Xpeng (NYSE:XPEV) stock is falling on Friday despite the electric vehicle (EV) company announcing plans to expand its operations to five new countries.
Xpeng is going to expand its business to include the United Arab Emirates (UAE), Egypt, Azerbaijan, Jordan and Lebanon. This is through a partnership with UAE-based Ali&Sons. That partnership covers its G6 and G9 SUV models as well as its P7 sedan.
In addition to this, Xpeng is building on its European expansion with plans to offer EVs in Italy. The company previously said it planned to expand to Europe with operations in Germany, the U.K. and France.
Alex Tang, General Manager of International Markets at Xpeng, said the following about the expansion to Electrek.
“The new markets we are announcing today are recognized globally as the nucleus for EV growth, which makes this the natural and forward-thinking next step in our expansion into the EMEA market. At XPENG, our ambition is to become a leading player in the smart EV sector. We are committed not only to developing products that address local customer needs but also to bringing leading technologies and high quality to global customers.”
XPEV Stock Movement on Friday
XPEV stock is falling on Friday even with its expansion plans. That comes alongside some 4.1 million shares changing hands. The company’s daily average trading volume is still above this at roughly 11.6 million shares.
The drop in XPEV stock likely has less to do with the company and more to do with the overall EV market. It isn’t performing well today, with many companies in the space experiencing downgrades from analysts. You can catch up on all of that news at the following links!
More EV Stock Market News for Friday
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
