XPeng Inc. (09868.HK) saw its stock price plummet by 5.07% in intraday trading on Wednesday, as investors reacted to the company's recent Tech Day event and the subsequent controversy surrounding its humanoid robot demonstration. The sharp decline comes amid growing skepticism about the authenticity of XPeng's IRON robot and concerns over the company's ambitious AI and robotics strategy.

At XPeng's Tech Day, the company unveiled its next-generation IRON humanoid robot, showcasing its ability to walk and move gracefully on stage. However, the demonstration was met with widespread skepticism online, with many questioning whether there was "a real person inside" the robot. In response to these doubts, XPeng's Chairman and CEO He Xiaopeng took the unusual step of instructing staff to cut open the robot's clothing and synthetic skin during the next day's event, exposing its mechanical internals to prove its authenticity.

While XPeng's move to address skepticism head-on demonstrates the company's commitment to transparency, it has also raised concerns among investors about the maturity of the technology and the potential risks associated with such ambitious projects. The company has invested heavily in AI and robotics, including the development of its Vision, Language, and Action (VLA) model, which reportedly cost over 2 billion yuan in R&D expenses.

XPeng's shift from being primarily an electric vehicle manufacturer to a broader AI and robotics company appears to be causing some unease among investors. While the company has made significant strides in its core EV business, delivering a record 42,000 vehicles last month, the expansion into cutting-edge technologies like humanoid robots and flying cars introduces new uncertainties and potential financial risks.

As XPeng continues to push the boundaries of technology and explore new frontiers in AI and robotics, investors seem to be reassessing the company's valuation and growth prospects. The stock's sharp decline suggests that the market is still grappling with how to price in these ambitious ventures and their potential impact on XPeng's future profitability and competitiveness in the rapidly evolving tech landscape.