Why Nio and XPeng Shares Dropped but ChargePoint Rose Today
Chinese electric vehicle (EV) makers Nio (NYSE: NIO) and XPeng (NYSE: XPEV) have both made recent announcements about expanding their businesses, but investors are punishing the stocks today anyway. Shares of U.S.-based EV charging company ChargePoint Holdings (NYSE: CHPT), on the other hand, had been rising today. As of 1:25 p.m. ET on Wednesday, Nio and XPeng shares were lower by 8.9% and 11%, respectively. ChargePoint stock was off its highs and trading around breakeven at that time.
Nio just announced that it shipped the first battery-swap station from its new facility in Hungary as it continues to expand in Europe. XPeng formally launched its high-end G9 SUV yesterday, which it expects to quickly become its best-selling vehicle and challenge Tesla's Model Y in China.
But both stocks are being hit hard today as the macroeconomic picture in China is overshadowing that company-specific news. ChargePoint operates charging networks in the U.S. and Europe, so the stock is not going to react to the same news as the Chinese EV makers.
Source Fool.com
