XPEV - Why EV Stocks Went Off the Road Wednesday
2023-05-24 14:44:00 ET
The stock market headed lower on Wednesday, as investors lost patience with Congress and the White House in their thus-far failed negotiations about the debt ceiling. Stock market benchmarks were down as much as 1% in early-afternoon trading. No resolution was in sight, and it appeared that the high-stakes game of chicken would continue indefinitely.
It's been hard for investors to predict exactly what the impact of a U.S. default on its government debt would be. However, the effects on the global economy are likely to be extreme, and already, companies in some industries have felt the pressure of the economic slowdown.
In particular, electric car stocks were moving lower on Wednesday, led by Chinese EV maker XPeng (NYSE: XPEV) . Declines were almost as large for Nio (NYSE: NIO) , while outside of China, Tesla (NASDAQ: TSLA) suffered a less significant percentage drop in its stock price.
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Why EV Stocks Went Off the Road Wednesday