The Chinese electric-vehicle maker XPeng is living a tale of two realities. On one side, the company just posted its strongest export month ever and kicked off European sales of a flagship van. On the other, its shares tumbled to a new low this year, with the stock sinking more than 3% on Thursday to âŹ12.18 in Frankfurt.
That price puts the equity within a whisker of its 2026 trough and leaves it nursing a decline of roughly 30% since January. The relative-strength index has fallen to 32.8, a level that typically signals a heavily oversold condition. Yet the selling pressure shows no sign of relenting as investors remain fixated on the risks surrounding tariffs, competition, and the cost of the companyâs ambitious technology roadmap.
Export Momentum and European Ambitions
The operational picture tells a very different story. In May, XPeng shipped 6,503 vehicles overseas, a jump of about 80% from the same month last year. International deliveries now account for a fifth of total sales, underpinned by the launch of the X9 van in seven European markets, including Germany.
The X9 is being positioned as a premium offering, with prices starting at âŹ77,600. Recent real-world tests in Norway gave the model a powerful endorsement: it beat 24 rivals in a range competition, covering 646 kilometres on a single charge â well above its official WLTP figure. The battery also proved exceptionally quick to replenish, going from 10% to 80% in just under 13 minutes, thanks to the 800-volt architecture that XPeng sees as a key differentiator from established European automakers.
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No Discount Battle, But Costs Mount
Vice-chairman Brian Gu has made it clear that the company will not chase market share through aggressive pricing in Europe. Instead, XPeng is leaning on its technology edge: the in-house Turing chip, which also powers Volkswagenâs ID.UNYX through a strategic partnership, and a proprietary software stack that the company plans to bring to Europe for autonomous driving by mid-2027.
That technological push comes at a price. The group reported a first-quarter adjusted net loss of 1.69 billion renminbi, even as its gross margin improved sharply to 20.6%. The red ink reflects heavy investment in autonomous driving infrastructure and the build-out of a European sales network. To sidestep European import duties, XPeng is exploring local production, though it recently turned down an offer to take over an idle Volkswagen factory and is now hunting for partners.
Analysts Stay Bullish Despite Stock Wobble
The marketâs gloom has not deterred several prominent analysts. Bank of America and Daiwa both rate the stock a buy, with price targets of $25. Macquarie recently upgraded the shares to âOutperformâ and set a target of $19. Daiwaâs team is looking ahead to the current quarter, forecasting that overseas revenue will exceed 20% of total sales for the first time â a milestone that would validate the European offensive.
Meanwhile, XPeng is pressing ahead with two bold bets beyond electric vehicles. Mass production of humanoid robots is scheduled to begin by the end of 2026, and the companyâs autonomous-driving software is on track to reach European roads by the middle of next year. For a stock trading near its yearly low, those ambitions may feel distant â but the operational numbers suggest the foundation is being laid.
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