EV Shares Dump After Chinese Officials Order Probes
Tyler Durden
Wed, 11/25/2020 – 10:10
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:
Some believe it’s time to buy the dip.
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