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☆ Stocks making the biggest moves premarket: DocuSign, Wynn Resorts, Nvidia and more
▼ + stars: | 2024-10-08 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

China stocks – U.S.-listed shares of Chinese companies fell after China's state planner Zheng Shanjie failed to announce any new economic stimulus plans . Online video company Bilibili tumbled more than 13%, while automaker Nio and Temu parent PDD each fell more than 9%. E-commerce companies JD.com and Alibaba also fell nearly 9% and 7%, respectively. Wells Fargo – The bank rose more than 1% after Wolfe Research upgraded the lender to outperform from peer perform. Humana – Shares rose nearly 1% after Bernstein upgraded the health insurer to outperform from market perform.

Persons: Zheng Shanjie, Bilibili, Nio, Alibaba, Young Liu's, Liu, Wells, Bernstein, Oppenheimer, LSEG, —, Jesse Pound, Brian Evans, Michelle Fox Theobald Organizations: U.S, Wynn Resorts, China, MDU Resources, Nvidia, Blackwell, Wolfe Research, Microsoft –, PepsiCo –, Gatorade, Frito, PepsiCo Locations: China, Las, Macau, Wells

☆ Investors slam the brakes on the hottest trade going in the market
▼ + stars: | 2024-10-08 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

But he did not announce any major new plans for ensuring economic health, leaving investors feeling underwhelmed. The iShares MSCI China ETF (MCHI) sank nearly 11%, on track for its worst day ever. The iShares China Large-Cap ETF, for example, soared 33% between Sept. 23 and Oct. 7. Morgan Stanley strategist Laura Wang on Tuesday revised price targets for the major Chinese stock market indexes, suggesting no room for further gains compared with current levels. "Today's press conference at least in the near term reinforces such belief, in our view, and the stock market could see more divergence at individual stock level."

Persons: Zheng Shanjie, Bilibili, Nio, Ray Dalio, FXI, Jeff deGraaf, David Tepper, Morgan Stanley, Laura Wang, Wang, Merrill Lynch, Helen Qiao, Xiangrong Yu, Yu Organizations: National, Reform Commission, CSI China Internet, Billionaire, Bridgewater Associates, Greenwich Economic, Appaloosa Management, U.S . Federal Reserve, Wynn Resorts, Sands, Macau — Locations: China, Greenwich, Greenwich , Connecticut, Beijing, Macau, Tuesday's, U.S

☆ The EU just made Chinese EVs a lot more expensive — and created a new threat for European automakers
▼ + stars: | 2024-10-04 | by ( Tom Carter | ) www.businessinsider.com time to read: +5 min

Europe is clamping down on Chinese electric cars. European automakers are facing plunging EV sales and pressure over looming emissions targets. AdvertisementEurope is clamping down on Chinese electric cars — but the move to protect the continent's automakers could create a new problem for the likes of Volkswagen and BMW. The European Union voted to impose sweeping tariffs on Chinese EV makers on Friday as it seeks to protect its automotive industry from what the bloc claims are unfairly subsidized cheap Chinese electric vehicles. The European tariffs come after the US introduced its own trade restrictions against Chinese EVs earlier this year.

Persons: —, Teslas, Elon Musk, Tesla, Viktor Orbán, French carmaker Renault, Luca de Meo, Julia Poliscanova Organizations: EU, Service, Volkswagen, BMW, European Union, SAIC, Benz Group, BMW Group, Mercedes, Benz, VW, French, Reuters, Transport, Environment, Transport & Environment, Business Locations: Europe, China, Paris, Germany, Hungary, Frankfurt, Beijing

☆ Tesla just stopped selling the cheapest version of the Model 3 in the US. An analyst called it 'a smart strategic move.'
▼ + stars: | 2024-10-03 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

Tesla just quietly removed its most affordable Model 3 from the US lineup on its website. Analyst Dan Ives called the shift strategic, as Tesla's focus in the US remains on the Model Y. AdvertisementTesla just silently killed its most affordable version of the Model 3 sedan in the US — a good move, one bullish analyst told Business Insider. Now, the cheapest Tesla car is the Model 3 Long Range Rear-Wheel Drive, priced at $42,490. Dan Ives, an analyst at Wedbush and a longtime Tesla bull, told Business Insider that the discontinuation is "a smart strategic move" signaling a greater focus on the Long Range Model 3.

Persons: Tesla, Dan Ives, —, Elon, Ives, Nio Organizations: Service, Reuters, EV, Vehicles, China Cold Tech, US, HSBC, country's, BI Locations: China, US

☆ Cramer's Lightning Round: 'Hold on' to SiTime
▼ + stars: | 2024-10-02 | by ( Julie Coleman | ) www.cnbc.com time to read: 1 min

Stock Chart Icon Stock chart icon Peloton's year-to-date stock performance. Stock Chart Icon Stock chart icon NIO's year-to-date stock performance. Stock Chart Icon Stock chart icon AMN Healthcare's year-to-date stock performance. Stock Chart Icon Stock chart icon SiTime's year-to-date stock performance. SiTime : "Just hold it...Let's hold on to it, it's a good story."

Persons: AMN, Let's Organizations: AMN

☆ Lightning Round: Take the loss on Peloton, says Jim Cramer
▼ + stars: | 2024-10-02 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Take the loss on Peloton, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stock including: Peloton, NIO, AMN Healthcare, Humana, and SiTime.

Persons: Jim Cramer Organizations: AMN Healthcare, Humana

☆ Tesla stock slips after EV maker misses estimates on deliveries
▼ + stars: | 2024-10-02 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

In the year-ago period , Tesla reported 435,059 deliveries and production of 430,488 EVs. Last quarter, the company reported 443,956 deliveries, and production of 410,831 vehicles. Deliveries are not defined in Tesla's financial disclosures, but are the closest approximation to units sold reported by the company. Analysts were expecting deliveries of 463,310 in the period ended Sept. 30, according to estimates compiled by FactSet StreetAccount. Tesla posted its third-quarter vehicle production and deliveries report on Wednesday.

Persons: Tesla, Li Auto, FactSet StreetAccount, Ford, Tesla hasn't, Elon Musk, Donald Trump, Musk Organizations: Li, Tesla, EV, Ford, General Motors, GM, Nasdaq, Hyundai Locations: China, Seattle , Washington, US, U.S

A Li L6 by Li Auto is displayed at its booth during the Beijing International Automotive Exhibition, or Auto China 2024, in Beijing, China, April 25, 2024. BEIJING — Chinese new energy vehicle brands Li Auto and Zeekr each delivered a record number of cars in September, according to company data released Tuesday. New energy vehicles include hybrids and those powered only by battery. Li Auto reported 53,709 deliveries in September, setting a record more than 5% above a prior high reached in July. Geely-owned electric car company Zeekr also delivered a record of 21,333 vehicles in September.

Persons: Li, Li Auto, Zeekr, Nio, Hong Kong's Organizations: Li, Beijing International Automotive, Auto, Li Auto, Huawei Locations: Beijing, China, BEIJING, Hong Kong

☆ 3 of China's Tesla rivals had a record month, putting pressure on Elon Musk
▼ + stars: | 2024-10-01 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Chinese Tesla rivals Zeekr, Xpeng, and Li Auto announced record monthly deliveries this week. That puts pressure on Tesla, which is also expected to announce strong numbers on Wednesday. Elon Musk's automaker is facing fierce competition in China, with rivals rolling out their own cheap EVs. Advertisement3 of Tesla's Chinese EV rivals have had a very good month — and they've thrown down a gauntlet for Elon Musk. Chinese EV makers Li Auto, Zeekr, and Xpeng all announced record September deliveries this week, putting pressure on Tesla as it prepares to release its own numbers on Wednesday.

Persons: Zeekr, Elon, —, Elon Musk, Li Auto, Xpeng, Tesla, Li, catchup Organizations: Li Auto, Elon Musk's, Service, EV, Li, Wall Street, London Stock Exchange, Reuters Locations: China

☆ Stocks making the biggest moves premarket: Nio, Stellantis, MicroStrategy and more
▼ + stars: | 2024-09-30 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Nio – U.S.-listed shares surged more than 13% after the Chinese electric vehicle maker announced it will receive a cash injection of 13.3 billion yuan for its Nio China. "Strategic investors" will provide 3.3 billion yuan of that injection, with the rest coming from Nio Inc. The transactions, which are expected to be completed by the end of this year, will reduce Nio Inc.'s stake in Nio China to 88.3%, down from 92.1%. This also spurred a broader rally among China stocks, which saw their best day of trading since 2008 . Rocket Lab – Shares rose more than 3%, extending the more than 12% gains seen during Friday's session.

Persons: Nio, Ford, Alibaba, Stocks, bitcoin, Coinbase, MicroStrategy, Bitcoin, —, Lisa Kailai Han, Sarah Min, Tanaya Macheel Organizations: Nio Inc, KeyBanc, CVS, Street Journal, Glenview Capital Locations: Nio –, China, Glenview, East, Gulf Coast

☆ Stocks making the biggest moves midday: EchoStar, CVS Health, Stellantis and more
▼ + stars: | 2024-09-30 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading: Nio — The U.S.-listed shares of the Chinese electric vehicle maker climbed 9.5% after Nio announced a 13.3 billion yuan cash injection for its Nio China business. The transactions are expected to be completed by year-end, and will reduce Nio Inc.'s stake in Nio China to 88.3% from its current 92.1%. CVS Health — Shares jumped 3.3% on news that hedge fund Glenview Capital intends to meet with CVS Health's executives to boost the struggling business. Crypto stocks — Stocks tied to the price of bitcoin retreated with the cryptocurrency following a sizeable rally last week. Cumberland Hospital for Children and Adolescents is an "indirect subsidiary" of Universal Health Services, according to an 8-K filing.

Persons: Nio, Alibaba, Stocks, bitcoin, Coinbase, MicroStrategy, Bitcoin, EchoStar, Piper Sandler, Stephen Scouten, — CNBC's Sean Conlon, Tanaya Macheel, Sarah Min, Jesse Pound, Pia Singh Organizations: Nio Inc, GM, Ford, CVS, —, Glenview Capital, CNBC, DirecTV, Amerant, Moderna, Universal Health Services, Cumberland Hospital for Children Locations: U.S, China, Glenview, Florida

☆ China's auto stocks rise unfazed by U.S. proposal to ban Chinese car parts
▼ + stars: | 2024-09-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Rows of new energy vehicles are parked at Changan Automobile's vehicle distribution center in Chongqing, China, on January 14, 2024. Shares of Chinese automakers climbed Tuesday, shrugging off a U.S. government proposal to ban certain types of vehicles equipped with car parts from China and Russia, amid a broad rally after Beijing announced policy easing. The Joe Biden administration has cited national security risks for its latest measure aimed at curbing Chinese auto industry's influence and reach in the U.S."Cars today have cameras, microphones, GPS tracking, and other technologies connected to the internet. U.S. proposal to ban Chinese auto parts may not have a direct negative impact on the Chinese auto industry as the sales volume of Chinese auto exports to the U.S. markets are "very small" and limited, Wu said. Additionally, Chinese parts companies have already set up factories in South America, which can be exported directly to U.S. markets under the U.S.-Mexico Tariff Agreement, he added.

Persons: shrugging, Li, Nio, Leapmotor, Joe Biden, Gina Raimondo, Ivan Wu, Pan Gongsheng, Wu Organizations: Beijing, Guotai, People's Bank of China Gov, U.S, China Automobile Dealers Association Locations: Chongqing, China, U.S, Russia, Hong Kong, South America, Mexico

☆ Stocks making the biggest moves midday: Visa, Smartsheet, JD.com and more
▼ + stars: | 2024-09-24 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Smartsheet — Shares surged more than 6% after Blackstone and Vista Equity Partners agreed to buy the software maker for $56.50 a share in cash, or about $8.4 billion . Unless another offer is made, the deal is expected to close by January 2025, pending shareholder approval. China stocks — Shares of Chinese companies soared after China's central bank unveiled a host of stimulus measures . Thor earned $1.68 per share on $2.53 billion in revenue in its fiscal fourth quarter. Flowserve — The stock moved nearly 5% higher after Bank of America reiterated a buy rating, saying its exposure to nuclear power is "underappreciated."

Persons: Alibaba, Li, Thor, LSEG, Morgan Stanley, BioNTech, Guggenheim, Joseph, Alex Harring, Samantha Subin, Lisa Kailai Han, Jesse Pound, Sarah Min Organizations: Bloomberg, Justice Department, Blackstone, Vista Equity Partners, JD.com, PDD Holdings, Li Auto, Thor Industries, Arlo Technologies, Bank of America, GE, Joseph Osha Locations: —

☆ Nio CEO says its Onvo and Firefly brands are targeting a 'broader, global market'
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNio CEO says its Onvo and Firefly brands are targeting a 'broader, global market'William Li, CEO of the Chinese electric vehicle brand, outlines the company's rationale for rolling out Onvo and Firefly.

Persons: William Li

☆ Here are Friday's biggest analyst calls: Apple, Tesla, Sunrun, FedEx, Reddit, Amazon, Nio, Capital One, Nike & more
▼ + stars: | 2024-09-20 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley upgrades Centessa Pharmaceuticals, to overweight from equal weight Morgan Stanley said in its upgrade of Centessa that it's bullish on the biopharma company's narcolepsy treatment. Morgan Stanley downgrades Pepsi to equal weight from overweight Morgan Stanley said it sees "topline softness." Morgan Stanley names Nio a research catalyst idea Morgan Stanley said it's bullish on Nio after the China electric vehicle company debuted its latest model, the L60. Morgan Stanley downgrades FedEx to underweight to from equal weight Morgan Stanley downgraded FedEx following its disappointing earnings report on Thursday. Morgan Stanley reiterates Sunrun as overweight Morgan Stanley said the solar company has more room to run and that it's long term bullish on the company's partnership with Costco.

Persons: Jefferies, Morgan Stanley, Morgan Stanley downgrades Pepsi, Key, it's bullish, Riley, Reddit, Nio, it's, Bernstein downgrades Darden, Bernstein, Olive, DRI, Morgan Stanley downgrades ASML, Wells, Susquehanna, Evercore, Sunrun, Tesla, Mercado Organizations: Duke Energy, Centessa Pharmaceuticals, Amkor, China, UBS, Apple, RBC, FedEx, Deutsche Bank, American Airlines Deutsche, Susquehanna, Darden, Costco, Bank of America, Citi, Nike, Mercado Libre, Clearway Energy Locations: Nio, tailwinds, Olive, Argentina

☆ Tesla’s Chinese rival Nio cuts price for new Onvo-branded car
▼ + stars: | 2024-09-19 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Chinese electric car company Nio launched its lower-cost brand Onvo on Wednesday, May 15, 2024, in Shanghai, China. HEFEI, China — There's yet another Chinese electric car aiming to undercut Tesla , with a steeper discount. Onvo, the lower-priced brand launched by premium electric car company Nio , announced its first car, the L60 SUV, would start as low as 149,900 Chinese yuan ($21,210) when buying battery services via a monthly subscription, starting at 599 yuan. Nio shares briefly rose by more than 3.5% in U.S. trading Thursday after the Onvo L60 launch. When Nio launched the Onvo brand in May, the company said the L60 would start selling at 219,900 yuan versus Tesla 's Model Y at 249,900 yuan.

Persons: Nio, Tesla, Mona, Max Organizations: Mona Locations: Shanghai, China, HEFEI

☆ Here are Thursday's biggest analyst calls: Nvidia, Tesla, Apple, Nio, DoorDash, Robinhood, Alphabet, Micron & more
▼ + stars: | 2024-09-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Morgan Stanley reiterates Apple as overweight The firm said iPhone 16 demand may not be as bad as feared after comments from the T-Mobile CEO. Morgan Stanley reiterates Nio as overweight Morgan Stanley said it's bullish on the EV company as Nio unveils its latest mid-sized family model, the L60. " Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's concerned about the company's robotaxi event but that it's standing by the stock. Morgan Stanley downgrades Elanco to equal weight from overweight Morgan Stanley said it "lacks conviction" in shares of the pet biopharma company. "We are initiating on Coursera (COUR) with a Buy rating and a PO of $11 (44% upside potential).

Persons: Morgan Stanley, Apple, TMUS, Piper Sandler, Robinhood, Piper, KeyBanc, Redburn, Mizuho, Raymond James, Nio, it's bullish, TD Cowen, Cowen, Tesla, it's, Hertz, Wells, Morgan Stanley downgrades Elanco, rideshare Organizations: Mobile, Apple Intelligence, JPMorgan, Gas Sciences, Kodiak Gas Services, Talos Energy, Northern Oil, Nio, Micron, Barclays, UW, Laboratories, Abbott Laboratories, Outfront Media, " Bank of America Locations: Kodiak

☆ Stocks making the biggest moves midday: Intel, Nio, Super Micro Computer and more
▼ + stars: | 2024-09-06 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +2 min

Super Micro said in late August that it would delay the release of its annual 10-K filing. DocuSign — Shares of the software company rose around 4% after fiscal second-quarter results topped expectations, fueled by strong subscription growth. Guidewire Software — The software stock jumped 12.4% thanks to the company's fiscal fourth-quarter beat. UiPath — The software stock slid 6% amid the tech-led market sell-off Friday. Intel , Mobileye — Shares of autonomous driving tech company Mobileye slumped 8.5%.

Persons: Nio, LSEG, Guidewire, UiPath, UiPath's, FactSet, Yun Li, Alex Harring, Jesse Pound, Michelle Fox, Lisa Han, Sean Conlon Organizations: JPMorgan, Micro, Intel, Bloomberg, Semiconductor, VanEck Semiconductor, Nvidia, KLA Corporation, Marvell Technology, ASML Locations: —, Mobileye

☆ China’s earnings season is wrapping up. How to play what’s next
▼ + stars: | 2024-08-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Major Chinese companies' latest quarterly reports reinforce how the local market is one for stock pickers. Another Chinese stock with growing exposure to overseas growth is Temu parent PDD Holdings , which is scheduled to report earnings before the U.S. market open on Monday. As of Friday, PDD held the second-largest weighting in CoreValues Alpha Greater China Growth ETF (CGRO). That gives the ETF managers timely information to move in and out of Chinese stocks. CGRO holds just over 30 Chinese companies that meet criteria such as "not compromising American tech, economic interests or values" or appearing on U.S. sanctions lists, according to the ETF's website.

Persons: Lorraine Tan, Morgan Stanley, Laura Wang, PDD, Tencent, Ben Harburg, CoreValues, Harburg, CGRO, We've, we've, you've, — CNBC's Michael Bloom Organizations: Morningstar, CNBC, GDS Holdings, PDD Holdings, China Growth, CoreValues Alpha, U.S, KraneShares CSI China Internet Locations: Asia, Morgan Stanley China, U.S, China, Hong Kong, Malaysia, Alpha, Beijing, Japan, India

☆ Chinese EV maker Zeekr says its new battery can charge faster than that of a Tesla
▼ + stars: | 2024-08-13 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Chinese electric car brand Zeekr announced new batteries on Tuesday, which it says boast the fastest charge in the world. Zeekr said that the new battery could achieve the same charge performance even in negative 10 degree Celsius (14 degrees Fahrenheit) weather in about 30 minutes. Comparatively, Elon Musk's Tesla says its supercharger allow the company's vehicles to charge up to 200 miles in 15 minutes. Chinese automaker Nio has also offered the alternative of a three-minute battery swap. The subscription service automatically changes out the battery of designated car models with a charged one at specific swap stations.

Persons: Zeekr, Elon Musk's Tesla, Nio Organizations: New York Stock Exchange, Technology Holding Locations: BEIJING, U.S

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTest driving BYD, Nio and other Chinese EV rivals of TeslaLow-cost, high-tech Chinese EVs have stirred fears of a government-subsidized existential threat to automakers around the world. So what do these vehicles have to offer? How do they compare to the Tesla Model Y, which in 2023 was the bestselling car in the world? CNBC's Beijing bureau chief Eunice Yoon tested four of them from large and high-profile Chinese brands to see how they stack up against the Model Y, and to offer some insight into how non-China rivals might compete against them.

Persons: Eunice Yoon Organizations: Tesla Locations: Beijing, China

☆ Iran is targeting the U.S. election with fake news sites and cyber operations, research says
▼ + stars: | 2024-08-09 | by ( ) www.cnbc.com time to read: +3 min

Researchers identified websites that they attributed to the Iranian operation, aimed at voters on the political left and right. The group behind the sites, according to Microsoft, is part of a larger Iranian operation, active since 2020, that operates more than a dozen other fake news sites targeting English-, French-, Spanish- and Arabic-speaking audiences. But researchers say the sites could be used closer to the election. Iran has neither the intention nor plans to launch cyber attacks. The U.S. presidential election is an internal matter in which Iran does not interfere."

Persons: Donald Trump, Kamala Harris Organizations: Microsoft, International League for Women's, Analysis Center, Islamic Revolutionary Guard Corps, Iran's United Nations, Associated Press, U.S, Trump Locations: Iran, Russia, China, Savannah, U.S

☆ Tesla's biggest competitor just announced a collab with Uber
▼ + stars: | 2024-08-01 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewTesla's biggest competitor, BYD, just launched a big partnership with Uber. AdvertisementThe partnership also ups BYD's international visibility, as Uber passengers ride in cars they might not have otherwise tried out. AdvertisementThe Uber partnership may also mitigate a European Union tariff on Chinese EV makers. In late June, Volkswagen said it would invest up to $5 billion in US EV maker Rivian, which would develop software for both companies' cars.

Persons: —, Uber, Matt Bryson, Bryson, giant's, Dara Khosrowshahi, BYD, Tesla, Tesla's robotaxis Organizations: Service, Business, Xchange Leasing, Lion City Rentals, Tesla, Western, Uber, Volkswagen, Rivian Locations: Europe, America, East, Canada, Australia, New Zealand, Singapore, Russia

☆ Chinese EV startups are spending more on research than Tesla is
▼ + stars: | 2024-07-25 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

CNBC | Evelyn ChengBEIJING – U.S.-listed Chinese electric car companies are spending more on research as a ratio to sales than Tesla , according to CNBC analysis of the four automakers' first-quarter earnings. Of the four U.S.-listed Chinese electric car companies, Nio ranked first, spending nearly 29% of revenue in the first three months of the year on research and development. He was referring to a popular term in China to describe fierce competition, especially in the electric car industry. She noted that can help Chinese electric car companies respond more quickly to customers and market needs than traditional automakers. Geely has also released an electric car architecture called SEA that it says allows for quicker production of different sized vehicles.

Persons: Evelyn Cheng, Paul Gong, Nio, Elon, Feng Shen, Shen, William Li, Li, Jing Yang, Zeekr's, Parent, Ren Xiangfei, Ren, Geely, Tesla, Taylor Ogan Organizations: CNBC, UBS, Elon Musk's, Ford Motor, China's Ministry of Industry, Information Technology, Fitch, China Passenger Car Association, Snow Bull, Tech Locations: Hefei, Evelyn Cheng BEIJING – U.S, U.S, China, Nio, Hefei city, Anhui, Shanghai, Asia, Pacific, Zhejiang province, Hong Kong, Shenzhen

☆ Chinese EV stocks drop after Tesla's earnings miss, General Motors delays EV plans
▼ + stars: | 2024-07-24 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

(Photo by Costfoto/NurPhoto via Getty Images)Shares of major Chinese electric vehicle companies dropped Wednesday after U.S. giant Tesla 's earnings fell short of analysts' estimates and General Motors delayed its EV plans. EV hype has been dwindling, as automakers from Tesla to General Motors scale back or delay their EV plans. Tesla shares closed 2.04% lower. Separately, General Motors on Tuesday said it was delaying further a second U.S. electric truck plant and the Buick brand's first EV. Investors were spooked by the pullbacks in growth businesses and General Motors' shares closed 6.42% lower on Tuesday despite solid financial results.

Persons: Tesla, Xpeng, Nio, Li Auto, Elon Musk, Musk Organizations: 21st Changchun International Automobile, Getty, U.S, General Motors, EV, Zhejiang Leapmotor, SAIC, Motors, Buick, Investors Locations: Changchun, Jilin province, China, Hong Kong, BYD, Zhejiang, U.S, Xpeng

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