Chinese electric vehicle (EV) stocks are slipping on Tuesday as macroeconomic factors affect the companies alongside lockdown news.
First off, note that the economy is still suffering as a recession, inflation and rising interest rates weigh on markets. However, that’s not all of the bad news that companies in China are dealing with today.
A bigger factor that could be affecting Chinese EV stocks are lockdowns in their home country. China is increasing restrictions on its populace as new cases of Covid-19 continue to undermine its zero-Covid policy.
The lockdowns in China currently affect 33 cities and more are likely on the way. This has been a blow to Chinese stocks today with the ongoing lockdowns having a negative impact on the country’s economy.
Adding to this, China’s 20th Party Congress is set for Oct. 16. This has current leader Xi Jinping pushing for a third term. As such, he doesn’t want any more major outbreaks of Covid-19 before the Congress meeting.
Let’s see how this news is affecting Chinese EV stocks today.
Chinese EV Stocks Falling
- Xpeng (NYSE:XPEV) stock starts us off today with the company’s shares falling 4.5% as of Tuesday afternoon.
- Li Auto (NASDAQ:LI) shares are next on the list with the company’s shares slipping slightly as of this writing.
- Nio (NYSE:NIO) closes out our Chinese EV stocks down today with a 2.9% dip this afternoon.
Alibaba (NYSE:BABA) is another Chinese stock that was feeling the effects of the lockdown news today. You can catch up on that at this link. We’ve also got other stock market news worth checking out below!
InvestorPlace is home to all of the hottest stock coverage traders need for Tuesday! A few examples include what has shares of Volkswagen (OTCMKTS:VWAGY), Ammo (NASDAQ:POWW), and Fisker (NYSE:FSR) on the move today. You can find all of that at the following links!
More Tuesday Stock Market News
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- Gun Stocks Alert: What Is Going on With Ammo (POWW) Stock Today?
- CAO John Finnucan Is Doubling Down on Fisker (FSR) Stock
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.