XPENG-W (09868) shares plummeted 5.02% during intraday trading on Tuesday, extending recent losses for the Hong Kong-listed electric vehicle maker.
The sharp decline comes amid a broader downturn in the automotive sector, with recent data showing domestic auto retail sales in May fell 16.1% year-over-year. Cumulative sales for the first five months of the year dropped 20.6%, pressuring both traditional and new energy vehicle manufacturers.
Company-specific challenges also weighed on sentiment. XPeng reported a first-quarter net loss of RMB 1.78 billion, with revenue declining 17.6% and deliveries falling 33.3% year-over-year. The company's return to losses after a brief period of profitability has raised concerns among investors about its near-term financial performance.
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