Xpeng Inc – ADR (NYSE:XPEV) shares are trading lower by 3.54% to $23.43 Monday afternoon. Shares of Chinese companies at large are trading lower after Chinese factory and retail sales data missed estimates, which has caused concerns of an economic slowdown. China’s central bank cut key rates following the data.
What Happened?
Industrial production grew by 3.8%, slightly lower than the 3.9% figure in June. Retail sales rose 2.7% in July compared with the same period in 2021, below the 5% growth forecast, per CNBC.
China’s central bank has also unexpectedly slashed a key policy interest rate for the first time since January, per Bloomberg. The People’s Bank of China reduced the rate on its one-year policy loans by 10 basis points to 2.75% on Monday.
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According to data from Benzinga Pro, XPeng has a 52-week high of $56.45 and a 52-week low of $18.01.
