Daily Stock Market News

Why Nio, Xpeng Are Falling In Hong Kong Today


Shares of Tesla Inc TSLA rivals and U.S.-listed Chinese electric automakers Nio Inc NIO, Xpeng Inc XPEV, and Li Auto Inc LI showed mixed sentiments in Hong Kong on Wednesday. 

Here’s How Nio, Xpeng, Li Auto Are Faring In Hong Kong
Stocks Movement (+/-)
Xpeng -0.21%
Nio -2.65%
Li Auto 0.11%

What Happened: Nio and Xpeng traded in the red, while Li Auto edged higher in an otherwise volatile market. The stocks had a subdued closing overnight in U.S. markets. 

The overall Hang Seng Index was trading in negatoive territory, down nearly 0.51% from its previous close at press time. The Shanghai Composite Index was down 0.17%, while Japan’s Nikkei 225 shed nearly 2%.

Strict COVID-19 lockdowns in Shanghai are now forcing Hong Kong manufacturers to cope with higher costs, delays, and backlogs as Chinese port activity fell below levels seen during the first coronavirus outbreak in 2020, according to Bloomberg

Company In News: Li Auto said it would report unaudited first-quarter earnings on May 10, before the U.S. stock market opens. The company has already released figures showing it delivered 31,716 vehicles in the first quarter, up 152% year-on-year.

Read Next: Here’s The Pattern Nio Stock Must Break From Following EV Production Milestone

Photo courtesy: Nio

 



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