XPeng‘s US-listed shares fell to a 19-month low of $11.49 in early trading on Thursday, extending a decline that has accelerated sharply since early June.
The stock traded at its lowest intraday level in 588 days, a decline of around 59.0% from its 52-week high of $28.24reached in late October 2025.
The company’s share performance in the New York Stock Exchange has been volatile throughout the year.
XPeng closed the first session of the year, on January 2, at $20.42.
At $11.49 the stock was down 43.7% for the year and sitting at the bottom of its 52-week range.
Year-to-date losses stand at 42.5%.
The company’s stock is approaching its lowest value less than two weeks before it reports its second quarter earnings results — scheduled for August 24.
As of press time, XPeng‘s shares had recovered to trade just 0.7% lower at $11.66.
BlackRock Slashes XPeng Exposure
The world’s largest asset manager reduced its XPeng position by 23.5% during the second quarter, selling approximately 684,000 American depositary shares to close the period with 2.228 million.
The cut followed three consecutive quarters of increases.
BlackRock’s retreat from XPeng mirrored a broader shift away from Chinese EV exposure during the quarter.
BlackRock also cut its Nio position by 11.8% to 9,461,793 ADS, ending two quarters of increases.
Both holdings are American depositary shares rather than ordinary shares, and each XPeng ADS represents two Class A ordinary shares.
Most of BlackRock’s holdings sit in index and exchange-traded vehicles, so quarter-to-quarter changes track benchmark weightings, fund flows and each company’s own share issuance rather than an investment view.
The clearest illustration is Rivian, where BlackRock’s share count rose 4.54% to 56,419,011 — but Rivian issued about 82.4 million new Class A shares during the quarter, so the holding grew more slowly than the company did and BlackRock’s stake fell to roughly 4.21% from 4.30%.
Lucid ran the other way with a 94.3% increase to 12,174,275 shares against 19.4% share issuance lifted BlackRock’s stake to about 3.09% from 1.90%.
Any comparison with quarters before September 2025 requires adjusting for Lucid’s 1-for-10 reverse split, which took effect on August 29 of that year.
UBS Adds to Position
UBS moved in the opposite direction during the same quarter, adding approximately 1.18 million shares to bring its XPeng equity position to 5,580,085 ADS as of June 30, according to its own 13F filing published on Thursday.
The increase of 27.0% lifted the Swiss bank to the sixth-largest holder among managers that have filed second-quarter reports, with a stake valued at approximately $73.9 million at quarter-end.
The addition, however, does not reverse a longer-term retreat.
UBS held 7.4 million XPeng shares at the end of Q1 2025 — meaning the current position is still 25% below that level and about 46% below the record of approximately 10.3 million shares set at the end of Q3 2025.
The value of the holding has dropped even more sharply, falling 52.0% from $153.8 million in early 2025, reflecting both the smaller share count and the stock’s decline.
Several institutional shareholders had yet to file their quarterly portfolios with the SEC as of Thursday.
Domestic Deliveries Disappoint
XPeng‘s domestic deliveries continue to fall short of ambitions, despite the company’s aggressive full-year target of 550,000 to 600,000 vehicles.
The Guangzhou automaker delivered 38,027 vehicles globally in July, a 5.2% decline from June’s 40,126 units — the strongest month of 2026.
Through the first seven months, cumulative deliveries reached 204,004, a 12.8% decline from the 233,906 units delivered over the same period of 2025.
The gap between XPeng‘s trajectory and its guidance is widening.
Reaching the low end of the 550,000-unit target requires delivering around 346,000 more vehicles across the final five months of the year, or an average of approximately 69,200 per month — a level the company has never approached.
The target compares with the 429,445 vehicles XPeng delivered in 2025.
At the same time, the automaker’s overseas push has accelerated sharply.
XPeng shipped a record 9,700 vehicles and kits in July, a 223.3% increase year-on-year, according to CPCA data.
Exports accounted for 25.5% of total wholesale volume during the month, the highest share in the company’s history and up from approximately 10% for the full year 2025.
Through July, XPeng had exported an estimated 41,299 vehicles, approaching the 45,008 units shipped during all of 2025 with five months remaining.
The export growth, however, has not offset domestic weakness.
Excluding overseas shipments, domestic deliveries fell an estimated 24.7% year-on-year during the first half of 2026 to 134,378 vehicles. Seven of ten model lines posted month-on-month declines in July.
New Models Aim to Lift H2
XPeng is betting on three recently launched models to reverse the trend in the second half.
The GX flagship SUV, the most expensive vehicle in the lineup, moved 7,140 units in July, its second full month of deliveries, making it XPeng‘s second-best seller behind the Mona M03 sedan.
The model generated over $300 million in estimated revenue during the month.
The Mona L03 compact SUV — which the company launched globally on July 16 at a brand event in Munich — recorded 2,884 wholesale units during its first partial month of availability in China.
Mass deliveries are scheduled for August, meaning July captures only a fraction of initial demand.
The L03 had accumulated more than 50,000 non-cancellable orders before deliveries began, according to Deutsche Bank’s dealer checks.
The bank expects the model to average approximately 15,000 monthly deliveries in 2026, with full-year volume reaching around 150,000 units in 2027.
XPeng also unveiled the G9L, a large five-seat SUV positioned above the existing G9, ahead of an overseas launch.
Combined, the GX, L03 and G9L are intended to broaden XPeng‘s lineup beyond its dependence on the entry-level Mona M03 sedan, which delivered 175,689 units in 2025 — about 41% of the company’s full-year volume.
M03 wholesale fell 27.0% month-on-month in July to 10,357 units, a decline partly attributed to internal cannibalization from the similarly priced L03.
