XPeng Inc. (NYSE:XPEV) stock traded mostly flat Thursday after the company reported first-quarter financial results.

Revenue Growth and Deliveries

The company reported quarterly revenue of 13.03 billion Chinese yuan ($1.89 billion), down 17.6% year over year and below the analyst consensus estimate of $3.13 billion. Revenue declined 41.4% from the previous quarter.

The Tesla Inc. (NASDAQ:TSLA) rival delivered 62,682 vehicles during the quarter, down 33.3% from a year earlier.

As of March 31, 2026, XPeng's physical sales network included 733 stores across 256 cities.

The company's self-operated charging network expanded to 3,455 stations, including 2,398 ultra-fast charging stations.

Margins, Profitability and Balance Sheet

Revenue from vehicle sales fell 23.5% year over year to 11 billion yuan ($1.59 billion), primarily due to lower vehicle deliveries.

Gross margin improved to 20.6% from 15.6% a year earlier.

Vehicle margin rose to 12.1% from 10.5% in ...