Goldman Sachs has released a research report indicating that the sequential launch of new models and overseas expansion will enhance the visibility of sustained sales growth and margin improvement for XPeng. The firm maintains a "Buy" rating, with a target price of HKD 89 for XPENG-W (ASX: 09868) and a target price of USD 23 for XPeng Inc. (ASX: XPEV) ADRs.

XPENG-W officially launched its new SUV model, the Mona L03, in Munich, Germany on July 16th. The official starting price is 123,800 yuan, which is lower than the pre-sale starting price of 143,800 yuan. The model recorded 20,000 non-refundable orders within the first 7 minutes and 47,000 orders within the first hour following its global launch.

Goldman Sachs anticipates that the Mona L03 will achieve a stable monthly sales volume of 14,000 units. It is projected to contribute 22% and 23% of XPENG-W's total sales in the third and fourth quarters of this year, respectively, further driving year-on-year sales growth of 28% and 59% in those quarters.

Key Strategic Initiatives

The report notes that XPENG-W is also emphasizing its global strategy. This includes plans for all future models to be launched overseas, with a target to enter 65 global markets by 2026. The company also plans to launch the VLA 2.0 model in Europe by 2027, commence delivery of humanoid robots, and introduce flying cars in Europe in the future.

Growth Trajectory and Model Pipeline

With the new model cycle unfolding, XPENG-W's sales growth is expected to accelerate over the next three quarters. The flagship six-seat SUV model GX, launched in May of this year, is aiding a sales recovery in the second quarter. The upcoming Mona L05 SUV and G9L SUV, slated for launch in the fourth quarter, are projected to help push the average monthly sales volume beyond 60,000 units.