Why EV Stocks Nio, Xpeng, Li Are Plunging In Hong Kong Today
Shares of U.S.-stated Chinese electric powered automakers and Tesla, Inc TSLA rivals Nio Inc NIO, Xpeng Inc XPEV, and Li Car Inc LI fell for the third day in a row in Hong Kong on Friday.
| Shares | Motion (+/-) |
|---|---|
| Nio | -6.00% |
| Xpeng | -5.87% |
| Li Vehicle | -4.79% |
Macro Elements: Amid growing COVID-19 scenarios and a subdued outlook for car companies in China, the Chinese EV–makers’ shares echoed similar notes on US exchanges. The surge in cases has led companies in China to lower 2022 projections.
The overall Dangle Seng Index was also investing on a muted observe at 10:50 a.m. Hong Kong time. Its Asian peers SGX Nifty and Shanghai’s SSE Composite Index expressed similar sentiments.
Business In News: Nio has improved its stake in the joint undertaking with Jianghuai Car Group Co (JAC) to 50%, a 12 months soon after the new company was set up, in accordance to the CnEVPost report.
Value Action: According to info from Benzinga Professional, Nio fell 6%, Li Vehicle get rid of 4% in U.S. markets, and Xpeng, after hiccups, finished Thursday 2% lower.
