XPeng Inc. (XPEV) experienced a sharp pre-market plunge on Monday, shedding 5.1% in early trading. The electric vehicle maker's ADR was caught in a broad selloff of Chinese stocks, as concerns mounted over China's economic slowdown and policy uncertainty.
According to overnight trading data, several prominent Chinese ADRs suffered significant losses, with XPeng, JD.com, Li Auto, NIO, and Alibaba all declining by more than 3%. PDD Holdings was among the hardest hit, dropping over 22%.
The sell-off was fueled by reports that borrowing in China slowed in October, coupled with subdued investor confidence following Beijing's latest policy announcements. The data and policy developments raised fresh concerns about the pace of China's economic recovery and the potential impact on companies operating in the country.
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