Hua Er Jie Jian Wen·2025-11-07 02:56Core Viewpoint - XPeng Motors has gained further recognition from Wall Street following its AI Day, where it outlined its "Physical AI" vision and advancements in artificial intelligence, including the VLA 2.0 model and various innovative products [1][4]. Financial Outlook - Bank of America reiterated a "Buy" rating for XPeng Motors, raising the target price for its American Depositary Shares (ADS) from $26 to $27 and the Hong Kong stock target price from HKD 101 to HKD 105 [1]. - The report indicates a cautious adjustment to XPeng's short-term financial outlook, increasing the non-GAAP net loss forecast for 2025 by 36.7% and lowering profit expectations for 2026 and 2027 by 4.5% and 5.5%, respectively [4][7]. Product and Technology Developments - The highlight of the AI Day was the announcement that Volkswagen has become the first external customer for XPeng's VLA 2.0 model and has ordered its self-developed Turing AI chip, marking a significant step in the commercialization of XPeng's AI technology [4][5]. - XPeng's VLA 2.0 model is described as the operating system for controlling the "Physical AI" world, with applications across various products including Robotaxis, humanoid robots, and flying cars [5][8]. - The company plans to launch three Robotaxi models in 2026, powered by four Turing chips, and anticipates mass production of its humanoid robot by the end of 2026 [8]. Sales and Profit Projections - The report provides updated sales and profit forecasts for XPeng, with slight increases in unit volume and consolidated sales for 2025, 2026, and 2027, while gross profit expectations have been slightly reduced [9]. - The adjusted profit (loss) from operations for 2025 is expected to worsen, with a projected net loss of RMB 1.667 billion, reflecting a 21.4% increase from previous estimates [9].