HK Stock Market Move | XPENG-W(09868) continues to fall by more than 3%, with a 34.07% year-on-year decrease in new car deliveries in January.

XPENG-W (09868) continued to fall by over 3%, as of the time of writing, it has fallen by 3.07%, to HK$64.75, with a turnover of HK$5.28 billion. On the news front, according to Xiaopeng Motors' announcement on February 1st, the company delivered 20,011 new cars in January, a year-on-year decrease of 34.07% and a month-on-month decrease of 46.65%. BOCOM INTL believes that the first quarter of 2026 was affected by the double impact of the seasonal off-season and the previous consumption overspending, resulting in a flat overall performance. Despite the extension of the old-for-new policy providing support to early-year expectations, consumer wait-and-see sentiment intensified. Consumers tended to wait for local subsidy details to be implemented, leading to a delay in the release of some early-year car purchasing demand.