China's Xpeng falls on concerns over price war; rivals slip

Wuling Motors Holdings

17/01/2023 08:18

** Hong Kong-listed shares of Chinese automaker Xpeng
 9868.HK  fall as much as 3.5% to HK$37.05, their lowest since
Dec 29, 2022 
    ** Stock is the second-biggest pct decliner in the Hang Seng
Tech Index  .HSTECH  and set for a second session of losses
    ** Xpeng on Tuesday announced price cuts for some models in
a notice on its official WeChat account, following similar moves
by Tesla  TSLA.O  and Seres  601127.SS  and fuelling
expectations of a wider price war  urn:newsml:reuters.com:*:nL1N3420B7
    ** The Guangdong-based automaker lowered the starting prices
for its best-selling pure electric P7 sedan to 209,900 yuan
($31,015), 12.5% lower than its previous level, and slashed
prices for all versions of P5 sedan and G3i sports-utility
vehicles by between 10% and 13%
    ** Hong Kong shares of NIO Inc  9866.HK , BYD Co  1211.HK ,
Geely Auto  0175.HK  and Wuling Motors  0305.HK  slip between
1.1% and 2.3%
    ** The Hang Seng Tech Index  .HSTECH  slips 0.3%, the Hang
Seng Composite Index  .HSCI  and the Hang Seng Index  .HSI  both
fall 1%
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))