars across different scenarios as well. Specifically, what I want to share is that, obviously, VEV and EREV users, in different sizes or scales of cars, are also different.

Speaker #4: In larger vehicles, the percentage of EREV adoption is higher, whereas for Class A vehicles, especially smaller passenger vehicles, the VEV ratio is actually higher. So I think we'll have to wait for more numbers to show, maybe by Q4 and also Q1 next year, before we can actually give you a more concrete answer.

Speaker 1: I think we'll have to wait for more numbers to show maybe by Q4 and also Q1 next year before we actually can give you a more concrete answer. Thank you. ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ????????????????????????????????????????????????????????????????????????????????????????? 10%?20%?????????????? 50%??????????????????????????????????????????????????? SOC ??????????????????????????????????????????????????????????????????? SKU ??????????????? SKU?????????? SKU?????????????????????????????????????????????????? The second part of your question, you know, regarding the pricing affordability of robotics, I think first of all, the pricing logic is very different between cars and robots. When we look at the BOM cost of our Gen 6 and Gen 7 robots, you know, they remain very high last year. By first half of this year, when we were preparing for true mass production, we actually have enough reasons for us to actually believe that the future retail sales price of the robotics can be very similar to car prices.

Speaker #4: Thank you.

Speaker #4: And the second part of your 第二个问题我觉得小鹏也在探索这个在去年和今年小鹏在第七、第六跟第七代的机器人里面的BOM还是很高的。但是我们在今年上半年开始真正的量产的准备了之后，我们认为这个机器人的成本最终会跟汽车的BOM会接近。所以我也认为将来机器人跟汽车的销售价格也是一个接近。第二点我觉得有一个非常大的不同。在汽车领域里面，有时候是根据重量，比如说地心原理有多少铁，有多少这个锂，但是我觉得机器人有一个非常大的不同。汽车在过去的时间里面可能软件只占10%到20%，但机器人一开始可能就占到了50%。所以换一个角度，软件的训练费用或者说软件的整体的集成的能力的投入，例如预控制器，比如说我们如何把四个SOC集成到一个超级的预控里面去能够尽量的轻小跟便宜，这全部都是巨大的挑战。所以换一个角度，我们是非常期望将来小鹏会推出面向不同领域的少数的SKU的机器人，不会像汽车有那么多的SKU，会是一个非常少数的SKU。我也努力期望做到这个机器人的价格是一个适合的这样的一个价格能够让这个将来真正走向千家万户。 question, regarding the pricing affordability of robotics, I think first of all the pricing logic is very different between cars and robots.

Speaker #4: When we look at the BOM cost of our Gen6 and Gen7 robots, they remain very high last year, but by first half of this year when we were preparing for true mass production, we actually have enough reasons for us to actually believe that the future retail sales price of the robotics can of the robots can be very similar to car prices.

Speaker #4: And the second point that I want to mention here is that the traditional way of pricing a car is weight-based, it involves how many kind of iron and lithium and all kinds of elements included and components included in making a car, whereas robots it's very different because the percentage of software in a robot is over 50% since day one, whereas the number is only 10 to 20% for a lot of cars.

Speaker 1: The second point that I want to mention here is that the traditional way of pricing a car is weight-based. You know, it involves how many kind of iron and lithium and all kinds of elements included, and components included in making a car. Whereas, robots, it's very different because the percentage of software in a robot is over 50% since day one, whereas the number is only 10% to 20% for a lot of cars. In other ways, you know, you have to put in a lot of cost to train the software and the model, and you need to have the overall capability to do a lot of integration, and also domain controller as well.

Speaker #4: In other words, you have to put in a lot of costs to train the software and the model, and you need to have the overall capability to do a lot of integration and also serve as a domain controller as well.

Speaker #4: For example, you need to be able to combine all four SOCs into a super domain controller so that you can make them as light as possible and as affordable as possible.

Speaker 1: For example, you need to be able to combine all four SOCs into a, you know, super domain controller so that you can make them as light as possible and as affordable as possible. These remain very challenging for many industry players. In other words, you know, we really have high hopes for our future when it comes to robotics development. Hopefully, you know, we are going to, you know, we expect to handle a limited amount of SKU integration, not as many SKU as when you're making a car. We also will try our best to make the pricing of robots as affordable as possible so it really can truly help and empower thousands of households in the future. Thank you. The next question comes from Xiao Yu with Jefferies. Please go ahead. ???????????????????????????????????????????????????????????????????????????????????????? Thank you for taking my question. I have just one question.

Speaker #4: And these remain very challenging for many industry players. In other words, we really have high hopes for our future when it comes to robotics development.

Speaker #4: Hopefully, we are going to we expect to handle limited amount of SKU integration, not as many SKU as when you're making a car. And we also will try our best to make the pricing of robots as affordable as possible so it really can truly help and empower thousands of households in the future.

Speaker #4: Thank you.

Speaker #5: The next question comes from Xiao Yue with Jeffrey. Please go ahead.

Speaker #6: ??????????????????????????????????????????????????????????????????????????????????? Thank you for taking my question. I have just one question. Could you please provide an update on the progress of our overseas localized production for next year?

Speaker 1: Could you please provide an update on the progress of our overseas localized production for next year? Additionally, how do we plan to leverage our smart driving capabilities to drive the sales growth in international markets? Hi, it's Brian again. Just to address your question on overseas plan for next year, you're right. We actually initiated our local production this half, second half of this year, with first factory in Indonesia and also another factory, production facility, with partnership with Magna in Austria. Those, I think, are slowly ramping up the capacity. We anticipate the volume for next year's production in these two plants will continue to rise and support our overall, sort of, overseas growth. I think in Europe, we are looking at the tens of thousands in terms of numbers of vehicle locally produced there.

Speaker #6: And additionally, how do we plan to leverage our smart driving capabilities to drive sales growth in international markets?

Speaker #2: Hi, it's Brian again. Just to address your question, overseas plan for next year, you're right, we actually initiated our local production this half second half of this year.

Speaker #2: It was the first factory in Indonesia, and also the other factory production facility in partnership with Magna in Austria. Those, I think, are slowly ramping up.

Speaker #2: The capacity, so we anticipate the volume for next year's production in these two plants, will continue to rise and support our overall overseas growth.

Speaker #2: I

Speaker #1: Is there in and , in Indonesia . I think probably a smaller but sizable number also a high thousands is we want something that achieve .

Speaker 1: In Indonesia, I think probably a smaller but also a sizable number, high thousands, is something that we want to achieve. Looking beyond those two plants, we continue to look at additional opportunities to have local capabilities in other markets, as well as building local supply chain capabilities to support the localization in these key regions. We will be increasing our local content, increasing our local source materials, and also looking for further localization strategy to be implemented. That's something I think is ongoing. I think it's a must do for a company that has global ambitions. Looking at the global product sales next year, I think, as Charles mentioned, we're looking for higher growth in the international markets compared to our domestic market. We're also looking for higher contribution, economically, from those markets.

Speaker #1: Looking beyond those two plans, we continue to look at additional opportunities to have local capabilities in other markets, as well as building local supply chain capabilities to support the localization in these key regions.

Speaker #1: So we will be our increasing local increasing our content , local source materials , and also looking for further localization . Strategy to be implemented .

Speaker #1: So something I think that's is ongoing . I think it's a must for a company do as global ambitions . Looking at the global product sales next year , I think as Charles mentioned , we are looking for higher growth in international markets compared to our domestic market .

Speaker #1: We are also looking for higher contribution economically from those markets . So I would say in next year or the year we're looking at beyond , a faster growing , higher profit contribution for our international businesses .

Speaker 1: I would say, in the next year or the year beyond, we're looking at a faster growing, higher profit contribution for our international businesses. Thank you. That's very helpful. If there are no further questions, I'd like to turn the call back over to the company for any closing remarks. Thank you once again for joining us today. If you have further questions, please feel free to contact XPeng's investor relations through the contact information provided on our website for the peers in financial communications. This concludes today's conference call. You may now disconnect your line. Thank you.

Speaker #2: Thank you. That's very helpful.

Speaker #3: If there are no questions, I'd like to turn the call back over to the company for any closing remarks.