XPeng Inc - ADR XPEV shares are trading lower by 13.7% to $20.20 Monday morning after UBS downgraded the stock from Buy to Neutral. Shares rallied some 57% last week after the company announced its entry into a strategic partnership with the Volkswagen Group.
What Happened?
The Volkswagen Group will purchase 4.99% of XPENG's outstanding shares at $15 per American depositary share, for a total consideration of approximately $700 million.
XPeng and the Volkswagen Group will jointly develop two B-class battery electric vehicles (BEV) for sale in China under the Volkswagen brand. These models will leverage XPeng's G9 platform and Connectivity and ADAS software, with production expected to commence in 2026...Read More
According to data from Benzinga Pro, XPEV has a 52-week high of $25.91 and a 52-week low of $6.18.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
