What's Going On With XPeng Stock On Friday?
Portfolio Pulse from Nabaparna Bhattacharya
XPeng Inc. (NYSE:XPEV) shares are trading lower in the premarket session on Friday due to concerns over new U.S. tariffs on Chinese EVs, which could increase costs and impede progress toward carbon neutrality. XPeng's co-President Brian Gu expressed these concerns while launching two new EV models in Hong Kong. Despite the current lack of direct impact on XPeng, the company is cautious about future market openness and global competition. XPeng is also expanding internationally to mitigate losses from fierce competition and decreasing demand in China.
May 17, 2024 | 1:06 pm
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XPeng Inc. shares are trading lower due to concerns over new U.S. tariffs on Chinese EVs, which could increase costs and affect market progress. The company is also expanding internationally to counteract domestic market challenges.
The news directly impacts XPeng as it highlights potential cost increases due to new U.S. tariffs on Chinese EVs. Although there is no immediate impact, the market is reacting to the potential future challenges. XPeng's international expansion efforts are also noted, but the primary focus is on the tariff concerns.
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