Bank of America analyst lowered on Tuesday the firm’s price target on XPeng shares from $46 to $40. The first quarter results reported on Monday by the EV maker came in line with BofA’s forecast with Gross Processing Margin (GPM) at 12.2%, up from 12.0% in the last quarter of 2021.
Bank of America expects a GPM decline in the second quarter follower by an improve in the last two quarters of the year while believing in an increase on the adoption On April 1, the firm had enhanced XPeng‘s robust model pipeline and leading capability in autonomous driving to win share in China EV industry and support share gain and volume growth.
Total deliveries of vehicles were 34,561 in the first quarter of 2022, an increase of 159% year-over-year. XPeng’s physical sales network continued expansion with a total of 366 stores, covering 138 cities as of March 31, 2022.
“Our Q1 performance marked a strong start to 2022. Demand for our high-quality EV products was robust and our proprietary suite of technologies continues to lead the industry”, the company said.
The company announced on Monday that will launch a news platform called Inside XPeng on May 25 bringing exclusive insights and the latest news to the customers and enthusiasts. According to the teaser posted by the EV maker, Alex Guberman will be hosting and provide insights about the models launched so far, LiDar technology, data, sustainability, future mobility, lifestyle an other areas.
Last week, XPeng opened its first Brand Experience Store in Norway located in Bjørvika, downtown Oslo. The Oslo store is XPeng‘s fourth one, after the opening of locations in Sweden, Denmark, and the Netherlands earlier this year. In June, XPeng will participate in the 35th International Electric Vehicle Symposium (EVS35) 2022 in Oslo, the world’s largest international EV event.
Recently, XPENG G9 was seen under spy mode in China and in Portugal. G9 model will have a starting price lower than the competitors Tesla’s Model Y, Nissan Ariya, and Ford Mustang Mach-E.
The company announced on May 1 that delivered 9,002 Smart EVs in April 2022, representing a 75% increase year-over-year. According to the company, the February deliveries consisted of 3,714 P7 smart sports sedans, 3,564 P5 smart family sedans, as well as 1,724 G3i and G3 smart compact SUVs.