XPeng‘s US-listed shares surged over 7% on Tuesday after Deutsche Bank said the automaker’s newly launched GX flagship SUV has helped drive total new orders in May to “about 50,000 units.”
According to a new research note, first reported by CnEVPost, the Wall Street firm is estimating that XPeng‘s total May orders will have grown 40% from April and 10% year-over-year.
The analyst team, led by Wang Bin, cited GX’s aggressive pricing strategy as the reason for robust demand growth.
XPeng‘s shares were trading 7.1% up at $16.70 as of publication, recovering sharply from the $14.94 level reached on May 19, when the stock hit a fifteen-month low amid persistent demand concerns.
The stock had been under additional pressure last week after US-listed Chinese stocks broadly declined following Beijing’s crackdown on offshore brokers that channel mainland investor money into US-traded shares — a move that weighed on Nio, Li Auto, and XPeng alike due to their heavy ownership among mainland retail investors.
The Guangzhou-based company is scheduled to report first-quarter 2026 earnings on Wednesday.
GX Demand
Deutsche Bank said dealers expect the GX to achieve average monthly deliveries of around 5,000 units, citing the model’s competitive dimensions and technology.
XPeng launched the GX on May 20 at a limited-time starting price of 269,800 yuan ($39,700) — significantly below the 399,800-yuan pre-sale price announced in April, a roughly 30% reduction.
The company said the model secured 24,863 non-cancellable firm orders within its first 12 hours on sale — a result that founder and CEO He Xiaopeng said exceeded his own expectations.
More than 80% of those early orders were for flagship trims and over half were for pure electric versions.
The effective entry price puts the GX within striking distance of Nio‘s mass-market sub-brand Onvo and its L90 three-row electric SUV, which starts at 265,800 yuan.
XPeng‘s new flagship SUV drove the brand’s highest weekday showroom foot traffic of 2026 on its first full day of sales, according to VP of Marketing Alan Yu Tao.
The executive added that first-day test drive volume outpaced every other model in the lineup — including the single-day record previously set by the P7+ during its launch weekend.
Delivery wait times for the flagship BEV trim have since stretched to 26–30 weeks — over half a year — while most other trims show a four-to-seven-week delivery window. The extended-range AWD Ultra Flagship Edition faces a 14-to-16-week wait.
Orders for other models in the lineup — including the Mona M03, P7+, X9, and G6 — remained steady through May, Deutsche Bank also noted.
Product Pipeline
Deutsche Bank’s research note also outlined XPeng‘s near-term product roadmap beyond the GX.
The company plans to launch the G9L — an ultra-large five-seat SUV positioned as a sister product to the GX — in the third quarter.
Due to its increased dimensions, the G9L is expected to be priced slightly above the current G9 SUV, which starts at 248,800 yuan — $36,600.
Deutsche Bank estimates the model could average around 4,000 monthly deliveries after launch.
The company filed regulatory applications for the G9L earlier this month.
At 5,120 mm in length with a 3,100 mm wheelbase, it is smaller than the GX’s 5,265 mm length and 3,115 mm wheelbase, but substantially larger than the current G9 at 4,891 mm on a 2,998 mm wheelbase.
Dealers also told Deutsche Bank that XPeng plans to launch two SUVs — the Mona L05 and Mona L03 — in the second half of 2026.
In Europe, XPeng is preparing to launch the Mona series in July, with the GX to follow in October — marking the brand’s first entry into the continent’s premium large SUV segment.
Delivery Pressure
The GX-driven demand surge comes at a critical moment for XPeng.
The company delivered 93,693 vehicles through the first four months of 2026, down from 129,053 in the same period last year, after a difficult first quarter that saw deliveries fall 33.3% year-over-year — the first quarterly decline since mid-2023.
The company is targeting 550,000 to 600,000 deliveries for the full year, which would require an average of roughly 57,000 units per month over the remaining eight months.
XPeng aims to double overseas sales from the 45,008 units delivered in 2025, with a broader target of 1 million annual overseas deliveries by 2030.
Founder and CEO He Xiaopeng said last week that XPeng plans to enter the Middle East as early as next month, with additional markets to follow.
As of Tuesday, a total of 286 institutional investors collectively hold over 120 million shares in the automaker.
During the first quarter, Goldman Sachs jumped to its top 5 largest institutional shareholders, after more than doubling its stake to 7.8 million shares.
