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Why Nio and Xpeng Popped, but QuantumScape Dropped Today

Rich Smith, The Motley Fool
·3-min read
Why Nio and Xpeng Popped, but QuantumScape Dropped Today

Tesla's (NASDAQ: TSLA) surprise earnings beat last night was shaking up the electric vehicle (EV) industry this morning, as shares of solid-state batteries researcher QuantumScape (NYSE: QS) tumbled 1.5% through 11:15 a.m. ET, but Tesla's Chinese rivals Nio (NYSE: NIO) and Xpeng (NYSE: XPEV) gained 2.7% and 3.4%, respectively. Tesla surprised investors by reporting $1.19 per share in profits on sales of $24.3 billion -- beating on both the top and bottom lines despite cutting prices on its electric cars over the past couple months.

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