Xpeng ADR & H 1Q26 in-line; AI initiatives to accelerate in 2H26 and beyond

研报英文原文证据摘录

Xpeng ADR & H 1Q26 in-line; AI initiatives to accelerate in 2H26 and beyond

Asia Pacific Equity Research

29 May 2026

Xpeng ADR & H

1Q26 in-line; AI initiatives to accelerate in 2H26 and

beyond

XPeng's 1Q26 results were broadly in line with our expectations. What China

excites us is management's upbeat tone on volume momentum in 2Q26 Head of APAC Auto Research

ACand beyond, and the company's execution plan on its AI initiatives Nick Lai

including humanoid robot and robotaxi - both will see product delivery (65) 6801-3176

and revenue from 4Q26, followed by overseas opportunities in 2027. We nick.yc.lai@jpmorgan.com

remain LT bullish on XPeng and highlight our view vs. management’s J.P. Morgan Securities Singapore Private Limited/ J.P. Morgan Securities (Asia Pacific)

comments at the result call below. Limited/ J.P. Morgan Broking (Hong Kong)

Limited

• Key management initiatives: Management reiterated XPeng’s Jiajie Shen, CFA

strategic repositioning from a smart EV OEM to a physical AI platform (86-21) 6106 6352

company, with near-term execution focused on five pillars. 1) VLA jiajie.shen@jpmchase.com

SAC Registration Number: S1730520030006

technology: Management guides that VLA 2.0 has become a core J.P. Morgan Securities (China) Company

purchase driver, with ADAS mileage penetration on VLA 2.0-capable Limited

vehicles exceeding 50% in April. The company expects the next major Cathy Liu

OTA upgrade in 3Q26 to materially improve generalization, reduce (852) 2800-8629

human intervention, and support overseas deployment without HD cathy.xiao.liu@jpmorgan.com

maps. 2) Humanoid robot IRON is progressing toward J.P.J.P. MorganMorgan SecuritiesBroking (Hong(AsiaKong)Pacific)LimitedLimited/

software/hardware integration, with mass production targeted by year-