Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Reading: Chinese EV stocks, including Nio, BYD, and others, plunge following selloff
Share
Aa
Times of Pakistan
Search
  • World
  • Pakistan
  • Politics
  • Business
  • Economy
  • Sports
  • Entertainment
  • Technology
  • Health
  • Travel
  • Science
  • Opinions
  • Blogs
  • Letters
Follow US
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
BusinessWorld

Chinese EV stocks, including Nio, BYD, and others, plunge following selloff

Many Chinese businesses with U.S. listings, including EV manufacturers BYD, Li Auto, Nio, and Xpeng, saw their shares start the week substantially lower.

News Desk
By News Desk Published October 24, 2022
Share
blog electric car
Image Credits: Spero Financial

Investors frowned on non-state-run Chinese companies after a weekend of dramatic political developments in China, which led to a major selloff on Monday that included shares of Chinese electric vehicle manufacturers that are trading on the American market.

In late morning New York trade, shares of Li Auto fell 21%, Nio’s fell 20%, and Xpeng Motors fell 15%. Shares of the larger BYD fell roughly 9%. Other well-known Chinese businesses, such as Alibaba and Tencent Music Entertainment, also experienced sharp drops.

The selloff came after President Xi Jinping named a number of supporters to the Politburo standing committee, the leading Communist Party of China’s inner circle of power, appearing ready for an extraordinary third term in office.

China’s government has stiffened rules on technology companies and imposed more limits on speech and movement under Xi’s direction. According to analysts, there will be additional limitations in the future. Mark Schilsky of Bernstein stated in a note on Monday that Chinese stocks are currently “uninvestable.”

On Monday, Xpeng also unveiled XNGP, a new iteration of their sophisticated driver assistance system. The new system, which directly competes with Tesla’s Autopilot, permits a certain amount of hands-free driving both on highways and in some urban areas.

TAGGED: BYD stocks sell-off, Chinese Ev stocks plunge, Nio stocks plunge
By News Desk
The author is the news desk team.
Previous Article Rishi Sunak 1660314589951 1660314590151 1660314590151 Sunak is expected to succeed Johnson as the next Prime Minister of the United Kingdom
Next Article zyro image 1 1 Azam Nazeer Tarar submits his resignation as a Federal Minister of law
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

More Latest News

us
More than anticipated, US firms added 311000 jobs in February
World Economy
After nearly 7 years
After nearly 7 years of antagonism, Middle Eastern adversaries, Iran and Saudi Arabia decided to resume ties
World Politics
sardar
Sardar Khetran awarded bail in triple homicide case involving Barkhan
Pakistan
Imran khan arrest
In connection with comments made against state institutions, BHC suspends Imran’s arrest warrants
Pakistan Politics
president xi jin ping
Xi wins a third term as president despite numerous obstacles
World Politics
Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today Times of Pakistan - Latest Pakistan News, Pakistan News Online, Pakistani Newspaper, Pakistan News Today
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us
  • ٹائمز آف پاکستان اردو
  • About us
  • Privacy Policy
  • Terms of Service
  • Contact us

© 2002-2022 TIMES OF PAKISTAN (PRIVATE) LIMITED
This material may not be published, reproduced, broadcast, rewritten, or redistributed without permission.

Welcome Back!

Sign in to your account

Lost your password?