Why Tesla Rivals Nio, Xpeng Are Trading Lower In Hong Kong Today

Shares of U.S.-listed Chinese EV makers and Tesla Inc TSLA rivals Nio Inc. NIO, Xpeng Inc. XPEV, and Li Auto Inc. LI started in the red in Hong Kong trading after a four-day holiday.

Shares of these automakers also had a subdued closing in U.S. markets on Monday.

What Happened: The broader Hang Sang index was down almost 2.69%, touching a nearly three-week low, amid negative cues for Asian markets from global peers.

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The People's Bank of China yesterday issued guidelines on its approach to supporting the economy hit by draconian lockdowns in Shanghai and other Chinese Provinces and avoided any mention of the reserve requirement ratio.

Several Chinese firms ended lower in U.S. bourses on Monday as investors digested recent economic data and continued to assess the economic impact of a surge in COVID-19 cases in China.

Company In News: Xpeng CEO and Chairman He Xiaopeng warned last week that all Chinese vehicle factories might have to stop production in May if supply chain disruption continues.

Photo courtesy: Nio