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1、Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should consider thisreport as on

2、ly a single factor in making their investment decision.Please see analyst certifications and important disclosures beginning on page 6.XPeng IncJust focus on new P7 launch;restis less relevant in the near term2Q results came in with in-line revenues and better margins.But what matters the most is ho

3、w the new P7 sells when it islaunched next week.Maintain UW rating and PT of$20.Summary:Q2 vehicle deliveries and revenues came in broadly in line with managementguidance and Street expectations.Gross margins were a bit ahead of our prior estimates drivenby a mix shift towards the Mona M03 Max and s

4、cale effect.XPEV reiterated its guidance for Q4 tobe break-even with high teens in company gross margins.But we believe achieving thatguidance will depend 100%on the future sales and deliveries of the new P7 model.Thecompany has not announced the price of the new P7 but commented that it is a 300k R

5、MBsedan.Realistically,the price will likely be below 300k RMB and management noted that earlycancellable orders for the new P7 have been higher than any car the company launched in thepast at the current stage leading into the launch.Management also highlighted its robotaxiinitiatives.We recently pu

6、blished a China robotaxi market report(link here).What we liked:Better than expected vehicle gross margins;reiterated guidance to break evenin Q4;and management comments around continued margin improvement next couple ofquarters.What to monitor:Order trends for the new P7 once the official launch ki