XPeng Inc. (XPEV) shares plummeted 6.44% in pre-market trading on Tuesday, caught in a broader selloff of Chinese stocks amid lingering concerns over the nation's economic growth prospects.
The electric vehicle maker's stock was among the biggest decliners in the pre-market session, as Chinese American Depositary Receipts (ADRs) and exchange-traded funds (ETFs) tumbled overnight. The CHAU and YINN ETFs, which track Chinese stocks, fell around 7%, while other high-profile names like Bilibili, Nio, PDD Holdings, and JD.com also suffered losses ranging from 2% to 6%.
The retreat in Chinese equities followed a sharp rally in the previous session, fueled by expectations of looser monetary policy to support the nation's economic growth. However, lingering concerns over the slowdown in China's economy appeared to weigh on investor sentiment, leading to profit-taking in the overnight session.
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