The ubs group research report indicated that Xiaopeng autos' stock price has risen by more than 50% since September, due to the initial orders and monthly delivery volume of the newly launched MONA M03 and P7+ exceeding expectations. Although the group is excited about the momentum of its electric vehicles and rapid cost optimization, it believes that the increase in stock price has already been reflected in the current price, and the downside risk has yet to be reflected. However, considering the sales forecast for next year rising by 19% to 300,000 units, it has raised the target price from $8.2 to $8.8, and downgraded the rating from 'neutral' to 'sell.'

The group mentioned doubts regarding the sustainability of the company's monthly delivery volume of 10,000 units for the M03 and P7+. It maintains a cautious attitude toward the trend of mass-market electric vehicles in the first half of next year. Additionally, the ubs group indicated that although it believes that range-extended electric vehicles (EREV) products could expand the company's total market, there is still limited visibility on the company's EREV product pipeline. Whether EREV models can help Xiaopeng expand its scale and reduce operational losses still depends on understanding the target consumers, the company's execution of its strategy, and the brand recognition of EREV.