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. NIO, Xpeng Inc. XPEV, and Li Auto Inc. LI were struggling in Hong Kong on Monday.

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