Key Takeaways:
XPENG-W drew 47,000 non-refundable orders for its Mona L03 SUV within the first hour of its global launch, Goldman Sachs said in a report.
"The order velocity reflects strong product-market fit at a price point that undercuts key rivals," Goldman Sachs analysts said in a July 17 note. The broker maintained a Buy rating on XPENG with a HKD89 target for H-shares and USD23 for American depositary receipts.
XPENG launched the Mona L03 in Munich on July 16 at a starting price of RMB123,800, below the pre-sale price of RMB143,800. The model recorded 20,000 orders in the first seven minutes and 47,000 non-refundable orders within the first hour, according to the report. Goldman Sachs forecast the Mona L03 will achieve monthly sales of 14,000 units, contributing 22% of XPENG's total sales in the third quarter and 23% in the fourth quarter of 2026.
The strong launch comes as XPENG accelerates its overseas expansion. The company sold more than 45,000 cars in overseas markets in 2025 and 13,522 EVs in Europe in the first half of 2026. In Germany, the Mona L03 starts at €35,600, undercutting the Tesla Model Y by roughly €3,400. XPENG has more than 50 dealers in Germany and aims for 120 retail locations by year-end.
Goldman Sachs expects XPENG's sales growth to accelerate over the next three quarters as its new vehicle cycle unfolds. The flagship six-seat GX SUV launched in May is predicted to support a sales recovery in the second quarter, while the Mona L05 and G9L SUVs scheduled for the fourth quarter are expected to push average monthly sales above 60,000 units. The broker forecasts 28% and 59% year-over-year sales growth in the third and fourth quarters of 2026, respectively.
The rating puts Goldman Sachs among the more bullish voices on XPENG as the Chinese EV maker challenges Tesla in Europe. Investors will watch monthly delivery data and the Q4 product launches for signs the order momentum translates into sustained market share gains.
This article is for informational purposes only and does not constitute investment advice.
