On December 13, Glonghui reported that Xiaopeng Autos (XPEV.US) fell more than 3.5% in pre-market trading, priced at $12.36. In terms of news, UBS Group previously released a research report, raising the Target Price of Xiaopeng Autos from $8.2 to $8.8, with the rating downgraded from "neutral" to "sell." The bank expressed concerns about the sustainability of the monthly delivery volume of 0.01 million units for the M03 and P7+, maintaining a cautious attitude towards the trend of mass-market electric vehicles in the first half of next year. Additionally, UBS Group also indicated that while they believe that extended-range electric vehicles (EREVs) could expand the company's overall market, visibility into the company's EREV product pipeline remains limited. Whether EREV models can help Xiaopeng scale up and reduce operational losses still depends on the understanding of target Consumers, company execution strategy, and EREV brand recognition. (Glonghui)