Why NIO, XPeng, and Li Auto Stocks Are Down Today

John Rosevear, The Motley Fool

30 November 2020 at 1:15 pm·2-min read

Why NIO, XPeng, and Li Auto Stocks Are Down Today

Shares of several up-and-coming Chinese electric-vehicle makers were trading lower on Monday, after a prominent short-seller accused another Chinese electric-vehicle company, Kandi Technologies (NASDAQ: KNDI), of recording revenue it hadn't earned. Li Auto (NASDAQ: LI) was down about 7%. Simply put, Hindenburg alleged that Kandi greatly exaggerated its sales over the last year by recording revenue from "sales" that were actually transfers to affiliated companies.

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