On June 2, XPeng rose 5.18% in regular trading, trading at $18.07/share, with trading volume of $45.46 million. Multiple catalysts converged to drive the stock higher.

On the fundamental side, XPeng reported Q1 total revenue of 13.03 billion RMB, exceeding the FactSet consensus estimate of 12.91 billion RMB. Overall gross margin reached 20.6%, up 5 percentage points year-over-year. The company guided Q2 deliveries of 100,000 to 106,000 units, representing 60%-69% sequential growth and surpassing Bloomberg consensus of 96,923 units. Q2 revenue guidance of 19.6-20.8 billion RMB also exceeded expectations.

Delivery momentum remained strong as XPeng reported 32,158 vehicles delivered in May, up 4% sequentially. The flagship SUV XPeng GX achieved 24,863 orders within 12 hours of launch and has commenced nationwide deliveries. Additionally, the refreshed MONA M03 secured over 12,500 orders in its first hour.

On the institutional front, Macquarie upgraded XPeng from neutral to outperform, maintaining a $19 US price target. Huatai Securities and CMB International also maintained buy ratings, with analysts expecting net losses to narrow significantly in Q2 and profitability potentially turning positive in the second half.

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