Macquarie downgrades XPeng with 2026 volume growth ‘no guarantee’

Macquarie downgraded XPeng (XPEV) to Neutral from Outperform with a price target of $19, down from $24. The firm likes XPeng’s physical AI “optionality” but says the company’s volume growth “is no guarantee this year.” The stock typically outperforms when XPeng releases a “clear hit product,” but it remains too early to judge if the upcoming GX or new Mona SUV series in the second half of 2025 will have a similar impact, the analyst tells investors in a research note. Macquarie downgraded the shares after cutting XPeng’s loss per share estimate to reflect the company’s higher spend.