XPEV Stock Price Prediction: Continuing to drop as EV companies pullback on a big Apple announcement
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UPGRADE- NYSE:XPEV slashed by 4.09% as broader markets remain unsettled.
- XPEV officially delivers its first vehicles to Norway as it kicks off its European expansion.
- A big announcement from Apple has given EV investors pause.
NYSE:XPEV has ridden the wave of the red-hot electric vehicle sector this year, but the recent pullback has investors wondering how much higher the ceiling really is. On Tuesday, XPEV fell another 4.09% as much of its electric vehicle competitors also closed the day in the red. The Chinese automaker has still returned investors over 120% during the past 52-weeks, but the stock remains down nearly 40% from its 52-week high price of $74.49 from just under a month ago.
One of the major catalysts for the electric vehicle’s downturn today was the announcement on Monday that Apple (NASDAQ:AAPL) has plans to get into the electric car business by 2024. The report from the largest company in the world saw other industry leaders like Tesla (NASDAQ:TSLA), NIO (NYSE:NIO), Xpeng, and Li Auto (NASDAQ:LI) all fall significantly on Tuesday. Apple is the absolutely last company in the world that any industry wants to see invade, so the shocking announcement could put a bit of a cap on the electric vehicle stocks for the near future.
XPeng stock price news
Xpeng also announced that it has officially delivered its first vehicles to the European continent for the Scandinavian country of Norway. While another Chinese company Aiways has already delivered and sold their electric vehicles to Europe in 2019, Xpeng’s entry is a significant milestone for the publicly traded firm. Xpeng did manage to beat out Chinese rival NIO who is planning to deliver its first shipment of vehicles in the second half of 2021.
- NYSE:XPEV slashed by 4.09% as broader markets remain unsettled.
- XPEV officially delivers its first vehicles to Norway as it kicks off its European expansion.
- A big announcement from Apple has given EV investors pause.
NYSE:XPEV has ridden the wave of the red-hot electric vehicle sector this year, but the recent pullback has investors wondering how much higher the ceiling really is. On Tuesday, XPEV fell another 4.09% as much of its electric vehicle competitors also closed the day in the red. The Chinese automaker has still returned investors over 120% during the past 52-weeks, but the stock remains down nearly 40% from its 52-week high price of $74.49 from just under a month ago.
One of the major catalysts for the electric vehicle’s downturn today was the announcement on Monday that Apple (NASDAQ:AAPL) has plans to get into the electric car business by 2024. The report from the largest company in the world saw other industry leaders like Tesla (NASDAQ:TSLA), NIO (NYSE:NIO), Xpeng, and Li Auto (NASDAQ:LI) all fall significantly on Tuesday. Apple is the absolutely last company in the world that any industry wants to see invade, so the shocking announcement could put a bit of a cap on the electric vehicle stocks for the near future.
XPeng stock price news
Xpeng also announced that it has officially delivered its first vehicles to the European continent for the Scandinavian country of Norway. While another Chinese company Aiways has already delivered and sold their electric vehicles to Europe in 2019, Xpeng’s entry is a significant milestone for the publicly traded firm. Xpeng did manage to beat out Chinese rival NIO who is planning to deliver its first shipment of vehicles in the second half of 2021.
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