Core Viewpoint - The report from Credit Lyonnais indicates that XPeng Motors' third-quarter gross margin was 20.1%, and vehicle gross margin was 13.1%, which fell short of market expectations [1] Financial Performance - XPeng's revenue and profit situation continue to improve, with a net loss of 3,300 yuan per vehicle in Q3, down from a loss of 4,600 yuan in Q2 [1] - The company is expected to reach breakeven in Q4 of this year [1] Strategic Partnerships - The collaboration between XPeng and Volkswagen is showing strong strategic value, contributing to a 78% year-on-year increase in other revenue to 2.3 billion yuan, which accounts for 11.4% of total revenue [1] - XPeng's Turing AI chip has entered Volkswagen's supply chain, with contributions expected to start in Q4 [1] Price Target and Rating - Credit Lyonnais sets a target price of 106 HKD for XPeng's H-shares and 27 USD for its U.S. shares, maintaining an "outperform" rating [1]