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Chinese electric vehicle maker XPeng Inc (NYSE:XPEV) was trading higher Monday after disclosing that its CEO had acquired over 2 million shares of the company. The stock had gained over 5% at one point in Monday’s premarket session.
CEO Xiaopeng bought 1 million H-shares at 27.13 Hong Kong dollars per share and 1.42 million American depositary shares at $7.02 each between August 21 and August 23, the Wall Street Journal reports.
The board quoted the CEO as saying that his move reflects his conviction in the company’s growth and prospects, and he plans to boost his exposure to the stock.
In August, XPeng reported a fiscal second-quarter topline growth of 60.2% year-on-year, to $1.12 billion, missing the analyst estimate of $1.13 billion.
The vehicle deliveries climbed 30.2% year-on-year to 30,207. The Volkswagen partnership helped drive the margins for the quarter. The net loss for the quarter halved to 1.28 billion Chinese Yuan ($0.18 billion), down from 2.80 billion Chinese Yuan a year ago.
The CEO had signaled its entry into a robust product cycle with the launch of MONA M03 in August.
Xpeng stock has plunged over 62% in the last 12 months as weak domestic demand and protectionist tariffs have damaged the industry.
Last week’s reports indicated that China expressed solidarity with the industry by attacking Europe’s import tariffs on the industry.
Price Action: XPEV stock traded higher by 3.71% to $7.27 premarket at the last check on Monday.
Image by Robert Way via Shutterstock
Posted In: XPEV
