Alibaba, JD, Nio Slide In Hong Kong; Hang Seng Index Falls 3%

Benzinga2022-08-02

Hong Kong’s benchmark Hang Seng Index falls over 3% in early trading hours.

Alibaba, Nio shares lose over 3%; XPeng slides more than 5%.

Company News: Autonomous electric vehicle start-up Jidu, backed by Baidu, is seeking $400 million in funding, Bloomberg reported, citing sources.

Nio reported delivering 10,052 vehicles in July, up 26.7% year-over-year and down 22% sequentially. The electric vehicle maker is set to launch a third electric vehicle brand in the price range of RMB 100,000-200,000, with an independent chief and an R&D system, reported CnEVPost.

Xpeng delivered 11,524 vehicles in July, up 43.33% from a year earlier but down 24.66% from June.

Li Auto delivered 10,422 vehicles in July, up 21.34% compared to the same month last year, but down 19.98% from June.

BYD announced its entry into the German and Swedish markets, just days after it announced its entry into the Japanese market, reported CnEVPost.

Global Markets: The rally in U.S. shares cooled on Monday, with the Nasdaq shedding 0.18% and the Dow losing 0.14%, while the S&P 500 shed 0.28%.

Elsewhere in Asia on Tuesday, Australia’s ASX 200 traded 0.28% lower. Japan’s Nikkei 225 was down 1.35%, while the South Korean Kospi fell 0.38%. China’s Shanghai Composite index was down 1.44%.

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