As the major indices finished the day in the red, NYSE:CCIV lost another 2.19 percent.
As the delta variation fuels investor anxieties, the EV Sector continues to drop.
Tesla is the subject of a forceful statement from a big Chinese automaker.
Investors continued to be cautious about NYSE:CCIV ahead of the shareholder vote on July 22nd. The stock continued to fall on Thursday, with shares of CCIV falling 2.19 percent to $24.96. CCIV is still trading above its 50-day and 200-day moving averages, indicating that investors are still positive ahead of the merger, but its recent losing streak may make some investors reconsider opening a position.
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On Thursday, the broader electric car market continued to fall as the delta variation of COVID-19 spread rapidly across the globe. Tesla (NASDAQ:TSLA) was the session’s only gainer, as the industry leader announced strong delivery numbers in China. The continuing pressure on U.S.-listed Chinese enterprises has battered down the stocks of Chinese EV automakers. During the day, Nio (NYSE:NIO) decreased 0.96 percent, XPeng (NYSE:XPEV) down 3.45 percent, and Li Auto (NASDAQ:LI) fell 0.75 percent.
XPeng, the Chinese automaker, was listed on the Hong Kong stock exchange yesterday, with shares finishing basically flat on the first day of trading. XPeng President Brian Gu stated publicly on Thursday that he believes Chinese EV manufacturers are rapidly catching up to Tesla in terms of product and technology. While Gu has always been eager to praise Tesla and its controlling proportion of China’s lucrative auto market, his comments could indicate that Tesla’s luster is fading in comparison to domestic brands./n
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