Core Viewpoint - Dongwu Securities maintains a "buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on range extension with large batteries and efficient range extenders to achieve long pure electric range and leading fuel-to-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while globalization is seen as the second growth curve through localized production, R&D centers, and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with predictions that the market will reach 83.1 billion yuan by 2030, potentially replacing private car travel [2] - XPeng's Robotaxi project is set to launch in the second half of 2026, with pre-production vehicles expected to begin trial operations [2] - The company aims to reshape the billion-dollar mobility market through its self-developed VLA2.0 model, mass production capabilities, and innovative business models [2] Collaboration with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures and core AI chips [3] - Volkswagen's sales in China are projected to exceed 2.6 million units by 2026, with a new energy penetration rate of over 10% [3] - The collaboration will see the launch of two full-size pure electric models in 2026, alongside deep cooperation in EE architecture and charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from deep synergy with its smart vehicle business, with the IRON robot integrating "bionic body" and "AI brain" technologies [4] - The IRON robot features a human-like spine, bionic muscles, 82 degrees of freedom, and a dexterous hand with 22 degrees of freedom, enabling advanced environmental perception, decision-making, and interaction capabilities [4] - Commercial trials for IRON are set to begin in 2026, focusing on services such as guiding, shopping assistance, and patrol [4] Flying Cars - XPeng's next-generation vertical take-off and landing flying car, A868, has entered the test flight phase, achieving over 500 km of range [5] - As of October 2025, XPeng has received 7,000 pre-orders and plans to deliver the A868 globally in the second half of 2026 [5]