XPEV: CITI UPGRADES TO BUY FROM NEUTRAL - PT 29 (FROM 13.70) Volume Upgrade: We raise our 2025/26E volume forecast from 260k/330k to 480k/580k units, driven by: 🔸 Strong order intake in February. 🔸 Launch of 2-3 new BEVs, 1 EREV, and facelifts in 2025, extending model cycles. 🔸 P7+ and MONA03 expected to reach 20-24k units/month, supported by strong EV demand and export growth. Valuation: We increase our 2025E P/S multiple to 2.5x (from 1.9x) and TP to US29.00/HK113.00 (from US13.70/HK53.30), reflecting strong launches and AI/Robotics potential. Upgrade to Buy on robust volume growth, 2026E earnings turnaround, and AI/Robotics upside.