XPeng Inc. (XPEV), a leading Chinese electric vehicle (EV) manufacturer, witnessed a 5.07% pre-market plunge on Monday, reflecting broader concerns surrounding the Chinese EV industry.
According to the latest market reports, Chinese EV stocks traded in Hong Kong, including XPeng, experienced a selloff. This downturn was partly attributed to the Chinese government's announcement that new energy vehicles should account for at least 30% of government vehicle procurement, and 100% in urban areas.
While this policy aims to promote the adoption of electric vehicles, it may have raised concerns about the potential impact on the profitability and growth prospects of EV companies like XPeng. Investors may be reassessing the competitive landscape and evaluating the implications of increased government involvement in the EV market.
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