XPeng Will Need to Navigate Tricky 2026 -- Market Talk

Dow Jones01-16

0315 GMT - XPeng needs to navigate a tricky 2026 as it continues to expand its lineup with new models, Macquarie analyst Eugene Hsiao writes in a note. The electric-vehicle company's sales volume is at risk from recent changes in China's policy, as buyers of its best-selling Mona M03 will receive a lower vehicle-replacement subsidy, he adds. XPeng's focus on full EVs could weigh on margins should rising lithium costs pass through to battery prices. Macquarie cuts its 2026 gross margin forecast for XPeng by 260 bps. Nonetheless, XPeng has the highest chance of a rerating among Chinese EV makers, Hsiao says, citing its non-EV tech pursuits. The brokerage maintains its outperform rating for the stock but cuts the target price to HK$100.00 from HK$122.00. Shares last at HK$81.95. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

January 15, 2026 22:15 ET (03:15 GMT)

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XPeng's focus on full EVs could weigh on margins should rising lithium costs pass through to battery prices. Macquarie cuts its 2026 gross margin forecast for XPeng by 260 bps. Nonetheless, XPeng has the highest chance of a rerating among Chinese EV makers, Hsiao says, citing its non-EV tech pursuits. The brokerage maintains its outperform rating for the stock but cuts the target price to HK$100.00 from HK$122.00. Shares last at HK$81.95. 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The electric-vehicle company's sales volume is at risk from recent changes in China's policy, as buyers of its best-selling Mona M03 will receive a lower vehicle-replacement subsidy, he adds. XPeng's focus on full EVs could weigh on margins should rising lithium costs pass through to battery prices. Macquarie cuts its 2026 gross margin forecast for XPeng by 260 bps. Nonetheless, XPeng has the highest chance of a rerating among Chinese EV makers, Hsiao says, citing its non-EV tech pursuits. The brokerage maintains its outperform rating for the stock but cuts the target price to HK$100.00 from HK$122.00. Shares last at HK$81.95. 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Nonetheless, XPeng has the highest chance of a rerating among Chinese EV makers, Hsiao says, citing its non-EV tech pursuits. The brokerage maintains its outperform rating for the stock but cuts the target price to HK$100.00 from HK$122.00. Shares last at HK$81.95. 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