Here's the thing about electric vehicle companies: they're supposed to be growing. That's the whole point. But XPeng Inc (XPEV) is reporting fourth-quarter financial results Friday morning with its stock down 20% over the past year, and investors are wondering what exactly is going on.

The company needs to win people back, and the earnings call could be its chance to do just that. But there's a problem: the delivery numbers.

The Delivery Dilemma

Analysts expect XPeng to report fourth-quarter revenue of $3.32 billion, up from $2.21 billion in the prior year's fourth quarter, according to market data. Revenue growth is good, obviously. But here's where it gets tricky.

In January, the company sold 20,011 vehicles. That's down 34% year-over-year. And this decline happened while XPeng was supposedly growing its global presence. Then in February, things got worse: 15,256 vehicles delivered, down 49.9% year-over-year. That's nearly half. And this happened during the global launch of the P7+ across 18 countries.

So you have to ask: if you're launching a new vehicle globally, shouldn't your deliveries be going up, not down by half? That's the question hanging over Friday's earnings call.

Beyond Cars: Robots and Partnerships

Like its American counterpart Tesla Inc (TSLA), XPeng isn't just about cars anymore. The company is expanding into humanoid robotics with something called the IRON robot.

Here's what we know: IRON stands at 5 feet 10 inches and weighs 171 pounds. XPeng sees it as a direct competitor to Tesla's Optimus humanoid robot. The company plans to begin large-scale production by the end of 2026 and wants to use IRON for retail services, tour guiding, and other applications. The goal? Over one million units by the end of 2029.

That's ambitious. Like, really ambitious. Investors will want to hear more about the timeline and what this could mean for future revenue. Because right now, it sounds like science fiction with a business plan.

There's also something more concrete in the works: XPeng is developing an electric SUV for the Chinese market alongside partner Volkswagen. The vehicle is expected to launch later this year, and the company could share more details during the earnings call. A partnership with an established automaker like Volkswagen is the kind of thing that might actually move the needle for investors worried about those delivery numbers.

Where the Stock Stands

As of Thursday, XPeng stock was up 1.68% to $19.08. The stock trades in a 52-week range of $15.38 to $28.24. Year-to-date in 2026, it's down 6.9%, and over the past 52 weeks, it's down that 20% we mentioned earlier.

So here's what Friday's earnings call comes down to: Can XPeng explain why deliveries are falling while it's expanding globally? Can it make the robotics ambitions sound less like a distraction and more like a real business? And can the Volkswagen partnership help turn things around?

Because right now, the numbers tell a story of a company that's supposed to be growing but isn't. And in the EV world, if you're not growing, investors start asking uncomfortable questions.