XPeng's X9 European Debut Coincides with a High-Stakes Vote on Capital Dilution

XPeng's European X9 van launch and June 26 shareholder vote on 20% stock dilution weigh on shares near 52-week low. Oversold RSI at 28, but 200-day MA at €17 highlights recovery challenge.

Shares in Chinese electric-vehicle maker XPeng are navigating a delicate moment as two pivotal events converge: the European launch of its premium X9 van and a shareholder vote that could dilute existing holdings by a fifth. The stock, which recently scraped a 52-week low of 11.32 euros, edged up to 11.86 euros on Friday as the market absorbed the X9 news, but remains deep in the red for the year.

The X9 arrives in Europe priced from 77,600 euros for the standard version, with the top-tier all-wheel-drive model commanding nearly 87,000 euros. XPeng is positioning the electric van squarely in the margin-rich premium segment, betting its charging credentials will win over buyers. In a recent summer test, the vehicle replenished most of its battery in about 13 minutes, and it boasts a maximum range of 615 kilometres.

Yet the charging prowess has a catch. The X9 can theoretically accept up to 542 kilowatts, but many European charging stations are currently capped at 400 kilowatts, meaning the full speed advantage remains latent until infrastructure catches up.

On the technology front, XPeng is also pushing autonomous driving and robotics. The company has unveiled its second Vision-Language-Action model — an AI system for fully autonomous driving — with a rollout scheduled for March 2026 and robotaxi tests starting later this year. Global delivery of the system is slated for 2027, with Volkswagen as the lead partner. Meanwhile, CEO He Xiaopeng aims to start mass production of the humanoid robot “IRON” by the end of 2026; the former head of autonomous driving has reportedly moved to oversee the robotics effort.

These ambitions demand capital, which brings the shareholder meeting on June 26 into sharp focus. The company is seeking approval to issue up to 382.9 million new shares, a potential 20% dilution that has kept the market on edge. The vote will serve as a referendum on management's strategy at a time when the stock is already under severe pressure.

Operationally, XPeng is racing to lift delivery volumes. It handed over 32,158 vehicles in May, a modest increase from April's 31,011. To hit the lower end of its second-quarter target of 100,000 to 106,000 units, the company needs at least 36,831 deliveries in June. The X9's European success could help, though its European price point is far above the roughly 39,000 euros the vehicle reportedly costs in the Chinese market.

Financially, the picture remains mixed. First-quarter revenue slumped nearly 18% year-on-year, and XPeng booked a net loss of 1.78 billion renminbi. A bright spot was gross margin, which climbed to 20.6% from a much lower level a year earlier.

Looking at the technicals, the relative strength index stands at 28 — deep in oversold territory — but the 200-day moving average looms around 17 euros, far above the current share price. The stock has lost roughly one-third of its value since the start of the year, tumbling more than 52% from the November high of 24.40 euros. If shareholders reject the dilution plan, the oversold reading could trigger a relief rally. Approval, however, would likely renew selling pressure and test the lows once more.