XPeng Delivers 429,445 Vehicles in 2025, Achieving 126% Growth

Goldman Sachs maintained a "Buy" rating on XPENG-W (09868.HK) despite lowering its earnings forecasts for 2025-27 due to higher R&D expenses for new businesses. The firm noted that while XPeng's short-term sales momentum may be mild and its 4Q25 revenue guidance is expected to fall short, the anticipated launch of extended-range electric vehicle (EREV) versions of three models (G6, G7, and P7+) in 1Q26 could enhance the company's seasonality compared to its peers. Consequently, Goldman Sachs raised the target prices for both US-listed and Hong Kong-listed shares, reflecting a positive long-term outlook despite current challenges.

The analyst rating from BofA Securities for XPENG-W (09868.HK) is a "Buy" due to several positive factors: the company's 3Q25 revenue growth of 102% year-over-year and 12% quarter-over-quarter, which was broadly in line with expectations; an increase in gross profit margin to 20.1%, exceeding the broker's expectation of 17.7%; and a non-GAAP net loss of RMB152 million, which was better than the anticipated loss of RMB398 million. Additionally, BofA Securities is optimistic about XPENG-W's strong product lineup in 2026, leading to an increase in the target price from HKD105 to HKD109.

The analyst rating for XPENG-W (09868.HK) was influenced by the company's unveiling of four critical applications centered around "Physical AI" during the 2025 XPeng Tech Day. These applications include advancements such as a second-generation VLA large model, the XPeng Robotaxi, a new-generation IRON humanoid robot, and the AeroHT flying car. BofA Securities believes that these innovations will enable machines to better understand, interact with, and change the world, positioning XPENG-W as a leader in the field of physical AI. Consequently, BofA Securities raised its target price for XPENG-W from HKD101 to HKD105 and maintained a Buy rating, reflecting confidence in the company's growth potential driven by these new technologies.

The analyst rating for XPeng is based on the company's announcement of new business ventures and products, including the launch of a L4 Robotaxi, humanoid robots, and flying cars. Citi's research report highlights the collaboration with Alibaba's ride-hailing platform, Amap, to provide Robotaxi services as particularly exciting. Although the profitability potential of these new businesses is still being assessed, Citi believes that these developments will generate positive market sentiment and elevate XPeng's valuation from its previous levels associated with new energy vehicles to a higher premium linked with AI and technology. Consequently, XPeng has been assigned a Buy rating with a target price of USD 29.4.