XPeng shares closed on Monday at a fresh two-year low in Hong Kong, extending a slide that has cut the stock’s value by 54% in 2026 amid an increasing focus towards robotics and robotaxis.
The year has been marked by demand pressure, falling vehicle margins and analyst downgrades, and despite a record delivery quarter and a $6.3 billion valuation for its robotics unit.
The Hong Kong shares closed at HK$36.28 ($4.62), down 0.2% on a day when the Hang Seng Index rose 0.3%, and their lowest close since September 19, 2024. They fell as low as HK$35.64 during the session.
XPeng‘s US-listed shares traded at $9.42 (up 1.8%) on the New York Stock Exchange as of press time. Friday’s close was its lowest since September 18, 2024.
The Hong Kong shares are 54% lower than at the end of 2025, and the New York shares are down by about the same amount at Monday’s price, while the Hang Seng is down 6.2% over the same period.
The stock has lost two thirds of its value since closing at $28.07 in New York and HK$108.50 ($13.83) in Hong Kong on November 11, 2025.
From a Three-Year High
That peak followed XPeng’s AI Day in November 2025, where it presented its Iron humanoid robot and robotaxi plans, and came as the stock overtook Geely Auto by market value.
The reversal began with deliveries.
XPeng delivered 20,011 vehicles in January, down 34% from a year earlier, and its shares fell to a nine-month low on February 2.
February brought 15,256 deliveries, the fewest since August 2024.
The company then guided first-quarter deliveries to 61,000 to 66,000, about a third below the year before, and the shares fell 8.4% in New York on March 20.
First-quarter results in May showed a net loss of 1.78 billion yuan ($265.6 million), against a profit in the previous quarter, with revenue 6.6% below consensus.
A Rally That Did Not Hold
The launch of the GX, a large SUV, on May 20 gave the stock its best stretch of the year.
XPeng said it took 24,863 firm orders in the first 12 hours, and the shares closed 6.2% higher on May 26 after Deutsche Bank estimated May orders at about 50,000.
“Kickstarted by the successful launch of the GX, XPeng will deliver four new models this year, positioning us for a robust sales growth trajectory,” Founder and CEO He Xiaopeng said with the first-quarter results.
The gains were gone within weeks.
The New York shares fell from $17.89 on June 2 to $12.09 on June 26, hitting a 16-month low along the way as deliveries for the first five months ran 22.6% below 2025.
The August Results
The sharpest single-day falls of the year came after second-quarter results on August 24.
Revenue of 19.74 billion yuan ($2.9 billion) missed the consensus of 20.57 billion yuan, and the net loss nearly tripled from a year earlier to 1.34 billion yuan ($199.9 million), though it narrowed from the first quarter.
Vehicle margin fell to 12.1% from 14.3% a year earlier.
Services, at 13.7% of revenue, produced 49.6% of gross profit.
The third-quarter revenue forecast of 21.7 billion to 23.4 billion yuan was about 15% below the 26.61 billion yuan analysts had expected at its midpoint.
The shares fell 8.5% in New York that day and 9.2% in Hong Kong the next.
The drop came even though XPeng announced on the same day that its robotics unit had raised more than $900 million at a valuation above $6.3 billion.
“We will accelerate our progress towards the ‘ChatGPT’ moment for physical AI,” He said.
Vice Chairman and President Brian Gu said operations “remained resilient despite industry-wide cost pressures.” Since the close before those results, the New York shares have fallen a further 24%.
Analysts Turn
Brokers have cut their targets since August, though most kept positive ratings.
Barclays, Bernstein, Macquarie and Goldman Sachs all lowered their price targets the day after the results.
UBS started coverage at Neutral on September 9 with a Hong Kong target of HK$47 ($5.99).
“The journey towards mass commercialisation and monetisation still looks long and uncertain,” UBS analyst Paul Gong wrote of the robotics business.
Morgan Stanley cut its target to HK$70 from HK$96 on September 15 while keeping an Overweight rating, citing falling deliveries and competition.
The shares fell to their lowest since October 2024 that day, and they have continued to slide.
JPMorgan downgraded XPeng to Neutral from Overweight on September 29 and lowered its target on the New York shares to $11.50 from $24.
The stock fell 4.8% in New York that day and 4.1% in Hong Kong.
Some large holders reduced their positions earlier in the year, with BlackRock cutting its stake by 23.5% in the second quarter.
The Founder Bought
He Xiaopeng has bought XPeng shares on the open market three times since 2022, each time after a steep fall, and has disclosed no purchase during this year’s decline.
He bought 2.2 million American depositary shares in September 2022 at an average of $13.58, about $30 million in total, after the stock had lost more than 60% in three months.
In August 2024, with the shares near their record low, he bought 1 million Hong Kong shares at an average of HK$27.13 ($3.46) and 1,419,922 depositary shares at an average of $7.02, a combined $13.5 million.
XPeng said at the time that he planned to increase his holdings further.
The largest purchase came on August 20 and 21, 2025, when he bought 3.1 million Hong Kong shares at an average of HK$80.49 ($10.26), or about HK$249.5 million ($31.8 million), taking his stake to about 18.9%.
The board said that purchase showed “the strong confidence of Mr. He towards the prospects and growth potential of the Company.”
At Friday’s close, those 2025 shares were worth 54.8% less than he paid.
The 2024 purchases remain above cost, by 34.0% in Hong Kong and 31.8% in New York, while the 2022 shares are 31.9% below it.
XPeng itself has not bought back stock.
Shareholders approved a mandate at the annual meeting on June 26 allowing the company to repurchase up to 10% of its issued shares, a standard authorisation for Hong Kong-listed companies.
The directors said in the meeting circular that they had “no immediate plans to repurchase any shares.”
XPeng held 40.48 billion yuan ($6.0 billion) in cash at the end of June.
Not Rewarded
The decline has continued through news that would normally support a carmaker’s shares.
XPeng delivered a record 118,390 vehicles in the third quarter, inside its guidance range, and 41,256 in September, its best month of the year.
The New York shares fell 1.5% on October 1, the day of that release, and lost 15.8% over September.
Nine-month deliveries of 284,367 remain 9.2% below last year.
XPeng has launched three SUVs since May, the GX, the Mona L03 and the G9L, and began producing the Iron robot in September.
It is also looking to sell its technology to foreign carmakers beyond Volkswagen.
The Q4 Test
The next test is the target He set in August.
“We believe XPeng deliveries to increase significantly in the fourth quarter, with monthly deliveries targeting more than 60,000 units,” he said.
That is about 45% above September’s level and would lift fourth-quarter deliveries by about 55% from a year earlier.
A 2026 target of 550,000 to 600,000 vehicles, reported in January from an internal meeting, would require 265,633 deliveries in the quarter, or about 88,500 a month.
The company will hold the global launch of the G9L at the Paris Motor Show, which opens on October 12, and plans to launch the Mona L05 in China before the end of the year.
XPeng has not announced a date for its third-quarter results.
