NKLA - Why XPeng Stock Is Down Today
Shares of Chinese electric-vehicle maker XPeng (NYSE: XPEV) were trading lower Tuesday, as good November sales results weren't enough to offset the downward pull of the morning's broad sell-off of electric-vehicle stocks. As of 11:21 a.m. EST, XPeng's American depositary shares were down by about 6.9% from Monday's closing price.
Electric-vehicle companies have been on a tremendous bull run in recent months, but two developments on Monday -- a disappointing partnership deal for truck-maker Nikola (NASDAQ: NKLA) and a short-seller's scathing report on Kandi Technologies (NASDAQ: KNDI) -- may have spoiled auto investors ' appetites for the entire niche for the time being.
XPeng's stock was dragged along by the wave of selling despite strong company-specific news. The automaker said on Tuesday morning that it delivered 4,224 vehicles in November, up from 3,040 in October and an increase of 342% from a year ago. That result suggests that XPeng is on track to meet or outperform the upbeat fourth-quarter guidance it issued last month, in which it predicted about 10,000 deliveries in the quarter.
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Why XPeng Stock Is Down Today