XPeng (XPEV) shares saw a rise on Monday after the electric vehicle manufacturer announced that CEO Xiaopeng He had purchased over 2 million of the company’s shares. The move comes amidst a challenging year for XPeng, with its stock down nearly 50% in 2024.
According to XPeng, He acquired 1 million H-shares on the Hong Kong Stock Exchange at an average price of 27.13 Hong Kong dollars ($3.48), and 1.42 million American depositary shares (ADSs) at an average price of $7.02 between August 21 and August 23. He has also indicated plans to increase his shareholding further.
The stock purchase follows XPeng’s recent earnings report, which revealed weaker-than-expected revenue but a smaller loss than anticipated, partly due to a strategic partnership with Volkswagen. This collaboration focuses on co-developing electrical and electronic architecture for Volkswagen vehicles manufactured in China.
While XPeng’s ADRs experienced a 7% boost in morning trading on Monday, they remain significantly down for the year.
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