Why Are Chinese EV Stocks NIO, XPEV, LI Moving Today?
Chinese electric vehicle (EV) stocks are rising and falling on Tuesday thanks to a few bits of news out of China.
The first thing investors will want to note are rumors that China may ease up on its Covid-19 lockdowns. The company has been strict with its zero-Covid policy and this has been negatively affecting its economy, Chinese EV stocks included.
However, the latest rumors claim that some cities are easing restrictions related to lockdowns. This comes as reports show some citizens have been leaving locked-down cities to avoid quarantine.
October EV Delivery Data
Adding to this news, several Chinese EV companies have released delivery data for the month of October. That news hasn’t been positive, with many companies noting poor deliveries during the month as demand in China wanes.
As a result, shares of Nio (NYSE:NIO), Xpeng (NYSE:XPEV) and Li Auto (NASDAQ:LI) are on the move today. This has shares of NIO stock gaining 3.3%, shares of XPEV stock falling 2% and shares of LI stock rising 7.4% as of Tuesday morning.
It doesn’t help that Chinese stocks have been volatile lately. This comes after President Xi Jinping claimed a third term in office.
Investors seeking out more of the latest stock market news are in luck!
We’ve got all of the hottest stock market news traders need to know about on Tuesday! That includes what has shares of Alibaba (NYSE:BABA), Nio and Pfizer (NYSE:PFE) stock moving today. You can find all of this info at the following links!
More Tuesday Stock Market News
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.