XPEV - Why Tesla Soared and Chinese EV Makers Dropped Tuesday
Tesla (NASDAQ: TSLA) has ruffled some investors' feathers in recent weeks, as it has slashed prices of its electric vehicle (EV) offerings, first in China and then in Europe and the U.S. Ramifications from those moves continue to drive momentum in the stock.
Today that momentum is to the upside, with Tesla stock jumping almost 7% at its morning high. As of 11:15 a.m. ET, Tesla shares were still trading up by 4.6%.
At the same time, shares of Chinese EV makers are tanking, as Tesla's price cuts seem to be impacting the market in that country. Shares of Nio (NYSE: NIO) and XPeng (NYSE: XPEV) were down by 5% and 7.7%, respectively.
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Why Tesla Soared and Chinese EV Makers Dropped Tuesday