US Stock Market Move | New energy vehicle stocks declined, with Tesla, Inc. (TSLA.US) falling more than 1%.

On Wednesday, stocks of new energy vehicles fell. As of press time, NIO Inc. Sponsored ADR Class A (NIO.US) dropped more than 3%, XPeng, Inc. ADR Sponsored Class A (XPEV.US) dropped more than 2%, Li Auto, Inc. Sponsored ADR Class A (LI.US) dropped more than 3.5%, Tesla, Inc. (TSLA.US) dropped more than 1%. On the news front, Tesla, Inc. has signed a $4.3 billion agreement with LG Energy Solutions to purchase lithium iron phosphate (LFP) batteries from the latter. This is the second deal the electric vehicle manufacturer has reached in South Korea this month. Insiders say these batteries will be produced in LG Energy's U.S. factory, but will not be used in cars. The source said the ultimate use will be in energy storage systems.