21 Aug 2024 CMB International Global Markets | Equity Research | Company Update Xpeng Inc. (XPEV US) Mona M03 may not be the game-changer Maintain HOLD. Xpeng's 2Q24 earnings were largely in line with our forecast. Although we assume its 2H24E sales volume to more than double HoH, we see no loss narrowing HoH in 2H24E. We believe that Xpeng's vehicle gross margin could be capped by the lower-priced Mona models, as the company now bets on these models to boost sales. We are of the view that the underlying ra ...