What's Going On With Chinese EV Maker XPeng Stock Wednesday?

XPeng Inc. XPEV shares are trading lower on Wednesday.

In fact, shares of U.S.-listed Chinese companies are trading lower amid a possible selloff following yesterday’s strength after China’s Central Bank announced a new stimulus package.

The stimulus package provides for a cut to the reserve requirement ratio by 0.5 percentage points, drops the loan prime rate and deposit rates by 0.2 to 0.25 percentage points and lowers the seven-day reverse repurchase rate to 1.5%.

In addition, the central bank’s package cuts the minimum down-payment ratio to 15% for second time home buyers. The bank announced this plan as a way to combat the slowdown in China’s markets.

Also Read: XPeng Touches Production Milestone Of 500K EVs: Here’s How Many Electric Cars The Chinese Company Has Delivered

Meanwhile, XPeng has reportedly introduced a new version of its MPV (Multi-Purpose Vehicle), the X9, to broaden its customer base and boost sales.

Today, the Chinese electric vehicle (EV) manufacturer launched the X9 610 Max, starting at RMB 379,800 ($54,090), reported CnEV Post.

This new variant is RMB 20,000 pricier than the base X9 610 Pro, but it includes two LiDAR sensors for the XNGP driving feature.

In the first eight months of 2024, XPENG delivered 77,209 Smart EVs, a 17% increase from the same period last year.

Monthly deliveries of the X9 have consistently ranged between 1,000 and 2,000 over the past few months, with 1,450 units delivered in August, based on data gathered by CnEVPost.

Price Action: XPEV shares are trading lower by 1.73% to $10.52 at last check Wednesday.

Photo by Koshiro K on Shutterstock

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