Why XPeng Stock Tanked on Tuesday
XPeng (NYSE: XPEV) stock crashed on Tuesday as the market reacted sharply to the China-based electric vehicle (EV) maker's second-quarter numbers. XPeng shares were down 10% as of 1 p.m. ET after having fallen by as much as 13.5% earlier in the day.
High costs are eating into XPeng's bottom line, and its bummer guidance has spurred fears of decelerating growth among investors.
XPeng delivered 34,422 EVs in the second quarter, up almost 98% year over year. That sounds great, but there are two things worth noting here.
Source Fool.com
