LI - Why Li Auto and Kandi Technologies Jumped but CIIG Merger Dropped Today
Today, shares of Kandi Technologies (NASDAQ: KNDI) continued to recover from a short-seller report last week, gaining 14%, before giving up most of those gains to remain up just 3% as of 11:45 a.m. EST. Fellow Chinese electric-vehicle (EV) maker Li Auto (NASDAQ: LI) was up 9% at the same time, having held its early gains. But CIIG Merger (NASDAQ: CIIC) , an EV-related special purpose acquisition company (SPAC), dropped 12%. Why the difference?
There has been a dichotomy of recent news for investors related to Chinese EV makers, and the stocks have remained volatile. Chinese November sales results showed continued strong EV popularity, but a subsequent short-seller report put those sales from Kandi Technologies into question.
Kandi Technologies K23. Image source: Kandi Technologies.
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Why Li Auto and Kandi Technologies Jumped, but CIIG Merger Dropped Today