Citi keeps a Sell rating on XPeng (XPEV) with a $15 price target after the company said it will issue A-class ordinary shares to acquire assets related to DiDi’s smart electric vehicle project. The firm attributes the share price rally of Xpeng today to the partnership with DiDi and potentially deeper cooperation between Xpeng and Nvidia (NVDA). However, Citi expects Xpeng’s G6 has undelivered orders close to 30,000 units at present.
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