JP Morgan Chase slashed its stake in the Chinese automaker XPeng by selling 3,305,155 shares in the first quarter, the latest quarterly portfolio update showed.
The U.S. bank closed the first quarter of the year with 1.29 million shares, down from a record stake of nearly 4.6 million at the end of 2024 — a position that had surged more than twelvefold (1,138%).
JP Morgan opened a position in the XPeng in late 2020 with an initial stake of 3,719,321 shares — the second-largest number of shares it ever held in the automaker. Since then, the firm has reduced its position.
The asset manager disclosed on the same filing that it nearly exited its position in the premium Chinese EV maker Nio — it slashed its stake by 95.3% in the first quarter, selling 3,799,160 shares.
In Geely-backed Polestar, the bank reduced its stake by nearly 25% to 874,991 shares. Meanwhile, in Zeekr — where it opened a position in the previous quarter — it increased its holdings ninefold to 47,134 shares.
Regarding U.S. EV makers, JP Morgan held nearly 39.42 million Tesla shares by the end of March, up 9.5% from the end of 2024. Its Lucid stake was slightly increased by 2% to 697,911 shares.
The bank increased its holdings in Rivian by 33%, holding over 1.18 million shares.
XPeng’s institutional ownership peaked in late 2021, with over 260 million shares held collectively. By the end of the first quarter, that figure had declined by 100 million, bringing the total down to 160 million shares.
Data from Nasdaq shows that XPeng has 243 institutional shareholders as of Monday, holding over 155.5 million shares. The three largest institutional investors at the end of March were Alibaba Group, TMT General Partner, and Primecap Management.
Alibaba slightly reduced its position during the first quarter, trimming its holdings by 8.13% to 34.87 million shares. In contrast, TMT General Partner significantly increased its stake by 88.24%, reaching nearly 32.73 million shares.
The company expects to deliver between 102,000 and 108,000 vehicles in the second quarter. XPeng projects second quarter revenue to rise between 115% and 130%, reaching between 17.5 billion and 18.7 billion yuan.
Morgan Stanley, its fourth-largest institutional shareholder with 10.75 million shares, reaffirmed its $26 price target and Overweight rating on the stock.
