While Alibaba and Nio rose 1.33% and 2.74% respectively, shares of Meituan lost 0.74% in opening trade. Shares of Xpeng and Li Auto were higher by over 5% and 7%, respectively.
Macro News: China's factory activity narrowed at a faster pace in December as rising COVID-19 infections disrupted production and weighed on demand, reported Reuters. The Caixin/Markit manufacturing purchasing managers' index declined to 49 in December from 49.4 in November.
European Union government health officials will hold talks on Wednesday on a coordinated response to the surge in COVID-19 infections in China, reported Reuters citing the Swedish EU presidency.
Company News:Tesla Inc's China head, Tom Zhu, has reportedly taken overresponsibilities for sales, service and deliveries in North America.
Warren Buffett-backed BYD Co. sold 235,197 new energy vehicles (NEVs) in December, hitting a new all-time high,reportedCnEVPost.
Global News: U.S. futures traded in the red on Tuesday morning Asia session. The Dow Jones futures lost 0.17% while Nasdaq futures shed 0.39%. The S&P 500 futures were trading lower by 0.25%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was trading lower by 1.8%. Japan’s Nikkei 225 remained closed for a holiday while China’s Shanghai Composite index fell 0.31%. South Korea’s Kospi lost 1.53%.