Why NIO and Li Auto Shares Are Trading Lower Today

Shares of NIO Inc. NIO and Li Auto Inc. LI are trading lower after competing Chinese EV company XPeng Inc. XPEV reported high pre-order volume for a low priced vehicle.

According to cnEVpost, XPeng received more than 5,000 orders for its upcoming P5 sedan in just seven hours after the vehicle was available for pre-sale.

NIO designs, develops, manufactures, and sells smart electric vehicles in China. The company offers five, six, and seven-seater electric SUVs, as well as smart electric sedans.

Nio's stock was trading about 4.3% lower at $40.94 per share on Monday. The stock has a 52-week high of $66.99 and a 52-week low of $10.91.

Li Auto, through its subsidiaries, designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China.

Li Auto's stock was trading about 4.1% lower at $29.07 per share. The stock has a 52-week high of $47.70 and a 52-week low of $14.31.