KNDI - Chinese EV stocks lower on government investigation into the sector

Xpeng (XPEV) -5.73%, Li Auto (LI) -5.25%, Nio (NIO) -3..61% and Kandi Technolgies (KNDI) -2.9% are lower in early trading on news of a government investigation into the sector.The National Development and Reform Commission ((NDRC)) asked local officials to investigate construction and production details of projects related to Evergrande (EGRNF) New Energy Vehicle ((NEV)) and Shenzhen Baoneng that started from 2017, as per the document seen by Reuters.NEVs include battery-powered electric, plug-in petrol-electric hybrid and hydrogen fuel-cell vehicles. China expects sales of NEVs could reach 1.1M vehicles this year.  Shares of EV manufacturers have rallied in the past one year on the push for clean energy and zero-emissions vehicles with hopes of accelerating the deployment of electric vehicles and public charging outlets. Xpeng and Li Auto got listed in U.S. markets in 2H20. Previously: Just a pause? Investors cash out of some EV high-fliers (Nov. 24)

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Chinese EV stocks lower on government investigation into the sector