Chinese EV stocks are down on Friday after Tesla (NASDAQ:TSLA) introduced new prices for its electric vehicles (EVs) sold in the country.
The big news here is Tesla cutting the price of its Model Y and Model 3 vehicles in China. This comes after deliveries in the country saw a slump in what was a rough year for the EV market due to economic concerns, such as inflation and a recession.
These price cuts now have Tesla offering its Model Y for about $37,000 and the Model 3 for roughly $32,700. Both of these price tags are immensely cheaper than the starting prices of their U.S. counterparts.
Tesla is a leader in the EV space and if it’s running into trouble, that’s not a good sign for competitors. These latest price cuts will make it harder for rivals in the space to compete without lowering the price of their own EV offerings.
Let’s see how this news is affecting Chinese EV stocks below!
Chinese EV Stocks Down Today
- Nio (NYSE:NIO) stock starts us off with shares falling 10.8% as of Friday morning.
- Xpeng (NYSE:XPEV) shares are next on our list with XPEV stock taking a 14.7% beating as of this writing.
- Li Auto (NASDAQ:LI) stock closes out our list with shares taking a 10% blow to their price.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace has all of the hottest stock stories traders need to know about on Friday! Among that is what has shares of World Wrestling Entertainment (NYSE:WWE), AMTD Digital (NYSE:HKD) and Bed Bath & Beyond (NASDAQ:BBBY) stock moving today. You can learn more on these matters at the links below!
More Friday Stock Market News
- WWE Stock Gains 17% on Return of Former CEO
- Dear HKD Stock Fans, Mark Your Calendars for Jan. 11
- Is Bed Bath & Beyond (BBBY) Stock About to Die?
On the date of publication, William White did not hold (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.