CEO Duesmann targets return on sales of more than 11%.
XPEV stock peaked at a 52-week high of $74.49 on Nov. 23 of last year.
The EY study also sees the millennial generation, now in their late 20s and 30s, as helping to propel EV adoption.
Benchmark expects demand for cobalt to jump 18% this year from last year, or about 23,000 tonnes.
The electric vehicles (EVs) market will be 24 million unit sales this year, which represents a decline of 19% year on year from the impact of COVID-19.