Why XPeng Shares Are Getting Obliterated Again Today

XPeng Inc - ADR XPEV shares are trading lower by 9.70% to $8.24 on continued downward momentum amid a market wide selloff during Friday's session. Shares of several Chinese companies at large are trading lower again Friday as investors assess greater-than-expected U.S. September CPI data, China's zero-Covid policy and the recently-announced US high-end chip export restrictions to China.

What's Happening?

Shares in top Chinese chipmakers shed $7.7 billion in market value on October 10 alone, as new U.S export controls restricted the sale of semiconductors made with U.S. technology unless vendors obtain an export license.

The controls also barred U.S. citizens or entities from working with Chinese chipmakers without explicit approval and limited the export of manufacturing tools that would allow China to develop...Read More

See Also: September Inflation Runs Hot At 8.2%, Sending Stocks Spiraling Lower: What You Need To Know