Organization: Lixiang Auto will continue to maintain strong sales growth.

HSBC Global Research analysts said in a report that the sales of Zero Run Cars will continue to grow strongly this year. They said that the new A series and D series models from this Chinese automaker are expected to be the main contributors to sales growth in 2026. They added that the A series should strengthen the company's position in the value segment market, with the key factor being the A10 launched in March, priced at 66,000 to 87,000 yuan. The D series aims to extend consumers' purchasing power to higher-end categories. They also mentioned that overseas sales growth remains on track. They said that the European factory in Spain should further support their overseas expansion strategy. HSBC Global Research maintains a buy rating on the stock with a target price of 66.70 Hong Kong dollars.