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Nio's warning of delivery delays send China-based EV maker's and Tesla's stocks diving – MarketWatch

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Shares of china-based electric vehicle makers sank Monday, after Nio Inc. NIO, +0.15% warned over the weekend of delivery delays given COVID-19-related production suspensions. The selloff also weighed on Tesla Inc.’s stock TSLA, -0.98%, as the U.S.-based EV market leader generated about 26% of its total revenue from China in 2021. Shares of Nio’s stock dropped 10.4% in premarket trading, after tumbling 16.1% amid a four-day losing streak through Friday. Shares of XPeng Inc. XPEV, -0.43% slid 8.2% and Li Auto Inc. LI, +0.89% shed 6.4%, with both also heading for fifth-straight declines. Tesla’s stock dropped 4.8% ahead of the open, after falling 5.5% last week. Tesla generated $13.84 billion in revenue from China in 2021, compared with total revenue of $53.82 billion, and more than double Nio’s total 2021 revenue of $5.67 billion. The stock declines come as the iShares MSCI China ETF MCHI, -0.83% fell 2.1% premarket and futures ES00, -0.85% for the S&P 500 SPX, -0.70% fell 0.7%. Separately, Tesla “Technoking” Elon Musk made news over the weekend by deciding not to join Twitter Inc.’s TWTR, +0.24% board, following an announcement last week that he would.
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Tomi Kilgore is MarketWatch’s deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.

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