What's Going On With XPeng Stock Wednesday?

XPeng Inc.  XPEV shares fell on Wednesday, after the company announced a management change. It also got a price target boost.

What To Know: XPeng announced that Liyun Li, Senior Director of XPeng's autonomous driving team, will assume the position of Xinzhou Wu as Vice President of Autonomous Driving following Wu's resignation.

He Xiaopeng, Chairman and CEO of XPeng, commented, "On behalf of the Company's management team, we would like to extend our appreciation and gratitude to Dr. Wu for his significant contribution to XPeng's leading position in autonomous driving technology and wish him all the best in his future personal and career endeavors."

Also, on Wednesday, Citigroup analyst Jeff Chung maintained XPeng with a Sell and raised the price target from $6.28 to $15.

The news follows the report on Tuesday of the company's July deliveries. XPeng delivered 11,008 EVs in July, a 28% increase over the prior month.

Related Link: Why Unity Software Stock Is Falling Today

XPEV Price Action: Shares of XPEV fell 6.08% to $18.63 at the close Wednesday, according to Benzinga Pro.

Image by Arek Socha from Pixabay