Tesla Inc (NASDAQ:TSLA) and Nio Inc – ADR (NYSE:NIO) shares are trading lower by 3% and 4%, respectively, Wednesday afternoon amid weakness in EV names, inflation concerns and growth names at large for the session.
Weakness in Tesla also appears related to a steep drop in Bitcoin prices as well, despite CEO Elon Musk tweeting Tesla has diamond hands.
Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. Tesla also sells solar panels and solar roofs for energy generation plus batteries for stationary storage for residential and commercial properties including utilities.
Nio operates in China’s premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence.
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