Chinese EV Stocks Sink After Senator Calls For Import Ban

Dow Jones04-13

By Ben Glickman

Shares of Chinese electric-vehicle makers fell Friday after a U.S. senator called for a permanent ban on EV imports from the Asian country.

XPeng depositary receipts were down 8.8% at $7.55 in afternoon trading, while NIO ADRs were down 8% at $4.11. Li Auto shares sank 3.6% to $29.72 midday.

Sen. Sherrod Brown (D., Ohio) wrote a letter to President Biden on Thursday, calling for action to "permanently ban" EVs made by Chinese companies. Brown said in the letter that Chinese EVs are an "existential threat" to American carmakers.

Meanwhile, German automaker Volkswagen on Thursday announced an investment of about $2.69 billion to expand production in China, part of a broader push into that market.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 12, 2024 13:37 ET (17:37 GMT)

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ICEsh00ter
04-15
ICEsh00ter
talking wo using brain again.

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