Why Nio, Xpeng, and Lucid Stocks Dropped Today

Why Nio, Xpeng, and Lucid Stocks Dropped Today

Tesla's (NASDAQ: TSLA) announcement of price cuts earlier this month continues to reverberate across the EV industry as shares of rival electric car manufacturers see their share prices tumble this morning. Through 10 a.m. ET, shares of Chinese electric automakers Nio (NYSE: NIO) and Xpeng (NYSE: XPEV) are down 3.1% and 4.9%, respectively. Closer to home, luxury EV-company Lucid Group (NASDAQ: LCID) is losing 3.8%.