0850 GMT - XPeng is not likely to reach full-year profitability by 2026, Bernstein analysts write in a note. The company's strong 3Q earnings beat expectations, thanks to robust sales and record margins, but its 4Q gross margin could be challenged by a weaker product mix from a strong Mona M03 delivery, they say. Bernstein now forecasts XPeng's 4Q gross margin at 14.5% and full-year gross margin at 14.8%. The EV maker's two new models were priced very competitively and have strong order backlogs, but analysts have concerns over margin dilution, especially from Mona. Challenges related to execution and supply chains may also pose risks for fulfilling orders, they add. Bernstein maintains a market-perform rating for the stock, while upgrading its target price for ADRs to $14.00 from $9.00 and its Hong Kong-listed shares to HK$54.00 from HK$35.00, respectively. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
November 20, 2024 03:50 ET (08:50 GMT)
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