XPeng: Strong June Deliveries Create Upside

XPeng delivered 103,295 vehicles in Q2, surpassing its guidance midpoint and showing strong Mona and GX momentum. Mona-branded deliveries accounted for 36% of June's total, while GX represented 17% of deliveries, supporting expectations for sequential gross margin gains in Q2. The company's price-to-revenue ratio of 0.6x remains higher than peers, but recent downside revaluation enhances its risk/reward appeal. While NIO posted faster growth, XPEV's June growth and GX delivery execution position it well for margin improvement next quarter.

XPeng ( XPEV ) reported strong delivery figures for the month of June, driven by robust Mona sales as well as a new product launch, the SUV GX, which has seen a strong market reception since May. XPeng's Mona M03