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.”
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