BofA Increases XPeng’s Price Target to $26 After Q2 Earnings

BofA Securities analyst Ming Hsun Lee raised the price target on XPeng to $26 (from $25), while maintaining a ‘Buy’ rating on the stock.

“Management expects to deliver 113-118k units of vehicle in 3Q25 (+143%-154% YoY) and book RMB19.6-21bn revenue (+94%-108% YoY).

XPeng expect to reach monthly sales of 40k+ units in September-December.

Factoring in 2Q25 result, we lift XPeng’s 2025/26/27E volume sales 1%/2%/1%.

We expect 2025E non-GAAP net loss to widen to RMB822mn (RMB703mn loss previously).

We lower 2026E non-GAAP net profit by 2% but lift 2027E non-GAAP net profit by 20%.

Our new PO is USD26/ADS or HKD101/share (vs. prior USD25/HKD98) on higher sales (see details inside).

Reiterate Buy rating as we see a strong model pipeline in 2H25-26.”

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