Li Auto (NASDAQ:LI) stock is in the news today as investors react to the company’s joint venture with DiDi Global (OTCMKTS:DIDIY) filing for bankruptcy.
Li Auto is a maker of electric vehicles (EVs) and DiDi Global operates a ride-hailing service in China. Their joint venture, Beijing Judian Chuxing Technology, was created in 2018 to develop smart EVs for ride-hailing services.
Neither company has commented on the bankruptcy filing of the joint venture. However, it’s worth noting that the end of this partnership comes after DiDi Global has faced additional scrutiny. That resulted in the company delisting shares from the New York Stock Exchange in July 2022.
The split ownership of the joint venture saw DiDi Global owning 51% of the company while the remaining 49% belonged to Li Auto. It’s also one of multiple EV partnerships for DiDi Global, none of which have made much progress, reports Reuters.
It’s worth noting that LI stock is rising on Thursday even with the joint venture bankruptcy news. It could be that investors are reacting positively to the end of the relationship with DiDi Global. Another possibility is that shares are simply bouncing back from a dip on Wednesday.
Either way, shares of LI stock are up 4.1% as of Thursday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.