Why Xpeng Shares Tanked Today
Chinese electric vehicle (EV) makers' stocks rocketed higher yesterday, including that of XPeng (NYSE: XPEV). That came despite the company releasing its third-quarter results that missed analyst estimates on the top and bottom lines. The general trend higher among China's EV makers yesterday had more to do with the feeling that COVID-19 restrictions would be easing. Today, XPeng shares plunged more than 10% before paring those losses to a decline of 6.6% as of 1:35 p.m. EST.
The impacts of those restrictions were seen again today when XPeng announced it only delivered 5,811 vehicles in November. While that drop of 63% compared to last year could be explained by COVID impacts, what was more difficult to understand today is why XPeng's competitors didn't have similar results.
Source Fool.com
