00:00It's Benzinga bringing Wall Street to Main Street
00:02Chinese electric vehicle stocks have tumbled this year, erasing billions of dollars in
00:06value as the industry faces mounting challenges.
00:09According to Benzinga, NIO has fallen nearly 50% from its April high, while X-Kung has
00:14dropped 55% from its year-to-date peak.
00:17The declines come as Beijing begins ending industry subsidies to address oversupply and
00:21price wars.
00:22Chinese EV makers are expanding overseas, but proposed European Union import restrictions
00:27could threaten sales.
00:28The ongoing U.S.-Iran war, fierce competition, and rising commodity and raw material prices
00:33are also squeezing profit margins.
00:35September deliveries showed slowing demand.
00:38NIO reported its weakest growth this year at 7.7%, while X-Kung and Li Auto posted year-over-year
00:43declines.
00:44A slowing Chinese economy could prolong the industry's struggles.
00:47For all things money, visit Benzinga.com.
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