XPeng Deliveries Fall 4% in May as New GX SUV Ramps Up, June 01

XPeng delivered 32,158 vehicles in May 2026, marking its fifth consecutive month of year-over-year declines but showing sequential growth. The Chinese EV maker’s new GX SUV, launched May 20, garnered 24,863 firm orders in 12 hours, suggesting stronger sales ahead. With Meyka rating the stock a B and forecasting $26.71 annually, investors should watch June deliveries as the GX ramps production.

May Deliveries Slip Despite Sequential Gains

XPeng delivered 32,158 vehicles in May, down 4.08% from 33,525 units in May 2025. However, deliveries rose 3.70% from April’s 31,011 units, signaling stabilization after four months of year-over-year declines. Year-to-date, the company shipped 125,851 vehicles through May, down 22.59% from the same period in 2025. The stock price rose 5.14% to $17.29 USD on the news, though Meyka’s C-rated fundamentals and negative ROE of -3.77% reflect ongoing profitability challenges.

GX SUV Launch Sparks Strong Early Demand

XPeng’s new GX SUV, officially launched May 20, received 24,863 firm orders within 12 hours. The company priced the model aggressively at 269,800 yuan (about $39,794 USD) to capture mid-to-high-end family buyers. Over 80% of initial orders were for the top-trim Ultra flagship variant. Analysts at Deutsche Bank raised their outlook, noting total May orders reached approximately 50,000 units. Large-scale GX deliveries begin in June, expected to drive recovery.

Q1 Gross Margin Holds at 20.6%

XPeng reported Q1 2026 gross margin at 20.6%, maintaining profitability despite delivery headwinds. The company is accelerating physical AI mass production and commercialization. Cumulative historical deliveries reached 1,145,675 units through May. Reddit discussions highlight investor concerns about weak domestic sales, though the GX launch offers a turnaround catalyst. Meyka’s 12-month forecast of $26.71 USD implies 55% upside from current levels.

What This Means for Investors

XPeng stock trades at $17.29 USD with analyst consensus at Buy (9 Buy, 1 Hold, 1 Sell). The RSI at 52.77 shows neutral momentum, while the MACD histogram at 0.16 suggests early bullish momentum. Meyka’s B grade reflects mixed fundamentals: strong DCF valuation but weak ROE and ROA metrics. The GX SUV launch and June production ramp represent the key near-term catalyst. Downside risk remains if new model demand disappoints.

Final Thoughts

XPeng’s May deliveries declined 4% year-over-year but the GX SUV’s strong pre-launch demand of 24,863 orders signals recovery potential. With Meyka rating the stock B and forecasting $26.71 annually, the June ramp-up will determine whether the company stabilizes sales.

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