On June 23, XPeng fell 5.32% overnight, trading at $12.64/share with turnover of $1.3939 million, extending its recent losing streak and hitting a new year-to-date low.

The decline was driven by persistent weakness in China's auto sector and market sentiment disruption from unverified rumors. Data shows domestic auto sales fell 20.6% year-over-year for January through May, while May single-month auto retail sales dropped 16.1% YoY. Intensifying price wars coupled with rising costs continue to squeeze profit margins across the industry. Major international investment banks including Citi and JPMorgan have recently cut target prices for multiple automakers.

Additionally, social media rumors claiming that L3/L4 autonomous driving standards would mandate lidar sensors rattled investors. Although XPeng's vice president publicly debunked the claims — confirming that the relevant national standard document does not even mention the word lidar and adopts a results-oriented approach leaving technical implementation to companies — market sentiment remained negatively affected.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)