Donald Trump Win Crashes Chinese EV Stocks, Casts Doubt on CCP Gotion Project
Telsa stocks soared while Chinese equities tanked as former President Donald Trump’s election victory sent shockwaves through the EV industry. Wall Street analysts speculated to CNBC that the Big Three – General Motors, Ford, and Stellantis – will likely be the biggest winners in a Trump presidency that begins on Jan. 20, along with Tesla.
Trump has promised an end to the Biden-Harris EV mandate is a top priority, and vowed to preserve choice for American consumers, who largely oppose the government-imposed, taxpayer-funded shift to EVs that’s already costing jobs in Michigan.
Experts predict Trump could end government subsidies for EVs, and increase tariffs on Chinese imports, both of which were reflected in the market on Wednesday, the day after Trump’s victory. “Leading drops among Chinese EV equities, Nio sank 7% in premarket U.S. trading, XPeng plummeted 7%, and Li Auto lost 7%,” GuruFocus reports. “Kandi Technologies declined 1%; Zeekr Intelligent Technology dropped 7%.”
