XPENG(US:XPEV) Hua Er Jie Jian Wen·2025-11-19 03:36Core Viewpoint - XPeng Motors is attempting to emulate Tesla's technology roadmap, focusing on self-developed chips and algorithms for the AI sectors of robotaxis and humanoid robots, with a target price raised to $50/195 HKD by Morgan Stanley [1][2] Group 1: Strategic Transformation - The bullish logic in the report is based on XPeng's commitment to replicate Tesla's technology roadmap, which is seen as crucial for its valuation restructuring [2] - XPeng plans to launch three robotaxi models by 2026 and initiate trial operations, with an expectation that 60-80% of L4 vehicle sales will initially come from end consumers [3] Group 2: Product Development and Market Potential - The humanoid robot IRON is another significant focus, with a goal for mass production by the end of 2026 and a long-term sales target of over 1 million units by 2030 [3] - The global humanoid robot market is projected to grow at a compound annual growth rate of 220% from 2025 to 2035, with initial applications for IRON expected in specific environments like showrooms and factories [3] Group 3: Future Growth and Challenges - XPeng plans to introduce a robust model cycle from 2026 to 2027, offering both battery electric vehicles (BEV) and extended-range electric vehicles (EREV), with a forecasted 35% sales growth driven by new models [3] - Morgan Stanley believes that advancements in these three business areas will provide the necessary "ammunition" for XPeng's long-term transformation, with significant stock price increases expected around 2026-2027 [4]