XPEV - Why did XPeng stock go down today? Supply chain slowdown worries
XPeng (XPEV -14.6%) fell sharply on Monday as EV stocks started off the week mostly in reverse as the Russia-Ukraine war headlines and COVID concerns in China continue to impact sentiment. Of note, China saw its worst jump in COVID cases since the Wuhan outbreak late in 2019. Chinese health officials reported 2,125 cases on Sunday spread across 58 cities in 19 of 31 mainland provinces. Shenzhen suspended all non-essential business due to the jump in local cases, including a halt for Apple supplier Foxconn. XPeng (NYSE:XPEV) along with peers Li Auto and Nio saw selling pressure on worries that rising COVID cases in China could create more slowdowns in the supply chain. Shares of XPEV fell to a new 52-week low of $18.01 earlier in the session before tracking back just a bit. Volume on XPEV topped 26M shares. Last week: XPeng marks milestone in European expansion with P5
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Why did XPeng stock go down today? Supply chain slowdown worries