Shares of U.S.-listed Chinese electric automakers Nio Inc (NYSE:NIO), Xpeng Inc (NYSE:XPEV), and Li Auto Inc (NASDAQ:LI) traded lower in Hong Kong on Wednesday.
| Stock | Movement (+/-) |
|---|---|
| Nio | -1.64% |
| Xpeng | -4.48% |
| Li Auto | -0.35% |
The Macro Factors: The stocks extended losses, with the overall benchmark Hang Seng Index trading down about 1.50% at around 11:45 A.M. (local time). The slide came amid the subdued global cues that weighed heavy on investor sentiment.
A stricter COVID-19 lockdown in Shanghai is expected to roil auto production as it has already forced two major suppliers, Tesla Inc (NASDAQ:TSLA) and General Motors (NYSE:GM), to shut their plants.
Meanwhile, stocks of U.S.-listed Chinese electric automakers also had a subdued ending in the US markets on Tuesday, with the overall index trading lower as investors feared Fed rate hikes would slow the economy.
