What’s new: The share price of Chinese electric-vehicle (EV) maker XPeng Inc. has continued to fall after it posted disappointing sales for October.
Xpeng’s share price slipped 1.28% to HK$27.10 ($3.50) apiece on Tuesday.
The EV unicorn delivered 5,101 vehicles in October, down 49.7% from a year earlier and a 39.8% decline from the previous month, according to a company statement.
The sales figure was around half that of rivals Nio Inc. and Li Auto Inc. which both said they shipped more than 10,000 cars in October, even though both saw sales slip.
The context: XPeng’s sales fell 23% year-on-year in September as rivals grabbed more market share amid ever-fiercer competition. Its Hong Kong stock price has plunged 72.4% over the past three months.
Nio and Li Auto, two other privately-owned EV startups, saw vehicle deliveries drop 7.5% and 12.8% month-on-month, respectively.
Traditional carmakers have been catching up in the EV and hybrid vehicle space as they reach into their deep pockets to boost investment. Last month, GAC Aion, a subsidiary of state-owned carmaker Guangzhou Automobile Group Co. Ltd., delivered 30,063 vehicles, up 134% year-on-year and a 0.16% increase from the previous month.
Related: China’s Electric Car Upstarts Face a Crucial Earnings Season
Contact reporter Guo Yingzhe (yingzheguo@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
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