EV stocks skid on report of China probe in new energy vehicle projects

Kandi Technologies

25/11/2020 14:53

** Shares of some EV companies fall after a Reuters report 
said the Chinese state planner has asked local governments to
investigate new energy vehicle projects (NEVs), according to a
document confirmed by two people familiar with the matter
    ** China's National Development and Reform Commission has
asked local officials to investigate construction and production
details of projects related to property and financial services
conglomerate Evergrande New Energy Vehicle and Baoneng
    ** NEVs include battery-powered electric, plug-in
petrol-electric hybrid and hydrogen fuel-cell vehicles
 urn:newsml:reuters.com:*:nL1N2IB06J
    ** Shares of Xpeng Inc  XPEV.N  down 7.4%, Li Auto Inc
 LI.O  fall 7.5%, and Kandi Technologies Group Inc  KNDI.O  down
5.3% 
    ** Shares of Nio Inc  NIO.N  slip 3.9% and Lordstown Motors
Corp  RIDE.O  fall 2.3% 
    ** Fisker Inc  FSR.N  is the outlier in the EV sector; FSR
is up 12.3% after Citigroup initiates coverage on stock with a
buy rating
 

 (Reporting by Mehr Bedi in Bengaluru)
 ((Mehr.Bedi@thomsonreuters.com;))