Here's Why Nio, Li Auto And Xpeng Are Moving
Shares of Chinese electric vehicle makers Nio Inc – ADR (NYSE:NIO), Li Auto Inc. (NASDAQ:LI) and Xpeng Inc – ADR (NYSE: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.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.