Shares of Xpeng (XPEV) Inc, the manufacturer and seller of smart electric vehicles in China, are facing a decline in pre-market trading today. The 4.08%rise at the time of closing is observed in yesterday’s open market but now the stock price is falling as the per-share price has dropped to $33.69 with a -5.10% loss on the last check. Let’s see what made the stock facing bearish sentiment.
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The stock became red in the premarket after the company reported that its February deliveries of electric vehicles dropped to 2,233 after the record 6,015 deliveries in January. The decline is mainly due to the Week-long Chinese New Year Holiday. The company made 1409 deliveries of its P7 smart sports sedans and 814 deliveries of its G3 smart compact SUVs.
The company also announced its annual vehicle delivery report which shows that the company recorded a 577% increase in its EVs deliveries year over year. The cumulative P7 deliveries reached 20,181 after its launch in mid-2020.
XPeng will likely launch its new P7 with lithium iron phosphate battery on March 3, 2021. This new version of P7 will cover the range of 480 kilometers.
Due to seasonal holidays in China, Xpeng is suffering bearish sentiment but the company’s management is optimistic that robust customer demand after the end of the holiday session will compensate for the company’s loss and stock will soar again soon. Also, the upcoming launch of P7 will attract investors to this stock.