Tiger Securities Reiterates ‘Buy’ Rating on XPeng

US Tiger Securities analyst Bo Pei reiterated on August 19, 2025, a ‘Buy’ rating and $28 price target on XPeng.

“Looking ahead, management guides for 3Q25 deliveries of 113,000–118,000 units (+143–154% y/y) and revenue of RMB 19.6–21.0B (+94–108% y/y), supported by the ramp of G7 and P7.

Gross margin is expected to expand further in 2H25 as premium models scale, while near-term operating expenses will rise with new product launches.

Longer term, ASP upgrades from the P7 and X9, continued cost optimization, and monetization of proprietary AI technologies position XPeng for structural margin expansion.

We view XPEV’s 2Q25 print as a decisive beat on both top and bottom line, with clear visibility into a stronger margin profile (on track to profitability in 4Q), an accelerating product cycle, and growing overseas contribution.

With the dual-energy era set to begin in Q4 and AI-driven smart driving differentiation maturing in 2026, XPeng’s transformation into a profitable global EV and AI mobility leader is accelerating.

We remain constructive on the shares and see upside from both execution and re-rating potential.”

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