HSBC Compares This EV Maker To Tesla - Read Why - XPeng (NYSE:XPEV)

HSBC analyst Yuqian Ding initiated coverage of XPeng Inc XPEV with a Buy rating and a $37 price target (30% upside).
Ding specifies that the Chinese company built all its autonomous driving software in-house from the ground up, like Tesla Inc TSLA, which no other domestic manufacturer has achieved.
The analyst calls XPeng's latest autonomous driving system one of the best available in China.
XPeng's volume growth will be supported by a solid product cycle, the analyst adds.
XPeng March deliveries shot up by 202% Y/Y to 15,414. The Q1 deliveries climbed 159% Y/Y to 34,561.
XPeng's EPS loss of $(0.24) beat the consensus loss of $(0.34). XPeng also reported quarterly sales of $1.34 billion, up 207% Y/Y, which topped the consensus of $1.20 billion led by its blockbuster P7 model and newly launched P5 family sedan.
Price Action: XPEV shares traded higher by 2.9% at $28.39 on the last check Friday.