Nio, Other China Tesla Rivals Fall: What's Weighing On Hong Kong EV Stocks Today

Shares of U.S.-listed Chinese electric vehicle makers Nio Inc NIO, XPeng Inc XPEV, and Li Auto LI traded in red on Tuesday in Hong Kong as the local stock exchange opened after a long weekend.

Shares of the Chinese EV makers and Tesla Inc TSLA rivals ended higher in U.S. markets on Monday.

The Macro Factors: The stocks fell as the benchmark Hang Seng Index cracked 0.22% amid index heavyweights seeing a wild swing during the early trade. 

Hong Kong's economy is expected to contract in the first quarter as it imposed tough COVID-19 curbs and China's worsening Omicron outbreak disrupted trade with the financial hub. The official data is expected to be out today.

Hong Kong's Gross domestic product is expected to have fallen 1.3% in the January-to-March period from a year earlier, according to Bloomberg.

Company In News: Nio, Xpeng, and Li Auto reported weak deliveries for April, in line with expectations. 

Nio delivered 5,074 vehicles in April, representing a 49% decline from March's 9,985 units. Guangzhou, China-based XPeng sold 9,002 EVs in April, a 41.6% month-over-month plunge. Li Auto's deliveries came in at 4,167 units, down 24.8% year-over-year and a 62% plunge from the previous month.

Photo courtesy: Nio