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 large batteries and efficient range extenders to achieve long pure electric range and leading oil-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while aiming for a scale of tens of thousands of deliveries through localized production and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with projections indicating that the market could reach 83.1 billion yuan by 2030 [2] - XPeng's Robotaxi project is set to commence with pre-production vehicles rolling off the line in the second half of 2026, aiming to reshape the billion-dollar mobility market with its self-developed VLA 2.0 model and innovative business model [2] Partnership 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 [3] - Volkswagen's sales in China are expected to exceed 2.6 million units by 2026, with a new energy penetration rate surpassing 10%, as XPeng collaborates on two full-size pure electric models and deepens cooperation on charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from the deep integration with its smart vehicle business, with the IRON robot combining "bionic body" and "AI brain" capabilities [4] - The IRON robot features a human-like spine, bionic muscles, and advanced dexterity, with plans for commercial trials in navigation and shopping services starting in 2026 [4] Flying Cars - XPeng is on the verge of mass production for its next-generation vertical take-off and landing flying car, the A868, which has achieved over 500 km of range during test flights [5] - As of October 2025, XPeng has received 7,000 pre-orders for the A868, with plans for global deliveries in the second half of 2026 [5]