Shares of Nio Inc. NIO slumped 1.9% in premarket trading Wednesday, weighed down by rival China-based electric vehicle maker XPeng Inc. XPEV reported first-quarter results, which missed expectations by wide margins. Shanghai-based Nio is slated to report first-quarter results in early June. Also taking a hit, Texas-based Tesla Inc.’s stock TSLA fell 1.2%, as the EV giant generated 21% of its first-quarter revenue from China. Tesla’s stock had lost 1.6% on Tuesday to snap a five-day win streak in which it had run up 13.5%. And Beijing-based Li Auto Inc.’s stock LI shed 1.0% ahead of Wednesday’s open. XPeng’s stock sank 5.5%, putting it on track to open at a two-month low. The weakness in the EV makers’ stocks comes as futures ES00 for the S&P 500 SPX slipped 0.4%.
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