Tesla Rivals Nio, Xpeng Down Over 8% In Hong Kong Today: What's Behind The EV Slide?

Shares of U.S.-listed Chinese electric automakers Nio Inc. NIOXpeng Inc. XPEV, and Li Auto Inc. LI were struggling in Hong Kong on Monday.

Chinese EV stocks down in Hong Kong today
Stocks Movement (+/-)
Nio -8.81%
XPeng -8.81%
Li Auto -6.69%

What Happened: The Hong Market continued to its downtrend for the second week in a row amid the worrying cues from the global markets. The grueling lockdown has impacted the world's largest producer of electronic vehicles – all major producers, including Tesla, Inc. TSLA had to shut down their production facilities.

The U.S.-listed Chinese electric automakers stocks also had a subdued closing in the US markets on Friday.

Company In News: Shanghai-headquartered Nio became the latest EV maker to suspend production amid the rising COVID-19 cases. "There will be a delay in the delivery of vehicles for many customers in the near future, and we ask for your understanding," it said in a statement.

Nio also has plans to hike the price of its vehicles as well as its battery-as-a-service rental prices beginning May 10.

Photo courtesy: Nio

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