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


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.
No more haggling over prices, no more languishing in the finance manager's office.
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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