EGRNF - Why XPeng Stock Is Down Today
Shares of Chinese electric-vehicle maker XPeng (NYSE: XPEV) were trading lower on Wednesday after China's state planner told local governments to investigate a series of new-energy-vehicle-related construction projects linked to two major property developers.
As of 1 p.m. EST, Xpeng's shares were down by about 8.9% from Tuesday's closing price.
U.S. auto investors aren't the only ones rushing to get in on the booming market for new-energy vehicles in China. Prominent commercial-property developers Baoneng Group and China Evergrande Group (OTC: EGRNF) have both launched subsidiaries that aim to build and sell such vehicles -- and now, the Chinese government has some questions.
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Why XPeng Stock Is Down Today