Core Insights - Xiaopeng Motors (09868.HK) delivered 36,728 smart electric vehicles in November 2025, representing a year-on-year growth of 19% [1] - Cumulative deliveries from January to November 2025 reached 391,937 units, marking a significant year-on-year increase of 156% [1] - Overseas deliveries during the same period totaled 39,773 units, reflecting a 95% year-on-year growth [1] Product and Technology Developments - On November 5, 2025, Xiaopeng Motors held the 2025 Xiaopeng Technology Day, unveiling a series of groundbreaking "physical AI" applications, including the second-generation visual language action model (XPENGVLA2.0), autonomous taxi (Robotaxi), and the new generation IRON humanoid robot [1] - These AI applications are expected to enter mass production in 2026 [1] - The monthly active user penetration rate for Xiaopeng's intelligent navigation assistance driving (XNGP) reached 84% in urban driving scenarios as of November 2025 [1] - In late December 2025, Xiaopeng Motors plans to invite Chinese users to participate in a pilot program for the second-generation visual language action model [1]