XPeng Stock Slides 9% Even as Robotics Arm Hits $6.3 Billion Valuation

XPeng shares dropped more than 9% in Hong Kong trading Tuesday, with U.S.-listed shares already down 8.5% Monday, after the Chinese EV maker issued a weaker-than-expected delivery forecast for the third quarter. The selloff came even as XPeng's robotics division just closed a funding round valuing the unit at more than $6.3 billion — a split reaction that shows investors are focused squarely on the core car business right now, not the future robotics bet.

XPeng guided for third-quarter deliveries of 115,000 to 121,000 vehicles, a number Citi says fell short of what investors were pricing in, largely due to supply chain constraints slowing the ramp of its MONA M03 model. The company posted a second-quarter net loss of 1.34 billion yuan (about $200 million), wider than the year-ago period, while revenue climbed 8% to 19.74 billion yuan. Meanwhile, the robotics unit raised more than $900 million in its first funding round, led by IDG Capital with Tencent and Alibaba participating as strategic backers. Citi's math suggests the market is now valuing XPeng's core EV business at roughly $6.5 billion — almost identical to the fledgling robotics arm, despite one segment selling six-figure unit volumes today and the other still pre-commercial.

The takeaway for investors: XPeng is increasingly a story stock split between a proven but slowing EV business and a speculative robotics bet that CEO He Xiaopeng has said could outsell cars within a decade. That's a wide range of outcomes packed into one ticker. Anyone holding or considering XPeng should treat the stock as two separate positions bundled together — near-term delivery numbers and margin trends will move the shares in the next two quarters, while the robotics valuation is a multi-year call that won't show up in earnings anytime soon. The disconnect between Tuesday's drop and the robotics funding news is a useful signal of how the market is currently weighting the two.