XPENG shares fell as much as 7% to $11.40 after second-quarter 2026 revenue rose 8% year over year and 51.5% sequentially to RMB19.74 billion, missing the $2.95 billion consensus, while deliveries were essentially flat at 103,295 units. Gross margin expanded to 20.7%, but vehicle margin narrowed to 12.1%, adjusted loss per ADS widened to RMB1.29 and operating loss reached RMB1.14 billion as R&D rose 32% to RMB2.91 billion. Third-quarter revenue guidance of RMB21.7 billion to RMB23.4 billion trailed consensus by about 15%. The results also weighed on Chinese EV sentiment, with Nio falling 5.40% to $4.37 and hitting a 52-week low ahead of its Sept. 1 earnings report. Separately, XPENG robotics unit Dogotix raised more than $900 million at a post-money valuation above $6.3 billion, with XPENG retaining control.