Electric vehicle stocks fall after negative developments with Nikola and Kandi

  • There is selling pressure in the EV sector amid some disappointment over Nikola failing to land an equity investment from General Motors and Kandi Technologies being slammed with a negative report from Hindenburg Research. There are still some reverberations in China from last week’s report of a probe into Evergrande Auto (OTCPK:EGRNY) by the National Development and Reform Commission.
  • Decliners on the day include GreenPower Motor (GP -8.4%), Ayro (AYRO -11.1%), XPeng (XPEV -9.9%), Li Auto (LI -8.3%), Lordstown Motors (RIDE -7.1%), Hyliion Holdings (HYLN -16.0%), Westport Fuel Systems (WPRT -4.8%), Workhorse Group (WKHS -4.6%) and Fisker (FSR -5.2%).
  • Later this week, the first release on China auto sales for November is expected to be posted.

Via https://seekingalpha.com/news/3640052-electric-vehicle-stocks-fall-after-negative-developments-nikola-and-kandi