Di Yi Cai Jing·2025-11-11 09:41Core Viewpoint - Xpeng Motors' stock surged nearly 18% to HKD 108.5, surpassing Geely's market capitalization, driven by optimism surrounding new AI and robotics products, despite its sales being less than one-seventh of Geely's [1][2][5]. Group 1: Sales Performance - In October, Xpeng delivered 42,000 smart electric vehicles, a 76% year-on-year increase, while Geely's total sales reached 307,100 vehicles, 7.3 times higher than Xpeng's [6][5]. - Xpeng's cumulative sales for the first ten months were 355,000 units, compared to Geely's 2,477,000 units [6][5]. Group 2: Market Sentiment and Valuation - The surge in Xpeng's stock is attributed to market enthusiasm for its advancements in robotics and AI, particularly the humanoid robot and Robotaxi, which have captured investor interest [2][3]. - Analysts suggest that Xpeng's valuation should align more closely with Tesla's, as its current market cap reflects only its electric vehicle business, not its rapidly developing AI and robotics sectors [4][1]. Group 3: Future Prospects and Challenges - Xpeng is expected to launch new electric and extended-range models, addressing range anxiety in cold regions and enhancing competitiveness in underdeveloped markets [4]. - Despite the positive outlook, Xpeng faces significant technical challenges in commercializing its new AI and robotics initiatives, and competition in these sectors is intensifying [7][4]. Group 4: Analyst Opinions - Recent sell-side research reports remain optimistic about Xpeng's future, highlighting its potential to transition into a global AI automotive company [4]. - Analysts emphasize the need for Xpeng to achieve scale through popular models and cost reductions to meet profitability targets [8].