A research report projects XPENG-W (09868) vehicle sales of 524,000/786,000/966,000 units for 2025-2027 respectively, with corresponding total operating revenues of RMB 97.76/158.10/197.07 billion and net profits attributable to shareholders of RMB 1.2/59.9/94.2 billion for the same period, maintaining a "Buy" rating.

In August 2025, XPENG delivered 37,709 new vehicles, representing a 169% year-over-year increase and 3% month-over-month growth.

**P7 Launch Completes New Vehicle Cycle, Sales Enter Accelerated Growth Phase**

In August 2025, XPENG delivered 38,000 new vehicles, up 169% year-over-year and 3% month-over-month. High-quality vehicle models demonstrated significant delivery advantages, with XPENG Mona M03 continuing its sales momentum, exceeding 15,000 units in August. Models including XPENG P7+, XPENG G6, and XPENG G7 improved delivery levels through enhanced product capabilities.

In August, XPENG P7 was launched with four variants: 702 Long Range Ultra, 820 Extended Range Ultra, 750 AWD High Performance Ultra, and 750 AWD Wing Ultra, priced at RMB 219,800/239,800/259,800/301,800 respectively. The vehicles feature 2,250 TOPS computing power with locally configured VLA+VLM large models. The new XPENG P7 achieved over 10,000 pre-orders within 7 minutes of launch, setting a new record for XPENG's fastest new vehicle pre-order milestone. XPENG's product matrix is gradually becoming more comprehensive, with sales expected to improve.

**AI Leadership and Volkswagen Partnership Accelerate, Software-Hardware Integration Strengthens Positioning Advantage**

In August, XNGP urban intelligent driving achieved an 85% monthly active user penetration rate. Following the AI Tianshu XOS system experience upgrade, the human-machine co-driving mode has become a key focus for user attention and usage.

Regarding technology output, on August 15, XPENG signed an expanded strategic cooperation agreement with Volkswagen Group for electronic and electrical architecture technology. The jointly developed industry-leading electronic and electrical architecture will cover Volkswagen's future pure electric, plug-in hybrid, and combustion engine vehicle models.

XPENG is expected to maintain AI leadership in the future, with Turing chips providing hardware support and AI model capabilities continuously iterating. The integrated software-hardware development model strengthens positioning advantages, and technology output may become core validation of XPENG's technological leadership.

**Overseas Market Continues Expansion, Indonesia Local Production and European Market Expansion Accelerate**

Global progress is accelerating with Indonesia local production and accelerated European market expansion. In H1 2025, XPENG's global market expansion saw the brand successfully enter new markets including the UK, Italy, and Ireland, covering 46 countries and regions worldwide.

In late August, the new XPENG G6 officially launched in Thailand and began pre-orders. To date, XPENG G6 has launched in over 30 countries and regions, further accelerating global deployment.

**Risk Warnings:** Risks include slower-than-expected implementation of intelligent features and large models, overseas expansion, vehicle model replacement cycles, and intensified price competition.