Nio, Xpeng Fall Over 5%: What's Weighing On Hong Kong EV Stocks Today?

Shares of Tesla Inc TSLA rivals and U.S.-listed Chinese electric automakers Nio Inc. NIOXpeng Inc XPEV, and Li Auto Inc LI traded significantly lower in the Hong Kong on Thursday.

How Nio, Xpeng, Li Auto Are Faring In Hong Kong Today
Stocks Movement (+/-)
Nio -5.44%
Xpeng -5.15%
Li Auto -4.07%

The stocks also had a subdued closing in the U.S. Markets on Wednesday.

The Macro Factors: This came amid a weaker Hong Kong market, where the overall benchmark Hang Seng index fell almost 2%, touching more than a one-month low.

According to SCMP, Chinese Premier Xi Jinping is set to deliver a speech via a video link at the annual Boao Forum, where he is expected to offer clues on the state of the economy as the new COVID-19 wave forced authorities to lock down the financial hub of Shanghai.

Mark Mobius, a fund manager focused on emerging markets said on Wednesday that the negative risks faced by China stocks may have played out fully, and a bottom is near.

Photo courtesy: Xpeng

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