Despite 2024 being marked by insider sales from notable S&P 500 companies, with electric vehicle (EV) makers not being an exception, XPeng (NYSE: XPEV) CEO recently bought $13.2 million of XPEV shares.
Namely, on August 26, XPeng’s CEO and co-founder, He Xiaopeng, purchased $13.2 million of XPEV shares, increasing his stake to 18.8% of the overall shares available.
The purchase comprised 1 million Class A shares in Hong Kong at an average price of HK$27.13 ($3.48) and 1.42 million American depositary shares (ADS) at an average price of $7.02, which Xiaopeng-owned entity Galaxy Dynasty Limited bought.
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XPEV stock price chart
Xiaopeng’s purchase of XPEV stock comes after it closed trading at $7.01 after adding 1.45% in the latest trading session, with gains of 4.99% potentially spurred by the news of the CEO’s purchase showing in the pre-market.
Despite this, XPEV shares recorded a negative 50.07% year-to-date (YTD) performance, falling from a $14.04 valuation on January 2 to the latest closing price just above $7.
XPeng recently reported its Q2 earnings
On August 20, XPeng reported Q2 earnings, revealing mixed results, which became customary for EV producers in 2024.
Adjusted earnings-per-share came at RMB 0.65 (-$0.091) compared to an estimated RMB 1.70 (-$0.24). Revenue posted a miss on expectations, with a reported RMB 8.11 billion ($113.9 million) less than the expected RMB 8.19 billion ($115 million), which represents an increase of 60.2% from the same quarter in 2023.
Delivered vehicles also recorded a noticeable uptick from Q2 in the previous year, with 30,207 units, translating into a 30.2% year-over-year increase.
XPeng announced that the Mona MO3, its intelligent all-electric hatchback coupe, will be launched on August 27 at its 10th Anniversary Gala Night.
According to the CEO, this will “kickstart a strong product cycle in the next three years with new models and facelift versions of the older EVs, increasing revenue through production and marketing.”
Xiapoeng decided to support his prediction by increasing his stake in the company, a move which is rarely seen this year.
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