Chinese electric vehicle (EV) stocks are falling on Wednesday as a negative earnings report from Telsa (NASDAQ:TSLA) is dragging down the sector.
The bad news from Tesla is that is missed Wall Street’s estimates in its most recent earnings report. That’s having a negative effect on other EV stocks as its one of the major players in this space.
Chinese EV stocks are also down after news that General Motors (NYSE:GM) has delayed its EV plans. GM is one of the biggest makers of internal combustion engine vehicles (ICEVs). The carmaker delaying its plans for the EV market just further reinforces that demand isn’t as high as EV companies have hoped for.
Let’s get into how these two pieces of news are affecting Chinese EV stocks below!
Chinese EV Stocks Down Today
- Nio (NYSE:NIO) stock is falling 3.8% as of Wednesday afternoon. This comes with 25 million shares traded against a daily average of 51 million.
- Li Auto (NASDAQ:LI) shares are heading 4.1% lower as of this writing. That has 3.8 million shares changing hands compared to a daily average of 8 million shares.
- XPeng (NYSE:XPEV) stock is dropping 3.8% on Wednesday afternoon. With this comes some 4.8 million shares traded next to a daily average of roughly 13 million shares.
Investors will want to stick around for more of the most recent stock market stories on Wednesday!
We have all of the hottest stock market news ready to go on Wednesday! Among that is what’s happening with Allarity Therapeutics (NASDAQ:ALLR), GM and more. All of this news is ready at the links below!
More Stock Market News for Wednesday
- ALLR Stock Alert: Allarity Therapeutics Pushes Shareholders to Back Reverse Split
- General Motors Is Backing Down on Electric Vehicles. What’s Going On?
- Why Is Pieris Pharmaceuticals (PIRS) Stock Up 77% Today?
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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
