XPeng has fallen more than 60 percent cumulatively over the past three months.
XPeng Motors shares traded in Hong Kong have taken another hit, as the Hong Kong stock market as a whole suffered a sell-off today.
At press time, XPeng was down 11.6 percent to HK$49.55, the first time it has fallen below HK$50 since its secondary listing in Hong Kong on July 7, 2021.
XPeng has fallen more than 60 percent cumulatively in the past three months.
XPeng's local peer NIO fell 8.23 percent to HK$129.40, while Li Auto dropped 8.55 percent to HK$94.65.
In the past three months, NIO has fallen 33 percent in Hong Kong, while Li Auto was down 40 percent.
The Hong Kong stock market as a whole plunged today, with the Hang Seng Index down 2.89 percent and the Hang Seng Tech Index down 3.37 percent at press time.
XPeng, which has significantly lagged behind its local peers, officially let its flagship SUV G9 hit the market earlier this month, but the model did not succeed in inspiring optimism among investors, instead confusing potential consumers with complicated configurations.
Two days after the G9 went on sale on September 21, XPeng made changes to the model's naming and pricing on September 23, a rare move in the Chinese EV industry.
Simplicity Holding, which is wholly owned by XPeng Chairman and CEO He Xiaopeng, purchased a total of 2.2 million American Depositary Shares (ADSs) of XPeng in the open market on September 23 at an average price of $13.58 per ADS, according to an announcement by XPeng on the Hong Kong Stock Exchange on Sunday, September 25.
This means that the XPeng CEO bought additional shares of XPeng at a cost of about $30 million.
XPeng's board believes the acquisition demonstrates Mr. He's confidence in the company's prospects and growth potential, as well as his long-term commitment to the company, the announcement said.
The company closed up 8.74 percent in Hong Kong on Monday, though it was essentially flat on Tuesday.
It is also worth noting that XPeng Aeroht's operating entity recently underwent a change in its business registration information and Mr. He is no longer the chairman of the XPeng flying car division.
For NIO, the Financial Times on Tuesday quoted William Li, the company's founder, chairman and CEO, as saying that Europe's energy crisis is slowing NIO's expansion in the region and that soaring energy costs are an obstacle to the company's rollout of battery swap stations there.
Li and NIO co-founder and president Qin Lihong are currently in Europe, where they will next launch the ET7, ET5 and ES7 at the NIO Berlin 2022 event on October 7, local time.
Li Auto announced on September 22 that it has moved up the launch of the Li L8 to September 30, instead of the original plan of early November.
The Li L8 is a mid to mid to large-size six-seat SUV priced within RMB 400,000 and will be available in two versions, Pro and Max, according to the company.
XPeng CEO boosts stake in EV maker after shares fall over 70% this year