BOCOM International downgrades Xpeng Motors' G6 sales may be lower than expected

Xpeng Motors’ share price fell by more than 4% in overnight U.S. stock trading on July 7, and also opened lower by more than 3% in early H-share trading. According to the agency, sales of Xpeng's new car G6 may not have met expectations, leading to this decline.

According to a research report released by Bank of Communications International, the Xpeng G6 was rated as a successful model, and its pricing strategy and product strength were widely recognized. However, it is still unknown whether the G6 can achieve the average monthly sales volume of 10,000 expected by the company and the market. BOCOM International believes that in terms of sales and output, the G6 is expected to be close to this level at the end of the third quarter and the beginning of the fourth quarter, but monthly sales in steady state may only be between 5,000 and 6,000 units. The bank cited fierce competition in the market and the impact of Tesla's potential price cuts as the reason for this estimate.

It is understood that BOCOM International has also lowered its rating on Xpeng's Hong Kong and US stocks to "sell" and believes that the sales of G6 may not be as expected, increasing the pressure on Xpeng to reverse weak sales growth and gross profit margin. challenges. In addition, according to the agency, Xpeng's current valuation is relatively high, exceeding the industry average and may be unsustainable.

Previously, Xpeng Motors released its financial report for the first quarter of 2023. The report showed that Xpeng Motors sold 18,200 vehicles in the quarter, a year-on-year decrease of 47.25%. In addition, Xpeng Motors' revenue also fell sharply, and its losses further expanded. Some analysts said that the new model G6 is very important to Xiaopeng and is regarded as the key to its survival. Judging from the data, the G6 seems to have lived up to market expectations. He Xiaopeng, CEO of Xpeng Motors, announced at the listing conference on June 29 that more than 35,000 people have paid interest fees for the G6. According to the latest channel news, as of July 3, the number of orders for Xpeng G6 nationwide was approximately 28,000 units.

According to the editor’s understanding, He Xiaopeng once said that the Xpeng G6 is the first mass-produced model based on Xiaopeng’s next-generation technology architecture SEPA2.0. It is believed that it will become the most popular and most popular new energy SUV in China’s new energy SUV market. One of the best-selling models.

Although Xpeng G6 has attracted much attention, there is currently some uncertainty in the market about its sales. Xpeng Motors faces fierce competition and Tesla's price cuts, further challenging its task of reversing weak sales growth and improving gross profit margins. Xpeng Motors will need to continue working hard to meet market demand and remain competitive.

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