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Benzinga
Benzinga
Business
Wayne Duggan

Tesla Shares Drop Following China Price Cuts. What Does It Mean For NIO, XPeng And Li Auto?

Xpeng NIO China Xi Jinping Nasdaq Tesla Inc. China Communist Party electric vehicle Leapmotor

Tesla Inc (NASDAQ:TSLA) shares dropped another 4.6% on Monday morning after the electric vehicle company reduced prices on its standard Model 3 and Model Y vehicle models in China by 4.7% and 8.9%, respectively.

What Happened? Shares of Tesla's domestic Chinese competitors, including Nio Inc - ADR (NYSE:NIO), Li Auto Inc (NASDAQ:LI) and Xpeng Inc - ADR (NYSE:XPEV), all plummeted more than 10% on Monday as well, and Bank of America analyst Ming Hsun Lee said Tesla's price cuts could have meaningful implications for Tesla's competitors.

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