XPeng Inc XPEV shares are trading lower Wednesday.
What’s Going On: Several Chinese names are falling ahead of the Federal Reserve’s decision on rates. The central bank is widely expected to raise the benchmark rate 0.75% for the third time in a row.
Putin on Wednesday announced Russia’s first mobilization since World War II and said he’s not bluffing when it comes to using nuclear weapons to defend Russia. Putin has met with Chinese counterpart Xi Jinping in recent weeks. Russia on Monday called the development of its strategic partnershipwith China an “unconditional priority.”
What Else Is Happening: Weakness in Chinese stocks may also be due to U.S. lawmakers urging the Biden administration to blacklist Chinese semiconductor company Yangtze Memory Technologies for allegedly violating export controls. The company reportedly violated the U.S. Foreign Direct Product Rule that prohibits companies from supplying Huawei with American-made technology.
XPeng also revealed pricing and specifications for its G9 SUV on Wednesday. The company said there will be three series of the G9 with different driving ranges and six configurations in total.
“We believe it will become the new benchmark for smart EVs, representing the last step before the realization of truly autonomous vehicles,” said He Xiaopeng, CEO and chairman of XPeng.
See Also: Chinese Stocks Rocked Ahead of Fed’s Interest Rate Decision: What’s Going On?
XPEV Price Action: XPeng has a 52-week high of $51.50 and a 52-week low of $14.29.
The stock was down 10.6% at $14.25 Wednesday afternoon.
Photo: courtesy of XPeng.
Image and article originally from www.benzinga.com. Read the original article here.