JPMorgan Cuts Price Targets on Nio and XPeng, Keeps Overweight Ratings

### JPMorgan Lowers Price Targets for Nio and XPeng but Retains Overweight Ratings

JPMorgan analyst Nick Lai has trimmed the firm's price targets for U.S.-listed Chinese EV makers XPeng and Nio, citing ongoing market pressures, while maintaining Overweight ratings for both.

For XPeng, Lai cut the target by 32% to $34 from $50. At Friday's closing price of $17.72, the revised figure implies about 92% upside potential. The stock rose nearly 5% that day but fell 1.6% to $17.43 in early Monday trading. The adjustment comes after disclosures from two of XPeng's largest institutional investors, who halved their stakes in the fourth quarter of 2025.

XPeng recently teased its upcoming six-seat luxury SUV, the GX, which appeared in China's Ministry of Industry and Information Technology catalog last Friday. CEO He Xiaopeng confirmed the model will launch in the coming months. The GX aims to compete with Nio's ES9 and Zeekr's 9X in the premium six-seater segment. For 2026, XPeng plans more affordable vehicles under the Mona sub-brand, mass production of its IRON humanoid robot, and robotaxi deployments.

Separately, Reuters reported that Volkswagen's partnership with XPeng on China Electronic Architecture ended last year. An XPeng spokesperson disputed this over the weekend, calling it a miscommunication and saying clarification is underway.