Xpeng

Xpeng delivered weak 4Q results, accompanied by a muted 1Q outlook that shows March demand still under pressure, Deutsche Bank said.

Xpeng saw a 100 percent increase in new order intake in February compared to January, and orders for the P7i have been strong since its launch, with another significant increase in order intake in March compared to February. 

Xpeng expects first quarter vehicle deliveries to be in the range of 18,000 to 19,000 units, implying that March deliveries are expected to be 6,772 to 7,772 units.

Xpeng previously said the City NGP feature will be implemented on multiple models in several cities, including Shenzhen and Shanghai, starting in March.

The management teams of Xpeng's direct sales channel and its authorized dealer channel have been combined to reduce unnecessary competition for interest from within, according to local media.

"We expect generally soft results and a weak 1Q23 outlook due to challenging demand and pricing dynamics," Edison Yu's team said.

Xpeng offers four versions of the P7i with a starting price of RMB 249,900, above the RMB 229,900 for the Tesla Model 3.

Previous reports suggested that the new Xpeng new SUV would start at RMB 200,000-250,000 and is expected to be unveiled at this year's Shanghai auto show.

The P7 is a crucial model for Xpeng, contributing 49 percent of the company's sales in 2022.

Xpeng said this was because the third-party app triggered a risk control policy when the user tried to log in, thus requiring facial recognition.