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XPeng Inc. American depositary shares each representing two Class A
Shares of Xpeng (NYSE: XPEV) , a Chinese electric vehicle (EV) company , are falling today just one day after its share price popped 27%. Today's drop might have come from investors reacting to a press release stating that the EV company led a $200 million investment into a fund that backs EVs and other start-ups.
Xpeng's share price was down by 9.4% as of 2:42 p.m. ET on Thursday.
Xpeng was the lead investor of the fund, called Rockets Capital, and said that it is being created to focus on "venture and growth stage investments in Smart EV industry value chain, clean energy, and frontier technology areas."