Here's Why Nio, Li Auto And Xpeng Are Moving

Shares of Chinese electric vehicle makers Nio Inc - ADR NIO, Li Auto Inc. LI and Xpeng Inc - ADR XPEV are all trading lower Friday morning after Nio reported first-quarter earnings results. Companies in the broader EV space were also trading lower this week amid the ongoing semiconductor shortage. 

Nio reported quarterly losses of 4 cents per share which beat the analyst consensus estimate of a loss of 16 cents per share. Nio also reported quarterly sales of $1.22 billion which beat the analyst consensus estimate of $1.02 billion by 19%.

Nio operates in China's premium electric vehicle market.

Nio is trading lower by around 3.6% in Friday’s premarket session at $37.65.

Li Auto is the first to successfully commercialize extended-range electric vehicles in China. It started volume production of its first model, Li ONE, in November 2019.

Li Auto is trading lower by around 2% at $19.15.

Xpeng is a smart EV company designing, developing, manufacturing and marketing smart electric vehicles in China.

Xpeng is trading lower by around 2.3% at $29.83.