Xpeng has fallen a cumulative 64 percent so far this year in Hong Kong. Li Auto has fallen a cumulative 11 percent so far this year. Nio has fallen 11 percent since listing in Hong Kong on March 10.
Xpeng Motor's shares traded in Hong Kong fell to a new low since its listing there, as the company's guidance for the third quarter sparked investor concerns.
Xpeng was down 13.44 percent to HK$71.80 in Hong Kong at press time, its lowest point since listing on July 7, 2021.
The drop brought Xpeng's cumulative decline in Hong Kong so far this year to 64 percent.
Xpeng on Tuesday reported second-quarter revenue that beat expectations, but gave yet another discouraging guidance for the next quarter.
The company guided for third-quarter deliveries of 29,000 to 31,000 units, below the consensus estimate of 36,000 units. This represents year-on-year growth of about 13 percent to 20.8 percent.
Considering the company delivered 11,524 vehicles in July, the guidance implies cumulative deliveries for August and September are expected to be in the range of 17,476 to 19,476 vehicles.
"Even if we embed some degree of conservatism, this suggests further demand deterioration in Aug/Sep on a sequential basis," Edison Yu, an analyst at Deutsche Bank, said in a research note sent to investors on Tuesday.
This is largely due to greater than expected competitive pressure and deemphasis on lower-margin products, including Xpeng P5 and G3, Yu said.
Xpeng expects third-quarter revenue of RMB 6.8 billion to RMB 7.2 billion, implying year-on-year growth of 18.9 percent to 25.9 percent.
Xpeng's selloff comes at a time when Hong Kong stocks, as well as China's A-share market, are generally falling.
As of press time, Hong Kong's Hang Seng Index was down 1.34 percent and the Hang Seng Tech Index was down 2.58 percent.
Nio was down 4.38 percent in Hong Kong, while Li Auto was down 5.85 percent at press time.
Nio was listed in Hong Kong on March 10 and has accumulated an 11 percent drop so far.
Li Auto was listed in Hong Kong on August 12, 2021 and was down 4 percent cumulatively so far and down 11 percent year-to-date.
XPeng's weak Q3 outlook suggests further demand deterioration, says Deutsche Bank
