JP Morgan maintains a long-term bullish view on XPENG-W, citing that the company's 1Q results were in line with expectations and management's optimism about future sales. The company is transitioning from an EV maker to a physical AI company, with new product deliveries expected to start in 4Q. The broker has adjusted its earnings forecast for FY2026 and lowered the target prices for both H-shares and US shares, but still rates them as Overweight.
