The U.S.-listed shares of China-based NIO Inc. NIO slid 2.2% toward a 5-week low in premarket trading Thursday, after tumbling 10.5% over the previous two sessions, as a disappointing earnings report from rival electric vehicle maker Tesla Inc. TSLA acted as a drag. After unveiling another round of price cuts Wednesday morning, Tesla indicated after Wednesday’s close that it would sacrifice some profit on each car sold to sell more cars, which suggests increased competition for rival EV makers. Among other China-based EV makers, shares of Xpeng Inc. XPEV slumped 2.9% premarket after shedding 13.6% over the past two days, and Li Auto Inc.’s stock LI sank 4.3% after losing 5.7% the past two sessions. Meanwhile, Tesla’s stock dove 7.9% toward a three-month low premarket. The selloff in the EV maker shares comes as the iShares MSCI China exchange-traded fund MCHI slipped 0.3% ahead of the open and futures ES00 for the S&P 500 SPX declined 0.8%
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