Chinese electric vehicle (EV) stocks are losing power on Wednesday as macroeconomic factors pull shares down.
The biggest news to keep in mind is China holding to its Zero Covid policy. As a result, that means the country will continue to take drastic actions to keep the virus from spreading. That includes further lockdowns and travel restrictions. This is causing problems for Chinese stocks, in general, today.
But there’s more to it than that when it comes to Chinese EV stocks. EV companies in the country continue to feel the heat of supply chain problems that have chip shortages increasing. There have even before reports that companies are turning to underground markets to acquire the chips they need.
The idea of Chinese EV companies having to use less than reliable sources for chips is a strange one. However, it does show just how bad the chip shortages are getting. These are vital components of EVs, which means some companies will use unexpected measures to get their hands on them.
Let’s take a quick look at how this news is affecting Chinese EV stocks below!
Chinese EV Stocks Falling Today
- Nio (NYSE:NIO) stock starts off our list with the EV company’s shares taking a 10.4% beating as of Wednesday afternoon.
- Xpeng (NYSE:XPEV) shares are feeling the heat next with the company’s stock falling 10.8% this afternoon.
- Li Auto (NASDAQ:LI) shares close out our list of Chinese EV stocks falling with a 10.3% decrease as of this writing.
Investors looking for what else is happening with stocks today will want to keep reading!
We’ve got all of the hottest stock market news traders need to know about for Wednesday! A few examples include the news moving shares of Mullen Automotive (NASDAQ:MULN), ASML Holding (NASDAQ:ASML), and Establishment Labs (NASDAQ:ESTA) stock today. You can find out all about these matters at the following links!
More Wednesday Stock Market News
- Mullen (MULN) Stock Pops on ELMS Bankruptcy Win
- ASML Stock Rises on Hopes of Shaking Off Chip Ban Woes
- Establishment Labs (ESTA) Stock Falls 12% on Hindenburg Short Report
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.
