XPeng's Norwegian Test Win Can't Mask Shareholder Fears Over 20% Dilution Plan

XPeng's X9 sets records for range and charging in Norway's Arctic trial, yet its stock nears a 52-week low as investors brace for a shareholder vote on share dilution and June delivery results.

The XPeng X9 just swept Europe’s toughest independent electric-vehicle trial, yet its manufacturer’s stock is languishing near a 52-week trough. That contradiction captures the predicament of the Chinese EV maker, which is juggling a product victory with deep investor unease ahead of a critical shareholder vote.

Record-breaking range and charging in Arctic conditions

At the NAF El Prix 2026 in Norway, the seven-seat X9 outperformed 23 rivals in both range and charging speed. Its real-world range hit 646 kilometres, coming in 11.4% above the official WLTP figure—the largest positive deviation in the test. The vehicle remained operational for over eleven hours in cold weather. Charging from 10% to 80% took just 12 minutes and 55 seconds, the quickest time of any competitor. The performance builds on a similar strong showing by the X9 during winter trials earlier this year. Norway will be XPeng’s first European market for the model, with a full rollout slated for 2026.

Stock near floor as dilution vote looms

Despite the trophy, XPeng’s equity is under severe pressure. Shares closed last Friday at €12.48, barely above the 52-week low of €12.16. Year-to-date losses stand at roughly 28%, and the 200-day moving average sits at €16.91. The relative strength index of 34.5 signals an oversold condition, though no rebound has materialised.

The biggest overhang is next week’s annual general meeting, where management is asking for authorisation to issue up to 20% new A?shares. The prospect of heavy dilution has amplified selling pressure. Analysts rate the stock a “hold” on average, but earnings estimates show a potential turn: from a loss of $0.35 per share this year to a profit of $0.10 in the next.

Delivery slump complicates the picture

Operational headwinds are compounding the market’s anxiety. First-quarter deliveries tumbled by a third, and the company posted a hefty net loss. XPeng’s management is betting on a sharp second-half recovery, targeting up to 106,000 vehicle handovers in the current quarter. The firm delivered just over 32,000 units in May, meaning June must deliver a furious sprint to hit the high end of that goal. Investors are watching closely, sceptical that the production line can ramp fast enough.

Robotics and international push

CEO He Xiaopeng has taken direct control of the company’s robotics division, aiming to bring the humanoid robot IRON into series production. The move marries XPeng’s existing artificial intelligence expertise from its automotive unit with a new growth vertical. Meanwhile, overseas markets contributed a fifth of total revenue in the first quarter, providing some buffer against fierce domestic competition.

The results of the dilution vote and June’s delivery numbers will determine XPeng’s near-term direction. If shareholders reject the share-issue mandate, selling pressure could ease. But if delivery targets are missed, the stock may face another leg down—regardless of how many trophies the X9 brings home from Norway.