XPeng Inc., the Chinese electric vehicle maker, saw its stock plummet by 5.15% on Tuesday morning, amid broader market concerns over escalating tensions between Russia and Ukraine. The decline came despite the company's upbeat forecast for the fourth quarter, which was driven by improving demand and new product launches.
The stock's decline seemed to be driven primarily by risk-off sentiment in the broader market, as investors rushed to safe-haven assets due to fears of a potential military conflict between Russia and Ukraine. According to reports, Russian President Vladimir Putin issued a warning to the United States, lowering the threshold for a nuclear strike just days after the Biden administration reportedly allowed Ukraine to fire American missiles deep into Russia.
Despite the geopolitical concerns weighing on the broader market, XPeng reported encouraging results for the third quarter and provided an optimistic outlook for the fourth quarter. The company forecast fourth-quarter revenue between 15.3 billion yuan and 16.2 billion yuan, above Wall Street estimates, driven by strong demand for its MONA M03 mid-sized sedan and the recent launch of its P7+ executive sedan.
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