US Tiger Securities Downgrades XPeng to Hold, $20 PT

US Tiger Securities analyst Bo Pei downgraded XPeng (NYSE: XPEV) from Buy to Hold with a price target of $20.00.

“We are downgrading XPEV to HOLD and lowering price target to $20.

XPeng reported a solid 4Q25, with total revenues reaching RMB22.25bn (+38% y/y) and gross margin expanding to 21.3% (+6.9ppt y/y), supported by continued delivery growth and improved product mix.

Notably, the company achieved its first-ever quarterly net profit of RMB0.38bn, marking an important milestone in validating its path to profitability.

Full-year deliveries grew 126% y/y to 429k units, while services and other revenues continued to scale rapidly (+122% y/y in 4Q), contributing meaningfully to margin expansion.

The company also ended the year with a strong cash position of RMB47.7bn, providing ample flexibility to fund ongoing investments.”

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