Shares of Tesla Inc (NASDAQ:TSLA) rivals and U.S.-listed Chinese electric automakers Nio Inc. (NYSE:NIO), Xpeng Inc (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) traded significantly lower in Hong Kong on Friday.
| Stocks | Movement (+/-) |
|---|---|
| NIO Inc | -6.24% |
| Xpeng Inc | -4.19% |
| Li Auto Inc | -2.82% |
Macro Factors: This came after shares of the Chinese automakers also traded lower in U.S. markets on Thursday, even as their American peer Tesla rose 3.23%.
The benchmark Hang Seng retreated about 2% on Friday.
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Chinese EV firms are also grappling with strict COVID-19 restrictions hitting their production. Shanghai has vowed to step up enforcement of lockdown measures as the city reported 11 coronavirus deaths on Thursday — its highest one-day toll so far, according to Bloomberg.
Hong Kong, however, is considering easing COVID-19 rules on flights, according to SCMP.
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Company In News: Chinese EV maker Xpeng has revealed more specifications about its premium, fully electric Xpeng P5, in addition to the expected starting price in Denmark, the Netherlands, Norway, and Sweden.
Li Auto is among 17 Chinese companies added by the U.S. Securities and Exchange Commission to its list of firms that are under its radar for delisting due to an auditing oversight law. According to CnEVPost, the company said, "We have been actively seeking a solution as a responsible company to our investors and are actively cooperating with audit paper-related efforts."
