Bernstein Keeps XPeng’s Market Perform Rating
Bernstein SocGen Group analyst Eunice Lee reiterated on November 18, 2025, a ‘Market Perform’ rating and $21 price target on XPeng.
“Q3 beat on non-core, Q4 guidance soft; Q4 guidance soft, but still on track for profit break-even.
The company guided to Q4 25 total revenue of RMB 21.5-23.0bn (+33.5% to 42.8% yoy) and sales volume of 125-132k units (+36.6% to 44.3% yoy).
This implies average monthly sales of 41–45k units for November and December, which is on the softer end when compared with October’s 42k units and year-end seasonality.
Although Q4 delivery guidance is softer than our prior expectations, higher margin service revenue from Volkswagen (estimated 90%+ margin) and the Nov 20 launch of the X9 EREV, which carries higher margins, should support achieving profit breakeven.
In other positive developments with VW, XPeng announced that VW will adopt XPeng’s VLA 2.0 platform and in-house Turing SoC chips for B-segment vehicles launching in early 2026, which we think signals strong validation of XPeng’s chip technology.”
The price target and rating on this page are the opinion of the issuing research firm and its analyst, not of Price Target. This page is published for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Past performance does not guarantee future results. Consider your own circumstances and consult a licensed financial adviser before making investment decisions.
This research note is reproduced verbatim from the issuing firm. Price Target never edits, paraphrases or alters analysts’ words — we only republish them in one place.
