XPeng (NYSE:XPEV) released its second-quarter results on Friday, which revealed gross margins below expectations.

In Q2, XPeng's revenue amounted to 5.06 billion yuan, aligning with analyst predictions. However, the loss per share was 3.10 yuan, worse than the anticipated loss of 2.19 yuan per share. The company's gross margin was -3.9%, in stark contrast to the projected 4.8% gross margin.

Looking ahead to Q3/23, XPeng anticipates delivering 39,000 to 41,000 electric vehicle units, marking a year-on-year growth of approximately 31.9% to 38.7%.

Management anticipates total revenue for the quarter to fall within the range of 8.5 billion to 9.0 billion yuan, representing a year-on-year increase of around 24.6% to 31.9%.