Wed, 11/25/2020 – 10:10
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:
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
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Author: Tyler Durden