Xpeng CEO's net worth drops 75% to $1.4B due to price wars.
He Xiaopeng, CEO of Chinese EV maker Xpeng, has seen his wealth plummet 75% to $1.4 billion due to intense competition in the Chinese EV market, triggered by a price war initiated by Tesla. Xpeng's shares have also dropped nearly 20% this year, with disappointing Q1 earnings. Despite this, Xpeng plans to expand aggressively in Europe and eventually ship half its vehicles outside China.