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Benzinga
Benzinga
World
Navdeep Yadav

Nio, Xpeng Fall Over 5%: What's Weighing On Hong Kong EV Stocks Today?

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 the Hong Kong on Thursday.

How Nio, Xpeng, Li Auto Are Faring In Hong Kong Today
Stocks Movement (+/-)
Nio -5.44%
Xpeng -5.15%
Li Auto -4.07%

The stocks also had a subdued closing in the U.S. Markets on Wednesday.

The Macro Factors: This came amid a weaker Hong Kong market, where the overall benchmark Hang Seng index fell almost 2%, touching more than a one-month low.

According to SCMP, Chinese Premier Xi Jinping is set to deliver a speech via a video link at the annual Boao Forum, where he is expected to offer clues on the state of the economy as the new COVID-19 wave forced authorities to lock down the financial hub of Shanghai.

Mark Mobius, a fund manager focused on emerging markets said on Wednesday that the negative risks faced by China stocks may have played out fully, and a bottom is near.

Photo courtesy: Xpeng

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