Why XPeng Stock Is Trading Lower Today

XPeng Inc XPEV shares are trading lower Monday morning following a report indicating total vehicle sales in China were significantly lower month-over-month.

According to a Reuters report, total vehicle sales in China fell 11.7% in March after increasing 18.7% in February as lockdown measures in response to a COVID-19 surge prevented some people from shopping for cars.

XPeng is a smart electric vehicle company designing, developing, manufacturing and marketing smart electric vehicles in China.

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XPEV Price Action: XPeng has traded between $18.01 and $56.45 over a 52-week period.

The stock was down 8.46% at $24.89 at press time, according to data from Benzinga Pro.

Photo: courtesy of XPeng.