On August 22, Goldman Sachs released a report stating that Xiaopeng Motors' performance in the second quarter met expectations, but the third quarter guidance was lower than expected. The group's sub-brand, Mona, will launch its first model, M03, next Tuesday (27th) and deliveries will begin in September. The bank predicts that with increasing production capacity, M03 will achieve sales of 7,500, 8,500, 9,500, and 0.0105 million units respectively from September to December. According to peer evaluations of key indicators such as price, range, and scale, the bank believes that M03 is one of the highest-scoring models in its class and therefore expects strong demand. The management also has confidence in Mona starting deliveries in September and believes that it may achieve the fastest delivery record among BEVs produced by start-up electric car companies. If M03 can achieve a delivery volume of 7,500 units in September, it will set a record for Xiaopeng's first month of deliveries, demonstrating an improvement in the company's supply chain management capabilities. The bank has revised its forecast for Xiaopeng's non-GAAP net income for 2024 to 2026, adjusting it from an expected loss of 5.4 billion, 6.9 billion, and 5.1 billion yuan to a loss of 6.4 billion, 6.9 billion, and 5.6 billion yuan, reflecting the lower sales guidance for the third quarter, higher gross margin due to cost reduction, and higher operating expenses in the second half of the year. The bank has lowered its target price by 13% to HKD 41 and maintains a "buy" rating.