(July 23) EV stocks fell in morning trading.
- Share of Nio Inc. $(NIO)$ shed over 4% in morning trading Friday, after the China-based electric vehicle maker disclosed the offering of 1.68 million shares by selling stockholders.
- In and S-1 filing with the Securities and Exchange Commission late Thursday, Quasar Energy Partners LLC, Philipp Brothers Fertilizer LLC and Little Brothers LLC are selling off their entire stakes in Nio, totaling 1,682,267 shares, representing 0.4% of the shares outstanding and valued at $77.5 million at Thursday's closing price of $46.07.
- The company said it will not receive any proceeds from the offering.
- The stock has lost 5.5% year to date, while shares of U.S.-based EV leader Tesla Inc. $(TSLA)$ have declined 8.0%, the iShares MSCI China ETF $(MCHI)$ has slipped 4.3% and the S&P 500 has gained 16.3%.
Tesla fell 0.87% in morning trading
- Tesla IncTSLA 0.8%has once again hiked the prices of some of its Model 3 and Model Y vehicles in the United States.
- What Happened:TheElon Musk-led company’s latest price hike is a steep $1,000 for the Long Range editions of both Model 3 and Model Y, as per the company’s website.
- The Price Hike:The Model 3 Long Range price now starts at $49,990 and the Model Y Long Range at $53,990.
- The estimated delivery time for Model 3 Long Range is 10 to 16 weeks, while for Model Y LR the company website doesn't give any estimated delivery time.