Glonghui, May 23 | Lyon published a research report saying that Xiaopeng Motor benefited from effective cost control and revenue from cooperation with Volkswagen in the first quarter. The gross margin reached 12.9%, up 11.2 percentage points from year to year and 6.7 percentage points from quarter to quarter, which is expected to win. The bank believes that with deepening cooperation, the Group's gross margin is expected to remain as low as a medium double digit percentage in the second to fourth quarter of this year. The bank said that the group's MONA brand will be delivered in the third quarter, while delivery of new B-class models will begin in the fourth quarter, which is expected to be the main driving force for its sales growth in the second half of the year. However, as sales and demand from the beginning of the year to date are still weak, the bank lowered the Group's revenue forecast for the 2024 and FY25 fiscal year by 19% and 16% respectively, and lowered the target price from HK$58 to HK$46, reaffirming the “buy” rating.