XPeng's Norwegian Test Triumph Clashes with Investor Jitters Ahead of Crucial Dilution Vote
15.06.2026 - 01:36:56 | boerse-global.de
The disconnect between XPeng's operational achievements and its market reception has rarely been starker. While the Chinese electric-vehicle maker’s new X9 model just trounced Europe’s largest independent EV comparison test, the stock is hovering dangerously close to its 52-week low — and a pivotal shareholder vote next week threatens to make matters worse.
The seven-seat X9 dominated the NAF El Prix Summer 2026 held in Norway. It logged 646 kilometres of real-world range, beating the official WLTP figure by over 11%. The battery also charged from 10% to 80% in under 13 minutes. The result gives XPeng a powerful marketing lever as it targets Norway as its first European launch market for 2026. International sales already contributed a fifth of total revenue in the first quarter, offering some relief from the brutal price war that has mauled margins on home turf.
That turf war is bleeding into the bottom line. XPeng posted a first-quarter net loss of 1.78 billion renminbi, nearly tripling from 660 million renminbi a year earlier. Deliveries slumped by a third in the period. Management is banking on a sharp recovery: the company set a second-quarter delivery target of at least 100,000 vehicles — one source says as many as 106,000. But the numbers so far look daunting. In May, XPeng handed over roughly 32,100 cars, meaning June must deliver a furious sprint to meet the quarterly goal.
Should investors sell immediately? Or is it worth buying XPeng?
Investors are watching that delivery race with deep scepticism — and they have an even more immediate concern. On June 26, the annual general meeting will be held in Guangzhou. On the agenda: a request from management to authorise the issuance of up to 20% new A-shares. Such a move would heavily dilute existing holders. To add a twist, shareholders are also being asked to approve a buyback programme of up to 10% of shares — a combination that leaves many scratching their heads about net dilution.
The dilution anxiety has crushed sentiment. XPeng shares closed last Friday at €12.48, down nearly 29% since the start of the year. That puts the stock just a hair above its 52-week low of €12.16. The relative strength index has fallen to 34.5, signalling deeply oversold conditions. A technical bounce may be due, but the real catalyst — or risk — arrives with the vote.
If the AGM rejects the capital increase mandate, a heavy overhang lifts from the stock. If it passes, selling pressure could intensify. Meanwhile, the June delivery numbers will either validate the ambitious quarterly forecast or trigger another leg lower. XPeng holds its fate in both hands, but the two hands are pulling in opposite directions.
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