WBEV - Why Is Xpeng (XPEV) Stock Down 6% Today?
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Xpeng (NYSE:XPEV) stock is dropping on Thursday as investors react to a drop in deliveries for the month of November 2022.
The bad news for holders of XPEV stock starts with the Chinese electric vehicle (EV) company’s deliveries for November of 5,811 units. That represents a 63% drop compared to its 15,613 deliveries for the same month in 2021.
Xpeng attributes this decline to the ongoing effects Covid-19 is having on its business. That includes China continuing to deal with strict lockdowns as part of the government’s Zero Covid policy.
XPEV Also Faces Tough Competition from Rivals
For example, Nio (NYSE:NIO) reported deliveries of 14,178 EVs for the month of November. Unlike Xpeng, that’s a year-over-year increase of 30.3%. It’s also more than double the number of deliveries reported by XPEV.
Li Auto (NASDAQ:LI) also did well during the period with deliveries coming in at 15,034 EVs. That’s more bad news for XPEV stock as that represents an 11.5% increase from deliveries made in November 2021. Both of these show that XPEV losing steam while its rivals continue to grow.
Another thing worth noting is XPEV’s massive rally yesterday. That followed its most recent earnings report impressing investors. However, today’s news is somewhat deflating the growth it saw on Wednesday.
XPEV stock is down 6.4% as of Thursday morning and is down 80% since the start of the year.
Investors looking for more of the latest stock market news are in the right place!
InvestorPlace is home to all of the hottest stock markt coverage for Thursday! A few examples include what has shares of Snowflake (NYSE:SNOW), Winc (NYSEMKT:WBEV), and Mullen Automotive (NASDAQ:MULN) stock on the move today. You can catch up on all of that news at the following links!
More Thursday Stock Market News
- What Is Going on With Snowflake (SNOW) Stock Today?
- Winc (WBEV) Stock Plunges 28% on Bankruptcy Filing
- Mullen (MULN) Stock Rockets 15% After Closing ELMS Deal
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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