Tesla, Nio stocks fall as Li Auto deliveries warning, Evergrande fears weigh

Dow Jones2021-09-20

MW Tesla, Nio stocks fall as Li Auto deliveries warning, Evergrande fears weigh

Shares of China-based electric vehicle makers, and of Tesla Inc. $(TSLA)$, took a hit ahead of Monday's open, amid a one-two punch of Li Auto Inc.'s $(LI)$warning of a deliveries miss and worries that real estate developer China Evergrande Group could default this week. Shares of Nio Inc. $(NIO)$ sank 4.0% toward a four-month low, Xpeng Inc. $(XPEV)$ slid 4.4% and Li Auto shed 5.7%. Tesla's stock slumped 2.8%, putting them on track to snap a four-day win streak. Tesla recorded $5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $2.30 billion in China revenue, or 19.1% of the total, in the same period in 2020. Earlier, Li Auto cut its third-quarter deliveries guidance to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in semiconductor supplies hampered results. And worries over a potential Evergrande default sent global equity markets reeling, as the iShares MSCI China ETF $(MCHI)$ dropped 3.3% and futures for the Dow Jones Industrial Average sank 646 points, or 1.9%.

-Tomi Kilgore

$(END)$ Dow Jones Newswires

September 20, 2021 08:26 ET (12:26 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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ChadT
2021-09-20
ChadT
Oh haha

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Shares of Nio Inc. <a href=\"https://laohu8.com/S/NIO\">$(NIO)$</a> sank 4.0% toward a four-month low, Xpeng Inc. <a href=\"https://laohu8.com/S/XPEV\">$(XPEV)$</a> slid 4.4% and Li Auto shed 5.7%. Tesla's stock slumped 2.8%, putting them on track to snap a four-day win streak. Tesla recorded $5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $2.30 billion in China revenue, or 19.1% of the total, in the same period in 2020. Earlier, Li Auto cut its third-quarter deliveries guidance to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in semiconductor supplies hampered results. 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