Goldman Sachs: Rated XPENG-W (09868) as a buy with a target price of HK$40.

Goldman Sachs released a research report stating that XPENG-W (09868) sold 18,000 cars in March, an increase of 15% from the previous month and 24% year-on-year. Among them, the sales of the G6 model were 11,000 cars, up 34% from the previous month. The G9 model started delivery in March, and initial signs show good market demand. Starting from April 1st, Xiaopeng Motors is offering up to 20,000 yuan in cash discounts and insurance subsidies for some models. The bank believes that in the highly competitive Chinese automobile market, such promotions are key to maintaining sales growth, with a 12-month target price of HKD 40.