XPeng’s X9 Dominates Norwegian Range Test, but European Launch Fails to Ignite Stock

The Chinese electric-vehicle maker XPeng has kicked off sales of its flagship X9 van across Europe, but the premium model’s impressive real-world range performance has done little to arrest the stock’s lingering slide. Shares edged up to €11.86 on Friday as markets welcomed the rollout in Germany and Norway, yet the gain remains a shallow bounce from the 52-week low of €11.32 touched just a day earlier.

It is the X9’s charging and range credentials that are generating the most buzz. In the renowned Norwegian El Prix—the world’s largest independent EV test for range and charging speed—the seven-seater covered 646 kilometres under real conditions, beating its own WLTP estimate by 11.4%. The company’s official maximum WLTP range for the model is listed at 615 km, meaning the test vehicle outperformed even that figure. At the fast-charger, the X9 replenished a substantial portion of its battery in under 13 minutes, with a peak charging capacity of 542 kilowatts—so powerful that Norwegian infrastructure could not fully tap it.

Such technical bragging rights are vital for XPeng as it tries to carve out a premium niche in Europe. Pricing starts at approximately €77,600 for the standard version and climbs to nearly €87,000 for the all-wheel-drive top spec. Yet the charging bottleneck on this side of the Atlantic remains a challenge: most European chargers are capped at 400 kW, leaving the X9’s theoretical maximum untapped.

Should investors sell immediately? Or is it worth buying XPeng?

Operationally, XPeng is fighting a tougher battle. First-quarter deliveries slumped by a third year-on-year to just over 62,600 vehicles, dragging revenue down to around 13 billion renminbi—a near-18% decline. The net loss widened to 1.78 billion renminbi, though the company’s cash pile remains healthy at more than 42 billion renminbi. One bright spot is profitability: gross margin improved to 20.6% in the first quarter, up sharply from the prior year, as cost controls and a shift toward higher-margin models begin to pay off.

The market, however, remains unconvinced. The stock has lost roughly a third of its value since January, and the key 200-day moving average sits near €17—a far cry from current levels. Management is banking on the X9 to help turn the tide, with a target of at least 100,000 vehicle deliveries in the second quarter. The van will also reach UK showrooms later in 2026.

For now, XPeng has proven its technology can hold its own against the best. The challenge is converting that credibility into sales numbers that will lift the share price off the floor.