XPEV - XPeng falls for third straight day after autonomous driving exec resigns

2023-08-02 11:01:17 ET

XPeng ( NYSE: XPEV ) swung lower in Wednesday trading after the Chinese electric vehicle maker announced that Dr. Xinzhou Wu, Vice President of Autonomous Driving, has tendered his resignation for personal and family reasons.

Dr. Liyun Li, Senior Director of XPENG's autonomous driving team, will assume Dr. Wu's responsibility. Dr. Li was noted to have been a leader of the XNGP project team and been in preparation for the transition for a long period of time.

"Looking forward, we will remain fully committed to our clear roadmap for the full-stack in-house developed autonomous driving technology and our strategic partnership with the Volkswagen Group," stated XPeng ( XPEV ) CEO He Xiaopeng. The exec said he will continue to personally lead the autonomous driving team and strengthen the company's leadership in Smart EV technologies.

Shares of XPEV were down 5.91% at 10:58 a.m. on Wednesday, which was a worse drop than other Chinese EV peers. The stock is down 15% for the week after the July deliveries report disappointed investors.

More on XPeng:

• XPeng: Volkswagen Partnership Is A Game Changer (Rating Upgrade)
• XPeng: Positive Volkswagen Signals
• XPeng: Time To Sell

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