China Specialist, Auto and Industrial Specialist

Victoria Li

20 years experience as sell side analyst focusing on China's Industrial and Auto sectors

Xpeng: Full-Scenarios NGP on the Way, Flying Vehicle Countdown

Xpeng: Buying Opportunity on Dual Short-Term Headwinds

Xpeng: 2Q2021Results Solid, Bright Outlook Guided

Xpeng: What Does HK IPO Mean to US Shares?

Xpeng: P5 Gets Ready for Sale, Potential New Versions Widen Target Market

Equity Bottom-Up

Once unveiled, Xpeng's price details of its well anticipated P5 model got some pushbacks from the market. 1) Prices are higher than expected, especially model 550E and 550P. 2) City NGP might not be available in years, which leads to question on necessity of buying NGP or even Xpeng P5. 3) G3 platform based design raises concern on car driving quality/controllability.In our view, P5 is more attractive than either A-class ICE models or EV competitor models (please see the details in our note). City NGP would be available for test drive in Oct and released in Jan-2022. And management claimed P5 would provide better driving experience although it's based on G3 platform, which would be verified by test drive soon.Reiterate BUY.

Once unveiled, Xpeng's price details of its well anticipated P5 model got some pushbacks from the market. 1) Prices are higher than expected, especially model 550E and 550P. 2) City NGP might not be available in years, which leads to question on necessity of buying NGP or even Xpeng P5. 3) G3 platform based design raises concern on car driving quality/controllability.In our view, P5 is more attractive than either A-class ICE models or EV competitor models (please see the details in our note). City NGP would be available for test drive in Oct and released in Jan-2022. And management claimed P5 would provide better driving experience although it's based on G3 platform, which would be verified by test drive soon.Reiterate BUY.

XPeng

Xpeng: P5 Is Too Expensive?