XPeng Inc: Takeaways from post-1Q26 NDR: strong model pipeline ahead

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XPeng Inc: Takeaways from post-1Q26 NDR: strong model pipeline ahead

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XPeng Inc

Takeaways from post-1Q26 NDR: strong

model pipeline ahead

Maintain Rating: BUY | PO: 25.00 USD | Price: 14.86 USD

Four new SUV models likely to drive strong sales 11 June 2026

We recently hosted XPeng’s post-1Q26 NDR, and mgmt. attending our Asia conference Equity

in New York. Mgmt. provided more details on its four SUV launches planned for 2026.

Ming Hsun Lee, CFA >>

XPeng expects GX, the flagship 6-seater, to deliver 5-6k units in June, and then post Research Analyst

monthly sales of 7k units in the coming months. G9L, a 5-seater SUV, will share the Merrill Lynch (Hong Kong) minghsun.lee@bofa.com

same platform as GX and X9, with expected monthly sales of 5-6k units. MONA L03

Joey Yang, CFA >>

(priced at RMB100-150k) is a smaller SUV, with China deliveries likely starting in July Research Analyst

2026 and overseas roll-out in 4Q26; it is expected to reach monthly sales of 10k units. Merrill Lynch (Hong Kong)

MONA L05 (priced at RMB150-200k) is a family SUV, positioned below G6 in price but Fiona Liang >>

Research Analyst

larger in size, with a global launch scheduled for Oct 2026. Merrill Lynch (Hong Kong)

Jessie Lo >>

Research AnalystOverseas expansion: aims 10k monthly sales by end-2026 Merrill Lynch (Singapore)

Positioned as global models, MONA L03 and L05 will be priced at EUR30-40k, vs.

EUR40-50k for XPeng’s existing models. Supported by these four new models, XPeng

expects overseas sales to ramp to 10k units/month by end-2026 (vs. 6-7k units

currently), targeting 90k units in 2026 and 150-200k units in 2027. Profitability-wise, Stock Data

international business delivers significantly higher GPM than domestic operations. Price (ADR / Common) 14.86 USD / 56.20 HKD