Tesla, Nio lead big down day in EV sector while Nikola and Aurora are outliers
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The electric vehicle stocks started off Thursday with a wave of selling pressure as investors continue to peel away from the sector with the macro backdrop still looking disadvantageous.
Chinese electric vehicle makers Nio (NIO
-9.8%), XPeng (XPEV
-8.1%), Kandi Technologies (KNDI
-3.0%) and Li Auto (LI
-6.1%) all fell sharply on broad concerns over China-based companies being delisted in the U.S. due to financial audit requirements.
Tesla (TSLA) is down 2.55% with word that CEO Elon Musk may also wear the CEO hat at Twitter for the near term in the mix. Some analysts have called the Twitter acquisition by Musk an overhang due to the relationship with Beijing always being a factor.
Across the sector, earnings jitters and more macro headwinds have contributed to selling pressure with Rivian Automotive (RIVN
-8.7%), TuSimple (TSP
-7.1%), and Sono Group (SEV
-4.5%), Lucid Group (LCID
-6.0%), Embark Technology (EMBK
-6.6%), and Ouster (OUST
-6.0%). The news out of Shanghai on supply chain disruptions also tipped to the negative side.
Outliers in the sector on Thursday were Aurora Innovation (NASDAQ:AUR
+7.7%) and Nikola Corporation (NASDAQ:NKLA
+7.2%), which both tracked higher after investors were satisfied with the earnings reports and production updates.
Read more about SEC delisting risk with Nio and other Chinese EV makers.