Nio Down 6%, Xpeng Falls 5.8% In Hong Kong Today: What's Driving The EV Stocks Down?

Photo by Jason Briscoe on Unsplash

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

Macro Factors

Amid rising COVID-19 cases and a subdued outlook for auto manufacturers in China, the Chinese EV–makers' shares echoed similar notes on US exchanges. The surge in cases has led companies in China to reduce 2022 projections.

Here’s How Tesla Rival Nio, Xpeng, Li Auto Are Performing In HK Markets Today

The overall Hang Seng Index was also trading on a muted note at 10:50 a.m. Hong Kong time. Its Asian peers SGX Nifty and Shanghai's SSE Composite Index expressed similar sentiments. 

Company In News

Nio has increased its stake in the joint venture with Jianghuai Automobile Group Co (JAC) to 50%, a year after the new company was established, according to the CnEVPost report.

Price Action

According to data from Benzinga Pro, Nio fell 6%, Li Auto shed 4% in U.S. markets, and Xpeng, after hiccups, ended Thursday 2% lower.