HSBC analysts reported that XPeng Inc. is expected to achieve break-even in the fourth quarter, supported by robust monthly sales. They also highlighted the automaker's physical AI strategy, which covers autonomous driving, robotaxis, and humanoid robots. "While monetization remains distant, we believe XPeng's physical AI capabilities will gradually unfold, unlocking further growth potential as key milestones are achieved," they added.

However, the analysts lowered their 2025 profit forecast by 19%, citing slightly weaker sales prospects due to slower-than-expected production ramp-up of the G7 SUV model and higher expenses from upcoming new model launches. Their profit forecasts for 2026–2027 remained largely unchanged.

HSBC maintained a "Buy" rating on XPeng but reduced its target price from $29.60 to $28.60.