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XPeng Inc – ADR XPEV shares are trading lower by 5.61% to $9.43 Tuesday afternoon. The stock is falling after the Guangzhou-based EV maker has cut the prices of its vehicle models by up to 12.5%.
Shares of Chinese companies at large are also trading lower after China’s GDP growth slowed in the fourth quarter.
What Happened?
Our Benzinga team reported, for 2022, the world’s second-largest economy recorded 3% growth in real terms, with output coming at $121.02 trillion yuan ($17.93 billion).
NBS noted that the economy continued to grow despite downward pressures and output hit a new high, and employment and prices remained stable.
The 3% growth trailed China’s official target of 5.5% growth for the year and marked a significant slowdown from the 8.1% rate recorded for 2021.
The annual rate of growth was the slowest since 2020 when GDP growth plunged to 2.2% amid the initial COVID-19 onset. Outside of 2020, the 2022 GDP growth was the slowest since 1976, a year that marked the end of the Cultural revolution, according to World Bank data…Read More
According to data from Benzinga Pro, XPEV has a 52-week high of $49.02 and a 52-week low of $6.18.
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Image and article originally from www.benzinga.com. Read the original article here.