XPeng's share prices fell sharply after its weaker-than-expected third-quarter guidance as the Chinese electric-vehicle maker runs into capacity constraints.

Its shares fell 8.5% to 43.62 Hong Kong dollars, equivalent to US$5.57, early Tuesday, putting them on track of their largest one-day loss since November last year.

The drop came as its third-quarter delivery guidance missed expectations at 115,000 to 121,000 units. Citi analysts wrote in a note that this was likely mainly due to disruptions to the ramp-up of its Mona L02 model owing to supply chain constraints.

The company is betting on its new mass-market L03 to spur volume growth in the second half of the year. This model has enjoyed strong orders since its July launch, but production is still ramping up, potentially limiting deliveries this quarter.

The company guided for a total revenue of between 21.7 billion yuan and 23.4 billion yuan for the third quarter. Nomura analysts in a note said that suggests a relatively stable average selling price of around 165,000 yuan a unit.

XPeng will likely see a more meaningful recovery in the fourth quarter, as long as the company resolves the bottlenecks in its capacity, they said.