XPEV - Why Li Auto VinFast and XPeng Plunged in March
2024-04-04 11:43:41 ET
Shares of Chinese electric vehicle (EV) stocks Li Auto (NASDAQ: LI) and XPeng (NYSE: XPEV) , as well as Vietnamese EV maker VinFast (NASDAQ: VFS) , plunged in March, down 34%, 18.6%, and 16.8%, respectively, according to data from S&P Global Market Intelligence .
Expectations may have been high for this cohort heading into the month. After all, Li Auto crushed its fourth-quarter earnings report in February and was riding high heading into March. However, Li's monthly deliveries suddenly disappointed, especially regarding the launch of its new Li MEGA electric minivan.
The disappointment around Li and other EVs also soured the mood for XPeng and Vinfast, each seeing a large strategic shareholder sell more shares during March amid the global EV slowdown.
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Why Li Auto, VinFast, and XPeng Plunged in March