Why Nio and Other Chinese EV Stocks Got Crushed Today
On a day when the Nasdaq index is down more than 2%, it shouldn't be surprising that aggressive growth names in the EV sector are leading the way. But Chinese EV makers Nio (NYSE: NIO), XPeng (NYSE: XPEV), and Li Auto (NASDAQ: LI) are getting a double whammy today, which explains why the declines are as high as they are. As of 2 p.m. ET, shares of those three names were down 12.6%, 10.8%, and 17.7%, respectively.
In addition to market sentiment going against high-growth, speculative companies such as these, Chinese stocks in general are in the crosshairs today. That comes after ride-hailing company Didi Global announced it was delisting from the New York Stock Exchange under pressure from the Chinese government. But investors who look past the broader headlines will also see these three companies have recently reported good progress in their growth stories.
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Source Fool.com
