Xpeng Motors reported first-quarter revenue of RMB 2.95 billion (US$450.4 million), topping Wall Street estimates of RMB 2.886 billion and a record high, according to unaudited results released Thursday by the Chinese electric vehicle company.

That's up 616 percent from RMB 412 million a year ago and up 3.5 percent from RMB 2.85 billion in the fourth quarter of last year.

Xpeng's vehicle sales revenue for the first quarter was RMB 2.81 billion, up 655 percent from RMB 372 million in the same quarter last year and up 2.7 percent from RMB 2.74 billion in the fourth quarter last year.

The company's gross margin for the first quarter was 11.2%, a record high. This compares with -4.8% in the same quarter last year and 7.4% in the fourth quarter last year.

Its vehicle gross margin was 10.1 percent in the first quarter, compared with -5.3 percent in the same quarter last year and 6.8 percent in the fourth quarter last year.

For comparison, its local peer Nio posted a gross margin of 19.5% in the first quarter, up from 17.2% in the fourth quarter. Nio's vehicle margin was 21.2% in the first quarter, compared with a negative 7.4% in the same quarter last year.

Xpeng delivered 13,340 vehicles in the first quarter, up 487.4 percent from 2,271 in the same quarter last year and up 2.9 percent from 12,964 in the fourth quarter.

Of all P7 models delivered as of the end of the first quarter, 96% supported XPILOT 2.5 or XPILOT 3.0.

The company reported a net loss of RMB 786.6 million in the first quarter, essentially unchanged from RMB 787.4 million in the fourth quarter of last year and up from RMB 649.8 million in the same quarter last year.

It reported basic and diluted net loss per ADS of RMB 0.99 in the first quarter, while Non-GAAP basic and diluted net loss per ADS were both RMB 0.88.

Xpeng's cash and cash equivalents, restricted cash, short-term deposits, short-term investments, and long-term deposits were RMB 36.2 billion at the end of the first quarter.

For the second quarter, the company expects revenue to be RMB 3.4 billion - RMB 3.5 billion, up approximately 475.5% - 492.4% year-on-year.

The company expects to deliver 15,500-16,000 vehicles in the second quarter, up 380.2% -395.7% year-on-year.

As of March 31, Xpeng had 178 stores in 70 cities and 61 service centers in China, and 172 Xpeng-branded Supercharging stations covering 60 cities.