XPeng’s June Delivery Challenge and Shareholder Meeting Create Double Test for Beleaguered Stock

XPeng must deliver at least 36,831 vehicles in June to meet Q2 goal, while shareholders vote on capital mandates that could affect stock dilution. Shares near 52-week low.

The pressure on XPeng is building from two fronts simultaneously. On the operational side, the electric-vehicle maker must deliver at least 36,831 vehicles this month to meet its second-quarter target. On the corporate calendar, shareholders gather in Guangzhou on June 26 to vote on capital mandates that could reshape the company’s financial flexibility. Both events arrive as the stock hovers just above its 52-week low.

XPeng’s April and May delivery totals — 31,011 and 32,158 units respectively, a month-on-month gain of just 4 percent — fall well short of the pace needed. The company has guided for between 100,000 and 106,000 deliveries in the second quarter, meaning June must see a jump of at least 15 percent from May to hit even the lower end of that range. The market remains sceptical. Shares slipped another 2.05 percent on Thursday to €11.46, within a hair’s breadth of the year’s nadir of €11.32. Since January, the stock has shed more than a third of its value.

The shareholder meeting, scheduled for 10:00 a.m. Hong Kong time at the XPeng Tech Park, will put two notable proposals before investors. One authorises the board to issue new Class-A shares up to 20 percent of the outstanding total — a so-called issuance mandate. 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 inherent in the first mandate is likely to draw close scrutiny, even though no new shares are automatically created.

First-quarter earnings offered a mixed picture. Revenue fell to 13.03 billion renminbi, down 17.6 percent year-on-year and a steep 41.4 percent drop from the fourth quarter of 2025. Vehicle deliveries in the period totalled 62,682, a decline of 33.3 percent from a year earlier. The net loss widened to 1.78 billion renminbi from 0.66 billion. There was a bright spot on margins: gross margin improved to 20.6 percent from 15.6 percent a year ago, while automotive margin rose to 12.1 percent, helped by cost cuts and a richer product mix. But heavy spending offset those gains. Research and development costs surged 46.8 percent to 2.91 billion renminbi as XPeng pours money into new models and AI-powered driving technology. Cash and equivalents shrank to 42.09 billion renminbi at end-March from 47.66 billion three months earlier.

For the current quarter, management expects revenue of 19.60 billion to 20.80 billion renminbi, which would represent a sequential increase of 50 to 60 percent. That projection hinges entirely on June’s delivery numbers. XPeng typically publishes monthly figures in the first few days of the following month, so the market will learn the verdict around July 1–3.

Technically, the stock is deeply oversold. The relative strength index sits at 29, and both the 20-day and 50-day moving averages trade well above the current price. But sentiment remains fragile. The share closed recently at €11.70, just 0.52 percent above the 52-week low of €11.64 touched on June 17. That low coincided with the deadline for ADS holders to submit voting instructions to Citibank — a reminder that even procedural deadlines can amplify unease when the narrative is weak.

The vote results on June 26 will signal how existing shareholders view the trade-off between capital flexibility and dilution risk. For now, XPeng’s near-term fate rests on whether it can deliver a blowout June — and whether the board chooses to use the powers it may receive.