Analysts polled by Visible Alpha forecast revenue of 23.15 billion yuan, compared with 20.38 billion yuan a year earlier. The projected loss is wider than the 151.9 million yuan recorded in the same period last year. XPeng delivered a record 116,007 vehicles during the quarter, while its Hong Kong-listed shares fell 25% amid slowing demand in China’s auto market.

Profitability is a key focus. Management guided to a vehicle gross profit margin of around 12% for the second half and said cancellation-related compensation would not be a material drag on third-quarter results, Jefferies analysts wrote. They added that XPeng’s MONA model had already reached a double-digit gross margin.

Investors are also expected to scrutinize the company’s fourth-quarter revenue and sales-volume guidance, which XPeng typically provides alongside its third-quarter results. Export performance is another area to watch: XPeng has prioritized overseas sales this year, and Citi analysts said its overseas gross profit margin is above 20%.