Bank of America's research report indicates that Xpeng's sales volume is expected to benefit from the launch of new models and the launch of G6 and G9 facelift models in the first half of the year, which is expected to improve from the second half of the year. Xpeng plans to launch its first model MO3 of the MONA series in August and P7+ in the fourth quarter. These two models are expected to help Xpeng increase its monthly deliveries from 0.1 million vehicles in June to 0.2 million vehicles by the end of this year. The bank notes that the company is expected to obtain technical service revenue from the EEA platform of Volkswagen starting from the third quarter. The bank expects Xpeng's second-quarter delivery volume to be about 0.03 million vehicles and to increase by 30% annually, which is slightly lower than the bank's expected 0.031 million vehicles. The gross margin in the second quarter is expected to remain the same as the first quarter due to cost control measures.
The bank lowered its sales forecasts for the next two years by 12% and 7%, respectively, and lowered its target price from HKD 49.5 to HKD 45.6, while reiterating its 'buy' rating.