Why NIO and XPeng Stocks Are Down Today

Shares of Chinese electric-vehicle makers NIO (NYSE: NIO) and XPeng (NYSE: XPEV) were trading lower on Thursday, after a Wall Street analyst cut his bank's rating on XPeng following its recent rally. As of 11:10 a.m. EST, NIO's American depositary shares were down about 3.6% from Wednesday's closing price, and XPeng's were down about 4.8%. In a note released after the U.S. markets closed on Wednesday, UBS analyst Paul Gong cut his bank's rating on XPeng to neutral, from buy, while raising its price target to $59 from $25.