Why Tesla Rivals Nio, Xpeng, Li Auto Are Falling Again In Hong Kong Today

Shares of U.S.-listed Chinese electric automakers and Tesla TSLA rivals Nio Inc NIO, Xpeng Inc XPEV, and Li Auto Inc LI  fell for the second day in a row in Hong Kong on Thursday.

The Macro Factors: The stocks extended losses amid weak global cues and a muted sentiment on the benchmark Hang Seng Index.

Stricter COVID-19 lockdowns in Shanghai also sapped risk appetite.

Chinese EV makers ended lower in US markets on Wednesday, with the overall benchmarks also in the red.

Companies In The News: Cathie Wood-backed XPeng pushed back the launch of its fourth vehicle model, the G9 SUV, without citing a reason. The company first announced the car at the Guangzhou auto show in November and is now expected to make its appearance only in June. 

Shanghai-based NIO said that it was in talks with several Chinese and international car groups to open its network of charging stations. It estimates the number of power swap stations to increase to 5,000 by the middle of the decade, from a current count of 800.

On Wednesday, Li Auto teased its new L9 vehicle, giving some indication of what consumers can expect from its launch. Meanwhile, UBS maintained its ‘buy’ rating on Li Auto and raised its price target to $52, an upside of 53% at the last closing price of $27.52.