XPEV Stock Price Prediction: Continuing to drop as EV companies pullback on a big Apple announcement

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.

Stocks Reporter FXStreet

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.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.