Electric vehicle stocks are jolted by concerns over more COVID-linked supply chain issues
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The electric vehicle sector is back under the COVID cloud again on Monday.
Beijing is now a region of increased focus with authorities in the capital sealing off entrancing of public housing blocks and closing off entire streets with wire mesh fences. Meanwhile, the Shanghai government reported 51 new COVID deaths on April 24, which marks the highest daily tally so far. The local government in Shanghai is using a tiered system that divides neighborhoods into three categories of restrictions based on the risk of transmission. For EV companies, those restrictions add up to more pressure points where the supply chain could be slowed down or snarled.
Nio (NIO) shed 2.97% in the premarket session and Li Auto (LI) dropped 4.25%. XPeng (XPEV) was off 3.39% and Kandi Technologies (KNDI) fell 1.55%.
The COVID issues in China impact have all kinds of supply chain implications and has investors jittery on U.S. names as well. Fisker (NYSE:FSR) is down 1.73% in premarket trading, Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) saw a 2.66% decline and Rivian Automotive (NASDAQ:RIVN) shed 1.67%.
Shares of Tesla (NASDAQ:TSLA) fell 3.29% premarket to $972.00. Elon Musk's deal to buy Twitter is closer to the finish line, but Wedbush Securities says it does not believe the Twitter bid will result in a major sale of Musk's Tesla (TSLA) shares, but could be used as pledged shares for loans obtained.
Check out the very latest Elon Musk-Twitter developments.