Why XPeng (XPEV) Shares Fell Today

XPeng Inc - ADR XPEV shares traded lower after Barclays downgraded the stock from Equal-Weight to Underweight and lowered its price target from $8 to $6 following the company's first-quarter financial results Wednesday.

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So What Happened?

XPeng Wednesday reported quarterly losses of 37 cents per share which missed the analyst consensus estimate of a loss of 26 cents.

The company also reported quarterly sales of $587.31 million which missed the analyst consensus estimate of $741.07 million by 20.8%. This sales figure is a marked 50% decrease over sales of $1.18 billion the same period last year.

He Xiaopeng, Chairman and CEO of XPeng, said, "G6, the first production model built on XPENG's next-generation technology architecture SEPA2.0, will be officially launched in June 2023. I believe the G6 will emerge as...Read More

So What's Going On With COVID Cases?

Per a report by CNBC, COVID infections could reach as many as 65 million cases per week by the time the surge peaks at the end of June.

Respiratory disease specialist Zhong Nanshan shared data on the new wave of infections during a recent medical conference in Guangzhou, as reported by CNBC.

Per CNBC, Zhong Nanshan indicated that the wave, which commenced in late April, was expected, with his modeling suggesting a potential surge of around 40 million weekly infections in China. He further projected that by the end of June, the weekly number of infections would reach its peak at 65 million.

According to data from Benzinga Pro, XPEV has a 52-week high of $35.35 and a 52-week low of $6.18.