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<Research>Bernstein Rates XPENG-W (09868.HK) at Equalweight w/ TP $82
Recommend
6
Positive
8
Negative
6
XPENG-W (09868.HK)(XPEV.US) showcased the latest progress in its ADAS technology during its 2025 AI Day,according to Bernstein's research report.

The Company also unveiled the product launch roadmap for its robotaxi, humanoid robots and eVTOLs, aiming to launch the robotaxi, mass production of its second-generation IRON humanoid robot and eVTOL deliveries in 2026.

Related NewsBofAS Lifts XPENG-W's TP to HKD105; Rating Reiterated Buy
Compared to competitors like Waymo, Baidu Apollo, PONY-W (02026.HK) and WERIDE-W (00800.HK), XPENG-W's advantage in robotaxi lies in lower manufacturing costs and large-scale data collection capabilitie, Bernstein noted.

Considering that Bernstein expected the Company to continue incurring losses for several years, based on a 1x 2026 projected EV/sales multiple and stronger sales momentum, the broker rated XPENG-W at Equalweight, with target prices of US$21/ $82 for XPENG-W's US stock/ H-shares.
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