$XPeng Inc.(XPEV)$ XPeng stock-To The Moon - Tiger Brokers Online Investing Community - To The Moon

$XPeng Inc.(XPEV)$

XPeng stock drops as Macquarie downgrades on midsize market slowdown

XPeng (NYSE:XPEV) downgraded the stock by Macquarie from outperform to neutral and slashed target prices by 35% to $25 citing midsize market slowdown.

In its analysis of China's compact, midsize and affordable luxury NEV market, Macquarie found that the midsize high-tier segment - Xpeng's core market segment, posted the lowest growth rate in 1H22, mainly due to its already high 32% penetration rate. Within the midsize market, plug-in hybrid (PHEV) sales outperformed.

Macquarie attributed this decline to BYD's (OTCPK:BYDDF) strong market presence and more competitive models by OEMs in the market. Analysts wrote, "While we expected XPeng (XPEV) to grow outside its core high-tier base by expanding its sales channel into low-tier cities via its dealership network, this growth is yet to materialize."

Furthermore, Macquarie lowered XPeng's (XPEV) sales volume and revenue estimates for FY22, FY23, FY24 and net income estimate for FY22/23 citing decelerating core market, intensified competition and no sales improvement in low-tier cities.

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Comments

Steadyhoo
2022-08-30
Steadyhoo
Ok
xiaohu94
2022-08-30
xiaohu94
I see
KTX
2022-08-30
KTX
Wow
lilyofvalley
2022-08-30
lilyofvalley
Ok
Cupcake1996
2022-08-30
Cupcake1996
ok
Stingray02
2022-08-30
Stingray02
Like

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In its analysis of China's compact, midsize and affordable luxury NEV market, Macquarie found that the midsize high-tier segment - Xpeng's core market segment, posted the lowest growth rate in 1H22, mainly due to its already high 32% penetration rate. Within the midsize market, plug-in hybrid (PHEV) sales outperformed. Macquarie attributed this decline to BYD's (OTCPK:BYDDF) strong market presence and more competitive models by OEMs in the market. 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