XPENG(US:XPEV) Guan Cha Zhe Wang·2026-01-26 11:21Core Insights - The high-end MPV market is shifting from traditional business use to becoming a primary mode of transportation for young families, as stated by XPeng Motors [1][2] Group 1: User Demographics - The XPeng X9 extended range version has a user profile that significantly deviates from traditional MPV demographics, with over 50% of buyers being post-90s generation [1] - Among XPeng X9 users, 21% are first-time car buyers, nearly double the industry average [1] - The percentage of users aged 90s is 57.2%, while those from the 00s account for 13.7%, indicating a younger average age compared to the overall MPV market [1] Group 2: Market Performance - The test drive conversion rate for the XPeng X9 extended range version is 50%, with about 80% of replacement buyers coming from luxury brands, particularly BBA [2] - Over 70% of consumers opted for the Ultra version of the XPeng X9, reflecting the brand's reputation in the smart technology sector and user preference for advanced driving assistance [2] - In the northern market, the XPeng X9 has seen significant growth, with sales in core cities increasing by over 300% year-on-year [2] Group 3: Sales Data - In December 2025, the XPeng X9 delivered 5,424 units, marking a year-on-year growth rate of 289.1% [2] - Nearly 80% of the XPeng X9 extended range deliveries were to individual users, highlighting its appeal to personal buyers [2] - The XPeng X9 was the best-selling MPV in Hong Kong for the second half of the year and also topped the sales charts for pure electric MPVs in Indonesia in December 2025 [2]