Shares of U.S.-listed Chinese electric automakers Nio Inc (NYSE: NIO), Xpeng Inc (NYSE: XPEV) rose in Hong Kong trading on Wednesday morning, while Li Auto Inc (NASDAQ: LI) was down.
| Stocks | Movement (+/-) |
|---|---|
| Xpeng Inc | 1.91% |
| NIO Inc | 0.19% |
| Li Auto Inc | -0.5% |
Stocks of these Tesla Inc. (NASDAQ: TSLA) rivals showed a similar trend in U.S. markets on Tuesday, with Xpeng and Nio ending higher, and Li ending lower.
The Macro Factors: The overall Hang Seng index was trading in the green after a weak start.
The COVID-19 lockdown in Shanghai and other parts of China continued to roil auto production. But Tesla is restarting its Giga Shanghai factory after it was shuttered for a record duration amid the COVID-19 resurgence in China.
The International Monetary Fund recently downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
Photo courtesy: Xpeng
