Core Insights - XPeng Inc. reported a significant increase in vehicle deliveries, with 35,045 Smart EVs delivered in April 2025, representing a 273% year-over-year growth [2][6] - The company has maintained a delivery rate exceeding 30,000 units for six consecutive months, and cumulative deliveries of the XPENG MONA M03 have surpassed 100,000 units [2][6] - For the first four months of 2025, XPeng delivered a total of 129,053 Smart EVs, marking a 313% increase compared to the same period last year [2] Delivery Performance - In April 2025, XPeng achieved a delivery milestone of 35,045 Smart EVs, which is a 273% increase from April 2024 [2] - The XPENG P7+ reached its 50,000th vehicle production milestone within five months of its launch [2] User Engagement and Services - XPeng's advanced driver-assistance system, XNGP, achieved a monthly active user penetration rate of 84% in urban driving as of April 2025 [3] - The company launched its ADAS Insurance Service in China on April 28, 2025, priced at RMB 239 per year, providing additional coverage during NGP operation [3] Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [4] - The company develops its full-stack advanced driver-assistance system technology and in-car intelligent operating system in-house, along with core vehicle systems [4] - XPeng is headquartered in Guangzhou, China, with manufacturing plants located in Zhaoqing and Guangzhou, Guangdong province [4]

XPeng Inc. Sponsored ADR (XPEV) ended the recent trading session at $20.80, demonstrating a +1.61% swing from the preceding day's closing price. This move lagged the S&P 500's daily gain of 2.03%. Meanwhile, the Dow gained 1.23%, and the Nasdaq, a tech-heavy index, added 2.74%.Heading into today, shares of the company had lost 1.21% over the past month, outpacing the Auto-Tires-Trucks sector's loss of 3.15% and the S&P 500's loss of 5.07% in that time.The upcoming earnings release of XPeng Inc. Sponsored AD ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about XPeng Inc. Sponsored ADR (XPEV) .XPeng currently has an average brokerage recommendation (ABR) ...

Next-Gen AI Brain: Launched the XPENG World Foundation Model with 35× the parameters of conventional VLA models, enabling real-time adaptation to complex driving scenariosUltra-Fast Charging Revolution: Debuted 5C Supercharging AI Battery technology delivering 420km range in just 10 minutes on the new P7+ flagshipRecord-Breaking MPV XPENG X9: Achieved over 6,000 firm orders in 7 days - a new pure electric MPV industry recordIRON Humanoid Robot: Showcased full-stack self-developed IRON robots with human-like ...

证券研究报告·海外公司深度·汽车（HS） 小鹏汽车核心竞争力剖析 —AI+汽车智能化系列之九 证券分析师：黄细里 执业证书编号：S0600520010001 联系邮箱： huangxl@dwzq.com.cn 联系电话：021-60199793 2025年4月18日 报告核心结论 ◼ 小鹏汽车的核心竞争力是要打造【批量爆款能力】 ➢ 【单一品类爆款能力】VS【多品类批量爆款能力】一直是不同车企的追求所在，两者各有千秋。【单品爆款能 力】往往"小成功"相对容易实现但"大成功"还是需要"千锤百炼"，【批量爆款能力】在很长一段时间容 易被理解成"车型杂乱-品牌低端-管理不善"等标签，但一旦爆发能量巨大。回顾小鹏过去十年创业历程，我 们理解小鹏选择是修炼【批量爆款能力】。国内车企20余年历史，油车时代【吉利汽车】，电车时代【比亚迪 】，均实现了【批量爆款能力】，年销量0—50万辆变化要花10年左右时间，但50—200万辆+变化只需2-3年 时间，轿车-SUV-MPV全品类均获得成功。 ◼ 【打造平台化技术底座】是批量爆款能力的真正内核。 ➢ "平台化造车"这个理念众所周知，背后差异是：能否有底层核心技术且在比较长一段 ...

Core Insights - XPENG, a leading Chinese high-tech and automotive company, is showcasing its innovations at Milan Design Week 2025, marking its entry into the Italian market [1][4] - The company has experienced significant growth, delivering over 94,000 vehicles worldwide in Q1 2025, representing a growth of more than 300% compared to the same period last year [3] Company Overview - Founded in 2014, XPENG specializes in designing, developing, manufacturing, and marketing AI-based intelligent electric vehicles for a global audience [2][9] - The company is headquartered in Guangzhou, China, with additional offices in Beijing, Shanghai, Silicon Valley, and Amsterdam, and is listed on both the New York Stock Exchange and the Hong Kong Stock Exchange [9] European Market Commitment - Since entering the Norwegian automotive market in 2021, XPENG has expanded its presence to multiple European countries, including the UK, Germany, France, and Italy [3] - The company plans to introduce the XPENG G6 and XPENG G9 models in Italy in June, distributed exclusively by ATFLOW [5] Exhibition Highlights - The "XPENG: FUTUREMOBILITY" exhibition at the ADI Design Museum features the XPENG P7+ electric sedan, the XPENG AEROTH X2 flying electric car, and the IRON humanoid robot [4][6] - The XPENG P7+ is noted as the first car in the world defined by Artificial Intelligence, while the AEROTH X2 has received the Gold Prize at the "China Excellent Industrial Design Award" [6] Strategic Vision - XPENG aims to lead the intelligent electric vehicle revolution through cutting-edge technology, focusing on the integration of AI, hardware, and software in its vehicles [9] - The company emphasizes the importance of aesthetics and functionality in its design philosophy, aligning with Italy's rich automotive tradition [7][8]

XPENG 的 AI 技术树战略融合了 AI、能源解决方案与具身智能三大核心领域，为由智能电动汽车、人形机器人和飞行汽车构建的未来科技生态系统奠定了坚实基础。2025 款 XPENG X9 旗舰车型通过 496 项技术升级，全面提升智能 MPV （多功能车型）的驾乘体验。升级亮点包括超快 800V 充电系统、AI 调节悬挂系统，以及焕然一新的车舱设计，全面满足舒适性、安全性与家庭出行的多元需求。XPENG 的业务已覆盖 30 多个国家和地区，在 2024 年成为欧洲售价超过 4 万欧元的高端电动车销量冠军，并于 2025 年第一季度以交付量跃居中国新兴电动车品牌之首。 中国香港, April 17, 2025 (GLOBE NEWSWIRE) -- 作为一家处于领先地位的高科技智能出行企业，XPENG 正式发布了其具有变革意义的 AI 技术树战略升级，致力于重塑未来出行格局，并推出了其 2025 款全球旗舰车型——XPENG X9。 [XPENG 全球品牌之夜新闻资料包链接] XPENG 的未来十年 AI 愿景 在新的十年里，XPENG 将 AI 定位为未来出行领域的“核心引擎”，聚焦电动化与具身 AI， ...

Exhibit 99.4 XPeng Inc. 小鵬汽車有限公司* (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) NYSE : XPEV HKEX : 9868 2024 ANNUAL REPORT * For identification purposes only XPeng Inc. 小鵬汽車有限公司* 2024 ANNUAL REPORT CONTENTS Five-Year Financial Summary 2 Key Achievements 3 Forward-Looking Statement 5 Business 6 Risk Factors 41 Management Discussion and Analysis 121 Directors and Senior Management 146 Report of the Directors 151 Corporate Governance Report ...

Core Viewpoint - XPeng Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, highlighting its ongoing commitment to transparency and investor relations [1]. Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [3]. - The company's mission is to drive Smart EV transformation through technology, enhancing the future mobility experience [3]. - XPeng develops its full-stack advanced driver-assistance system technology and in-car intelligent operating system in-house, along with core vehicle systems such as powertrain and electrical/electronic architecture [3]. - The company is headquartered in Guangzhou, China, with additional offices in major cities including Beijing, Shanghai, Shenzhen, Silicon Valley, and San Diego [3]. - Manufacturing of XPeng's Smart EVs primarily occurs at its plants located in Zhaoqing and Guangzhou, Guangdong province [3]. Investor Relations - XPeng offers a hard copy of its annual report free of charge to shareholders and ADS holders upon request, demonstrating its commitment to investor engagement [2]. - Requests for the annual report can be directed to the company's Investor Relations Department via email or physical address [2]. Contact Information - For investor inquiries, XPeng's IR Department can be contacted via email [4]. - Media inquiries can be directed to the PR Department of XPeng [4].

Financial Performance - Revenue increased from RMB26,855.1 million in 2022 to RMB30,676.1 million in 2023, and is projected to reach RMB40,866.3 million in 2024[59]. - The number of Smart EVs delivered increased from 120,757 units in 2022 to 141,601 units in 2023, with a further increase to 190,068 units expected in 2024[59]. - The company incurred net losses of RMB9,139.0 million, RMB10,375.8 million, and RMB5,790.3 million for the years 2022, 2023, and 2024, respectively[89]. - Negative cash flows from operating activities were RMB8,232.4 million and RMB2,012.3 million for 2022 and 2024, respectively, with a positive cash flow of RMB956.2 million recorded in 2023[89]. - The company has been incurring losses from operations since inception and has not recorded net income since inception[90]. - The company has experienced order cancellations by customers prior to delivery, which could negatively impact sales and brand image[86]. - The company has incurred additional costs related to the delivery of new Smart EVs during the pandemic[218]. Operational Challenges - The company is subject to risks related to the effectiveness of its contractual arrangements with Group VIEs, which may not provide the same level of control as direct ownership[37]. - The company faces significant challenges as a new entrant in the industry, including managing growth effectively to avoid negative impacts on brand and financial performance[59]. - The company relies on revenues generated from a limited number of Smart EV models, which poses a risk if customer orders are canceled[51]. - The company faces challenges in ensuring the quality and reliability of its Smart EVs, which could lead to reputational damage and financial losses[75]. - The company has experienced supply shortages of key components, such as mmWave radar, which have previously affected vehicle deliveries[125]. - The company may face substantial costs and management distractions from intellectual property infringement claims[163]. Market and Competitive Landscape - XPeng Inc. faces competition for capital, technology, and skilled personnel in the EV industry, which may impact its future business development[29]. - The competitive landscape in China's passenger vehicle market is intense, with demand for EVs being cyclical and volatile[67]. - Increased competition in the Smart EV industry has led to price cuts and discounts, impacting sales prices and gross margins[68]. - The sales volume of EVs in the mid- to high-end segment in China may not grow as expected, influenced by economic and regulatory factors[70]. - The company operates in a rapidly evolving EV market, and unforeseen changes in technology or regulations may materially impact demand for its Smart EVs[138]. Regulatory and Compliance Issues - The company is subject to significant risks related to the global semiconductor shortage, which may disrupt operations and affect financial condition[87]. - Compliance with the General Data Protection Regulation (GDPR) is required as the company ships Smart EVs to Europe[109]. - The company faces potential reputational damage and legal liabilities due to data privacy concerns and regulatory compliance challenges[110]. - The U.S. government has imposed a 100% tariff on electric vehicles from China, effective September 27, 2024, significantly impacting the cost structure for exports[195]. - Recent regulatory changes by the PRC government, including the Overseas Listing Trial Measures, impose new filing requirements for overseas offerings, which could hinder the Group's ability to conduct future public offerings[228]. Research and Development - Research and development expenses for 2022, 2023, and 2024 were RMB5,214.8 million, RMB5,276.6 million, and RMB6,456.7 million, representing 19.4%, 17.2%, and 15.8% of total revenues respectively[71]. - The company has invested heavily in developing key technologies in-house, including ADAS and intelligent operating systems, to maintain competitiveness[71]. - The company expects to continue investing significantly in research and development, production capacity, and sales and service networks[89]. Supply Chain and Production - The company relies on suppliers for critical technologies such as battery cells and semiconductors, which poses risks to product performance and innovation[72]. - The company relies on single-source suppliers for semiconductor components, which poses a risk if those suppliers cannot meet demand[87]. - The company has adopted strict information security policies to protect customer data and comply with applicable laws[102]. - The company is facing potential delays in the commencement of operations at its new manufacturing base in Wuhan, which may adversely affect the production of Smart EVs[117]. Strategic Collaborations - The company has entered into collaborations, including the VW Technical Framework Agreement and the DiDi Strategic Cooperation Agreement in 2023[97]. - The company has entered into collaborations and may seek further collaborations, but timely realization of benefits is uncertain[51]. Financial Position and Capital Needs - Future capital needs may require the company to sell additional equity or debt securities, potentially diluting shareholders[51]. - The company may need additional capital resources in the future to pursue investments, acquisitions, or capital expenditures[90]. - The company completed the issuance of 94,079,255 Class A ordinary shares to the Volkswagen Group for approximately US$705.6 million on December 6, 2023[91]. Economic and Political Environment - The PRC economy has shown signs of declining growth, which could adversely impact the Group's business and financial results[223]. - Political tensions between the U.S. and China could adversely affect trade levels, investments, and technological exchanges, impacting the company's operations and financial condition[191]. - The Group's operations are primarily conducted in the PRC, significantly affecting its financial condition and results of operations due to economic, political, and legal developments in the region[221].