XPeng shares near record selloff to snap 5-day win streak

The U.S.-listed shares of XPeng Inc. plunged Friday, as price cuts by Tesla Inc. in China soured sentiment toward China-based electric vehicle makers.

The stock
XPEV,
-15.76%

was down as much as 17.2% at its intraday low of $9.85, before recovering slightly to be down 14.5% in midday trading. It was still in range of breaking its record drop of 15.1% on March 24, 2021.

The selloff follows Tesla’s disclosure that it had cut prices…

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