Tesla Falls, XPeng Jumps in China's Key EV Market
Wall Street prepared for a slightly lower open on Monday morning, as investors seemed ready to take a pause after a solid performance last week. Stock market futures were down about half a percent, falling back from gains that had taken the S&P 500 to its best levels since the summer.
Stocks of electric vehicle (EV) manufacturers came into the spotlight in premarket trading, following some key news that came out over the weekend. In particular, the latest happenings in China's EV market had implications for both U.S. industry pioneer Tesla (NASDAQ: TSLA) and Chinese manufacturers like XPeng (NYSE: XPEV), and those companies' stocks saw sizable moves as a result.
Shares of Tesla dropped 4% in premarket trading Monday morning. Shareholders reacted negatively to reports that the automaker might reduce production of one of its mass-market electric vehicles, even after Tesla made a record number of EVs in China.
Source Fool.com
