On November 21, Glory Exchange reported that Daiwa Capital Markets stated that Xiaopeng's performance in the third quarter exceeded the firm's expectations, but fell short of market expectations, with a net loss of 1.808 billion yuan, which was less than the expected quarterly loss. The stronger than expected areas were service revenue and gross margin. Daiwa revised Xiaopeng's estimated delivery for 2024 from 200,000 units to 188,000 units, and maintained the estimated deliveries for 2025 and 2026 at 230,000 units and 280,000 units respectively. The firm lowered its net loss forecasts for Xiaopeng for 2024 to 2026 by 14%/10%/19% to 6.679 billion/5.487 billion/4.229 billion yuan respectively. Due to lackluster sales and increased competition, the firm expects Xiaopeng to remain unprofitable from 2024 to 2026, maintaining a 'sell' rating, with the target price raised from 25 HKD to 35 HKD.