JPMorgan cuts Xpeng target and downgrades Xpeng stock

Published on 10/07/2026 at 01:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Xpeng delivered 118,390 vehicles in the third quarter of 2026, up 15 percent sequentially. JPMorgan set a USD 11.50 target for Xpeng stock.

Xpeng, KYG982AW1003, Illustration mit AI erstellt.

JPMorgan downgraded XPeng from Overweight to Neutral and cut its price target from USD 24.00 to USD 11.50 on September 29, 2026, according to Markets Insider. Xpeng stock is being assessed against a weaker China auto outlook and a lower valuation ceiling for overseas expansion.

JPMorgan cuts target by 52.08 percent

The new USD 11.50 target is USD 12.50 below the previous USD 24.00 target, a 52.08 percent reduction calculated against the former target. Markets Insider said analyst Nick Lai cited weak domestic demand, higher input costs, policy uncertainty and tariff measures affecting Chinese automakers.

The downgrade followed a difficult market period for the New York-listed American depositary shares. Xpeng's latest delivery release gives investors a counterpoint, because vehicle volume reached a quarterly record even as profitability remains under pressure.

Third-quarter deliveries set a record

XPeng delivered 41,256 vehicles in September 2026, up 5.00 percent from August, and 118,390 vehicles in the third quarter of 2026, up 15.00 percent from the second quarter, according to PR Newswire. Monthly deliveries of the L03 exceeded 10,000 units, adding a new volume marker to the product cycle.

The financial test is tougher. In the second quarter of 2026, revenue reached CNY 19.74 billion, up 8.00 percent year over year, while gross margin rose to 20.70 percent from 17.30 percent, according to Capital.com. The net loss was CNY 1.34 billion, compared with CNY 480.00 million a year earlier, so higher sales have yet to translate into a profitable income statement.

New models face the next test

XPeng launched the G9L in China on September 17, 2026, and plans its global launch in Paris on October 12, 2026, according to the company release carried by PR Newswire. The model rollout and overseas expansion are central to the growth case, while JPMorgan's target cut highlights the market's concern about demand, margins and execution.

The Lang & Schwarz prior close was EUR 4.24 on October 5, 2026. The further course of trading is shown by the continuously updated real-time quote of Xpeng stock.