Stocks in China’s technology and electric vehicle sectors shot up on Wednesday. This might be attributed to government statements released yesterday, which signalled a shift in tone and prioritisation of support and stability on the part of the government for China’s domestic firms.
Tesla’s share crashed 4.3% at the end of the trading day yesterday. The announcement about the U.S. investigation which was sparked by the EV maker’s autosystem failing could have been the reason for the fall.
Chinese electric carmaker Nio’s earnings release revealed that the company had lower losses and higher revenues than expected in the second quarter of 2021. Sales of electric vehicles were within the predicted range despite the global chip shortage.
Several major Chinese EV companies saw significant drops in their stock prices yesterday, possibly due to the announcement of a new convertible bond deal by Chinese manufacturer Li Auto.
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