Shares of Nio Inc. NIO dropped 5.7% in premarket trading Tuesday, to buck the rally in the broader stock markets, as Tesla Inc.’s TSLA extension of its production suspension at its Shanghai plant appeared to weigh on China-based electric vehicle makers. The stock’s selloff puts it on track to open at the lowest prices seen since Nov. 28. Among other China-based EV makers, shares of XPeng Inc. XPEV shed 1.2% and Li Auto Inc. LI sank 2.1%, while Tesla’s stock gave up 4.8%. Meanwhile, futures ES00 for the S&P 500 SPX rose 0.5%, while the Shanghai Composite Index CN:SHCOMP jumped 1.0% overnight.
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