XPeng Stock Hits 52-Week Low as Dilution Vote Looms, June 19

XPeng’s stock has collapsed to a fresh 52-week low of €11.64, piling pressure on management days before a shareholder vote that could dilute existing owners by up to 20%. The Chinese EV maker needs approval to issue 382.9 million new Class-A shares. Simultaneously, the company must deliver at least 36,831 vehicles in June to meet second-quarter guidance, but April and May deliveries fell short of the required pace.

Stock Collapse and Dilution Risk

XPeng shares have shed 33% since January and hover just above their 52-week floor. From a November peak of €24.40, the stock has surrendered more than half its value. The proposed dilution mandate would authorize the board to issue new Class-A shares equal to one-fifth of the company’s current equity base. While the board insists there are no immediate plans to tap the market, the risk for shareholders remains significant. Macquarie recently upgraded XPeng to Outperform, but the stock continues to face headwinds.

June Delivery Challenge Intensifies

XPeng must deliver at least 36,831 vehicles this month to hit the lower end of its second-quarter target of 100,000 to 106,000 units. April deliveries totaled 31,011 units and May saw 32,158 units, a month-on-month gain of just 4 percent. This pace falls well short of the 15 percent jump needed in June. On June 18, shares slipped another 2.05 percent to €11.46, within a hair’s breadth of the year’s low of €11.32. First-quarter earnings showed revenue fell 41.4 percent from the fourth quarter of 2025 to 13.03 billion renminbi, with vehicle deliveries down 33.3 percent year-on-year.

CEO Doubles Down on Robotics Strategy

Chief Executive He Xiaopeng has taken direct control of XPeng’s robotics division, elevating the humanoid robot project from R&D to corporate priority. The robot, called IRON, stands 178 centimeters tall, weighs 70 kilograms, and runs on a proprietary Turing AI chip. Mass production is slated for the end of 2026, with monthly output eventually reaching thousands of units. XPeng aims to roll out its own Vision-Language-Action model by August 2026. The company faces stiff competition from rivals including Seres and Faraday Future, both announcing humanoid models this week.

Shareholder Vote Scheduled for June 26

The shareholder meeting will take place at 10:00 a.m. Hong Kong time at the XPeng Tech Park in Guangzhou. Investors will vote on two proposals: one authorizes the board to issue new Class-A shares up to 20 percent of outstanding total, and the other permits a buyback of up to 10 percent of outstanding shares. Both are enabling resolutions; any actual transactions would require separate board approval. With the stock already under pressure, the dilution risk is likely to draw close scrutiny from investors.

Final Thoughts

XPeng faces a critical test on two fronts: meeting June delivery targets and winning shareholder approval for potential dilution. With the stock at €11.46 and Macquarie’s upgrade offering limited support, investors should monitor both the June 26 vote and Q2 delivery results before making moves.

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