Nissan vs XPeng: Revenue, Profit and Business Model
Nissan had ~$80.5B of annual revenue in FY2026 and a net loss of ~$3.6B. XPeng had ~$10.7B (unaudited) of annual revenue in FY2025 and a net loss of ~$158.4M.
Latest financial snapshot
Financial summary
Nissan
Revenue peaked at ~$85 billion (¥12.69 trillion) in FY2023 (ended March 2024), with net income of ~$2.86 billion (¥426.6 billion). Then weak U.S. pricing, an ageing lineup and share losses in China hit results. FY2024 revenue was ~$84.6 billion (¥12.63 trillion) with a ~$4.5 billion (¥670.9 billion) net loss, driven by impairments and restructuring charges. FY2025 revenue fell 4.9% to ~$80.4 billion (¥12.0 trillion) and the net loss narrowed to ~$3.57 billion (¥533.1 billion), while operating profit stayed positive at ~$389 million (¥58.0 billion) (0.5% margin). Automotive free cash flow was minus ~$3.22 billion (¥480.8 billion) for the year but turned positive (~$750 million (¥112 billion)) in the second half. Nissan ended FY2025 with ~$7.84 billion (¥1.17 trillion) of automotive net cash and ~$24.1 billion (¥3.6 trillion) of total liquidity, and paid no dividend. In Q1 FY2026 (April to June 2026), revenue rose 9.5% to ~$19.9 billion (¥2.964 trillion) and operating profit was ~$522 million (¥77.9 billion), against a ~$530 million (¥79.1 billion) loss a year earlier. Nissan Motor Co., Ltd. is a colossal Japanese multinational automobile manufacturer and a core member of the Renault–Nissan–Mitsubishi Alliance, commanding a market valuation generally exceeding $15 billion.
XPeng
FY2025 revenue was ~$10.7 billion (RMB76.72 billion) (+87.7%), with a net loss of ~$158 million (RMB1.14 billion) and a first quarterly profit in Q4. In Q2 2026, revenue was ~$2.74 billion (RMB19.74 billion), gross margin 20.7% and net loss ~$186 million (RMB1.34 billion). Cash was ~$5.63 billion (RMB40.48 billion) at June 30, 2026.
Revenue and profit by year
Nissan
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$80.5B | ~-$3.6B | -4.4% | -4.9% | Source |
| FY2025 | ~$84.6B | ~-$4.5B | -5.3% | -0.4% | Source |
| FY2024 | ~$85B | ~$2.9B | 3.4% | +19.7% | Source |
| FY2023 | ~$71B | ~$1.5B | 2.1% | +25.8% | Source |
| FY2022 | ~$56.4B | ~$1.4B | 2.6% | — | Source |
XPeng
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 (unaudited) | ~$10.7B | ~-$158.4M | -1.5% | — | Source |
| FY2024 | ~$5.7B | ~-$804.8M | -14.2% | +33.2% | Source |
| FY2023 | ~$4.3B | ~-$1.4B | -33.8% | +14.2% | Source |
| FY2022 | ~$3.7B | ~-$1.3B | -34.0% | +28.0% | Source |
| FY2021 | ~$2.9B | ~-$676M | -23.2% | +259.1% | Source |
| FY2020 | ~$812.4M | ~-$379.7M | -46.7% | +151.8% | Source |
| FY2019 | ~$322.6M | ~-$513.1M | -159.0% | +23815.3% | Source |
| FY2018 | ~$1.3M | — | — | — | Source |
Where the revenue comes from
Nissan
- Vehicle Core Manufacturing88
Wholesale deliveries of passenger sedans, crossover SUVs, pickup trucks, and EVs through franchised global dealer networks.
- Sales Financing10
Retail auto purchase loans, consumer vehicle leases, and wholesale dealer inventory floorplan financing yields.
- Aftermarket, Software & Licensing2
Distribution of genuine replacement parts, Nismo performance tuning kits, NissanConnect digital subscriptions, and battery recycling.
XPeng
- Vehicle Sales86
Sales of XPENG and MONA electric vehicles; ~$2.37 billion (RMB17.05 billion) in Q2 2026.
- Services and Others14
Technical R&D services for a car manufacturer, parts and accessories, and other services; ~$375 million (RMB2.70 billion) in Q2 2026.
Business model and strategy
Nissan
How it makes money
Nissan makes money in two segments. The automobile business designs, builds and wholesales Nissan, Infiniti and NISMO vehicles (crossovers such as the Rogue/X-Trail, Kicks and Qashqai, sedans such as the Sentra and Altima, pickups such as the Frontier/Navara, and EVs such as the Leaf, Ariya and Sakura) to franchised dealers, and also sells parts.
Growth strategy
Re:Nissan, announced in May 2025, is a restructuring plan before it is a growth plan. It targets ~$3.35 billion (¥500 billion) in fixed and variable cost savings against FY2024, about 20,000 job reductions, and cutting vehicle plants from 17 to 10 by FY2027. Vehicle production at Oppama will end in FY2027 and move to Nissan Motor Kyushu.
Competitive advantage
Nissan's advantage is a global manufacturing footprint and long experience with electric vehicles. It launched the mass-market Leaf in 2010, which gives it more than a decade of data on how batteries perform in everyday use. Its e-POWER system, in which a petrol engine charges the battery and never drives the wheels, offers an option for markets with few EV chargers.
XPeng
How it makes money
XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands. In Q2 2026, vehicle sales brought in ~$2.37 billion (RMB17.05 billion) of ~$2.74 billion (RMB19.74 billion) in total revenue. The rest comes from services and other revenue (~$375 million (RMB2.70 billion) in Q2 2026).
Growth strategy
XPeng's growth plan has three parts: a wider vehicle lineup (new models such as the GX and MONA L03), more overseas sales (MONA L03 had its global launch in Munich in July 2026), and turning its in-house AI work into new businesses. That AI work covers Turing chips, driving models, robotaxis and the IRON humanoid robot, now housed in the separately financed Dogotix subsidiary.
Competitive advantage
XPeng develops its driver-assistance software and AI chips in-house and earns high-margin technical service revenue from Volkswagen. Its services and other segment posted a 75.1% margin in Q2 2026.
Questions about Nissan vs XPeng
Which company has higher revenue — Nissan Motor Co., Ltd. or XPeng?
Nissan Motor Co., Ltd. had ~$80.5B (FY2026), while XPeng had ~$10.7B (unaudited) (FY2025). By latest annual revenue, Nissan Motor Co., Ltd. is the larger business, with XPeng showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Nissan Motor Co., Ltd. vs XPeng?
Nissan Motor Co., Ltd.'s market capitalisation stands at $7.0B, while XPeng's is $10.6B. XPeng carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Nissan Motor Co., Ltd..
How does revenue per employee compare for Nissan Motor Co., Ltd. and XPeng?
Nissan Motor Co., Ltd. has $670k / employee in revenue per employee, while XPeng has $536k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Nissan Motor Co., Ltd. and XPeng make money?
Nissan Motor Co., Ltd. and XPeng generate revenue in fundamentally different ways. Nissan Motor Co., Ltd.: Nissan makes money in two segments. XPeng: XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands.
Which company is valued higher relative to revenue — Nissan Motor Co., Ltd. or XPeng?
On a price-to-sales (P/S) basis, Nissan Motor Co., Ltd. trades at 0.1x P/S and XPeng at 1.0x P/S. XPeng commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nissan Motor Co., Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Nissan Motor Co., Ltd. bigger than XPeng?
By last reported revenue, Nissan Motor Co., Ltd. (~$80.5B (FY2026)) is the larger company compared to XPeng (~$10.7B (unaudited) (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Nissan vs XPeng overview