On June 2, XPeng rose 5.81% in pre-market trading, trading at $18.2/share, with trading volume of $1.474 million. Multiple positive catalysts converged to drive the stock higher.

On the earnings front, XPeng reported Q1 total revenue of 13.03 billion RMB, exceeding the market consensus estimate of 12.91 billion RMB. Overall gross margin reached 20.6%, up 5 percentage points year-over-year. The company also disclosed May deliveries of 32,158 vehicles, representing a 4% month-over-month increase, with Q2 delivery guidance set at 100,000 to 106,000 units.

Product momentum remains strong as the flagship SUV XPeng GX received 24,863 firm orders within 12 hours of launch, with the Ultra flagship version accounting for over 80% of orders. Nationwide deliveries are set to begin in June.

On the institutional side, Macquarie upgraded XPeng to Outperform, while other brokerages maintained Buy ratings, noting Q1 likely represents the full-year operational trough and expecting net losses to narrow significantly in Q2 with potential profitability in the second half.

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