Tesla's Chinese Rivals Li, Xpeng, Nio Surge While Rivian Declines In Pre-Market As Trump Revokes Biden's EV Target

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Tesla's Chinese Rivals Li, Xpeng, Nio Surge While Rivian Declines In Pre-Market As Trump Revokes Biden's EV Target - Benzinga

Quick Summary:

U.S.-listed shares of Chinese EV startups Li Auto Inc.(NASDAQ:LI), Nio Inc.(NYSE:NIO), and Xpeng Inc.(NYSE:XPEV) rose as high as 7.3% in premarket trading on Tuesday after President Donald Trump‘s inauguration even as shares of California-based EV startup Rivian Automotive Inc.(NASDAQ:RIVN) fell.

What Happened: Trump on Monday revoked a 2021 executive order signed by former President Joe Biden that sought to ensure that 50% of new vehicles sold in the U.S.by 2030 are electric.

The new President also said that his administration would consider ending the $7500 federal tax credit available on select EV purchases, posing a threat to the EV ...