Nio stock bounces, even after Tesla CEO Elon Musk says China seeing ‘burst of recession’

The U.S.-listed shares of China-based Nio Inc. gained 0.1% in afternoon trading Thursday, after closing the previous session at the lowest price since July 2020, despite the 6.7% selloff in rival electric vehicle maker Tesla Inc.’s stock after disappointing third-quarter results. Meanwhile, shares of fellow China-based EV makers XPeng Inc. climbed 3.9% after closing Wednesday at a record low, and Li Auto Inc. hiked up 3.0% after closing Wednesday at a two-year low. The rallies come after Tesla C

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