EV Shares Dump After Chinese Officials Order Probes 

Shares of EV companies are tumbling Wednesday morning following reports from China that state planners are opening probes into new energy vehicle projects in the country, reported Reuters. 

Shares of Chinese electric vehicle maker Nio, trading on the Nasdaq, are down more than -6.5%. 

Chinese electric vehicle manufacturer Li Auto, with shares trading on Nasdaq, slumped nearly 7%. 

Xpeng or Xiaopeng Motors saw shares on NYSE plunge 8%. 

Chinese battery and electric vehicle manufacturer Kandi Technologies saw shares on Nasdaq tumble 6%.

US EV companies also slid on the news. 

Lordstown Motors fell 3%. 

Tesla was flat. 

Shares of Nikola Corporation dropped 15%. 

Here’s how FinTwit reacted to the news:

Today around 1am US EDT I posted a warning and an article from Chinese news media that $nio $xpeng $li etc EV companies were under investigation by China state SASAC.

Immediately I was attacked for fake news. Stocks now down huge premkt. That’s how pumpers shame you. SHAMEFUL.

— CSM Capital (@CSMCapital) November 25, 2020

Expected bad day for Chinese EV companies: Nio, Xpeng XPEV, and Li Auto LI. All down 10% premarket

China’s National Development and Reform Commission has opened a limited investigation into these companies’ production details.

— Deepak Singh (@smarket) November 25, 2020

I wouldn’t mind if China wanted to regulate the market. Better for all investors. They currently have over 100 EV companies in China alone. Not surprised they want to have a look at what’s going on.

— Ezzy 📈💰🚀🤑 (@EzIntenso) November 25, 2020

CHINA IS INVESTIGATING THE EV COMPANIES NNNNNNNNNNNOOOOOOOOOOOOOO

— Andrew (@dumbidot1) November 25, 2020

Some believe it’s time to buy the dip. 

Today I believe it is because of China’s investigation into the EV companies. Could be a good time to buy cheap. Also I think maybe the Ev stocks got overbought because of Fomo and are now seeing a sell off

— . (@rr8996) November 25, 2020