XPeng missed Q1 EPS estimates amid a major delivery downturn, in part aided by seasonal effects, such as Chinese New Year holidays. XPEV reverted back to a GAAP net loss in the first quarter and suffered a sequential margin drop to 12.1%. I maintain a 'Buy' rating despite delivery and margin challenges, as the company just brought a new product, the GX SUV, to market. This EV has seen strong reservation momentum.