XPeng Inc. (XPEV) shares plunged 5.02% in overnight trading on Tuesday, underperforming the broader market decline as concerns mounted over China's economic outlook.
The electric vehicle maker's stock was caught in the selloff that saw Chinese American Depositary Receipts (ADRs) and exchange-traded funds (ETFs) tumbling overnight. The CHAU and YINN ETFs, which track Chinese stocks, both fell around 7%, while other high-profile names like Bilibili (BILI), Nio (NIO), PDD Holdings (PDD), and JD.com (JD) also suffered losses ranging from 2% to 6%.
The broader 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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