Dear XPEV Stock Fans, Mark Your Calendars for Oct. 24

  • XPeng (XPEV) stock continues to struggle despite impressive technology.
  • XPeng has even demonstrated a flying car, which it hopes to have in service in five years.
  • Everything depends on President Xi Jinping and who sets policy underneath him.
XPEV stock - Dear XPEV Stock Fans, Mark Your Calendars for Oct. 24

Source: Koshiro K / Shutterstock

Xpeng (NASDAQ:XPEV) stock led Chinese auto stocks lower in New York overnight as it prepared for its annual 1024 Tech Day.

The fourth annual event starts at 8:00 p.m. Beijing time on Oct. 24, the company said in a post on Tencent’s (OTCMKTS:TCEHY) WeChat. The company plans to discuss advances in assisted driving, smart robotics and even flying cars.

XPeng opened Oct. 19 at about $8.18 per share, a market capitalization of $7.3 billion on what are expected to be fiscal 2023 sales of over $4 billion.

Did He Say Flying Cars?

XPeng demonstrated a flying car prototype in Dubai recently. It’s a two-passenger vehicle with gull-wing doors that can travel at 80 mph with an electric motor. The car-plane can fly at a height of 1,000 feet and has a range of a little over 40 miles per charge. The company believes it will have service available in five years. China’s government has predicted it will have flying taxis in 2025.

The demonstration was a distraction from news that XPeng’s sales fell in September to 8,498 vehicles, down 19% from a year ago. Sales of the flagship p7 model were down about 1,760 vehicles. This came despite a glowing review from Motor Trend magazine.

Shares have been falling all year. They’re now down 84% for 2022. They opened at $12.50 as recently as Sept. 29. Even the market purchase of 2.2 million shares by co-founder Xiaopeng He failed to turn things around.

The problem, as many analysts have written, isn’t XPeng, but China. Newly re-elected President Xi Jinping remains steadfast in his views even as the economy slows and the yuan continues to fall, now trading at 7.23 to the dollar. Investors are being told to watch the ongoing Chinese People’s Congress closely for any hint of market-oriented change, but so far markets there are continuing to fall.

What Happens Next for XPEV Stock?

Publicly, Xi is not for turning, and thus Chinese tech stocks like XPeng may continue to struggle. The question is what happens when rhetoric turns into policy after the meeting and who is on Xi’s team coming out of it.

On the date of publication, Dana Blankenhorn held no positions in any companies mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Dana Blankenhorn has been a financial and technology journalist since 1978. He is the author of Technology’s Big Bang: Yesterday, Today and Tomorrow with Moore’s Law, available at the Amazon Kindle store. Write him at, tweet him at @danablankenhorn, or subscribe to his Substack.

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