XPENG-W (09868) shares plummeted 5.04% during Friday's intraday session, as the stock gave back gains following a series of product announcements and analyst actions.

The decline comes despite positive news flow surrounding the company's global launch of its MONA L03 SUV, which garnered over 20,000 firm orders within just 7 minutes of its unveiling. The vehicle starts at an aggressive 123,800 yuan in China, with XPeng betting on the model to drive growth in overseas markets including Europe.

However, the sharp drop may reflect investor concerns highlighted by Barclays, which maintained an Underweight rating on the stock. Market participants may also be engaging in profit-taking after the stock's recent advance, having climbed 3.1% in the prior session on optimism around the new model launch and the company's announcement of plans to begin flying car production this year.