Gelonghui, April 19 | China Merchants Securities International published a research report saying that Xiaopeng's delivery data for the first quarter was in line with expectations. A total of 22,000 new vehicles were delivered, an increase of 19.7% year-on-year, in line with the company's guidelines of 21,000 to 22,500 vehicles. However, the bank pointed out that data for the period from March 4 to April 14 showed that the company's sales recovery progress was weaker than expected. The average weekly sales volume in March was about 2,100 vehicles, but it fell to an average of 1,200 and 1,600 vehicles in the first two weeks of April. The decline was significant, and short-term sales performance was weak. Xiaopeng has now lowered the sales price of the P7i Peng Yi version and all G6 models. It is expected that production and sales will stabilize after the price reduction. At the same time, in line with the launch of the new MONA brand, it is hoped that the positive effects of channel expansion in the third quarter will be shown. In response to the company's slower pace of channel adjustments than expected and increased market competition, the bank lowered Xiaopeng's sales forecast for 2024 to 2026 by 16%, 10% and 14%, increased the net loss forecast for this year and next two years by 7% and 8%, narrowed the forecast for 2026 by 9%, and lowered the target price of H shares to HK$41, maintaining an “gain” rating.