Shares of US-listed Chinese electric car maker Nio Inc. NIO, Xpeng Inc. XPEV and Li Auto Inc. LI struggled in Hong Kong on Wednesday.Chinese EV Stocks in Hong Kong Today Stock Movement (+/-) Nio Inc -1.21% Xpeng Inc -1.91% Li Auto Inc -0.60%
Macro factors: The overall Hang Sang index continued its downward trend amid weak global signals and a debilitating lockdown in Shanghai.
The COVID-19 lockdown in Shanghai has disrupted production for electric vehicle manufacturers such as Tesla Inc, TSLA and Nio, potentially hitting their bottom line. The Chinese government has vowed to maintain existing protocols until the number of infections drops rapidly, but the number of cases is still rising.
Shares of US-listed Chinese electric car manufacturers also had a moderate close on US stock exchanges.
Company in the news: A Chinese business research platform Tianyancha showed on Tuesday that Ideal Innovation Lab Technology (Jiangsu) Co., Ltd. was founded on April 7. Shareholder information revealed that the company is wholly owned by electric vehicle manufacturer Li Auto.
This post Why Tesla rivals Nio and Xpeng are struggling in Hong Kong today was original published at “https://www.benzinga.com/markets/asia/22/04/26606668/why-tesla-rivals-nio-xpeng-are-struggling-in-hong-kong-today”