Hong Kong stocks fall as Xpeng leads EV stocks lower

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Asia Pacific

Hong Kong stocks fall as Xpeng leads EV stocks lower

Hong Kong stocks are leading declines in the Asia-Pacific region after electric vehicle firm Xpeng reported its quarterly earnings on Wednesday. Xpeng is falling 4.21% leading all electric-vehicle stocks lower in Asia, as it reported an operating loss of $530M during the quarter ended September. The company also reported an increase in quarterly revenue of 25%....so why is it leading all EV stocks lower? Well, Xpeng is often considered a keyrival to Tesla in China, and we are seeing some of its peers in China fall as well - Nio, Li Auto, and BYD are all falling between 1% and 4% right now.