DIDIY - LI Stock News: Li Auto's EV Joint Venture Just Filed for Bankruptcy
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Li Auto (NASDAQ:LI) stock is in the news today as investors react to the company’s joint venture with DiDi Global (OTCMKTS:DIDIY) has filed for bankruptcy.
Li Auto is a maker of electric vehicles (EVs) and DiDi Global operates a ride-hailing service in China. Their joint venture, Beijing Judian Chuxing Technology, was created in 2018 to develop smart EVs for ride-hailing services.
Neither company has commented on the bankruptcy filing of the joint venture. However, it’s worth noting that the end of this partnership comes after DiDi Global has faced additional scrutiny. That resulted in the company delisting shares from the New York Stock Exchange in July 2021.
The split ownership of the joint venture saw DiDi Global owning 51% of the company while the remaining 49% belonged to Li Auto. It’s also one of multiple EV partnerships for DiDi Global, none of which have made much progress, reports Reuters.
It’s worth noting that LI stock is rising on Thursday even with the joint venture bankruptcy news. It could be that investors are reacting positively to the end of the relationship with DiDi Global. Another possibility is that shares are simply bouncing back from a dip on Wednesday.
Either way, shares of LI stock are up 4.1% as of Thursday afternoon.
Investors seeking out all of the latest stock market news will want to stick around!
InvestorPlace has all fo the hottest stock market coverage traders need to know about for Thursday! Among that is what has shares of Archer Aviation (NYSE:ACHR), Coinbase (NASDAQ:COIN), and Tesla (NASDAQ:TSLA) stock on the move today! Let’s check out what’s behind that momentum at the following links!
More Thursday Stock Market News
- Archer Aviation (ACHR) Stock Soars as United Buys Its Flying Taxis
- Coinbase Faces Another SEC Probe After Missing Earnings, Spelling Trouble for COIN Stock
- Is Baillie Gifford Losing Confidence in Tesla (TSLA) Stock?
On the date of publication, William White did not have (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.
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
- It doesn’t matter if you have $500 or $5 million. Do this now.
The post LI Stock News: Li Auto’s EV Joint Venture Just Filed for Bankruptcy appeared first on InvestorPlace.