Nio, Tesla stocks fall in wake of disappointing XPeng results

Shares of Nio Inc.
NIO,
-9.49%
slumped 1.9% in premarket trading Wednesday, weighed down by rival China-based electric vehicle maker XPeng Inc.
XPEV,
-5.05%
reported first-quarter results, which missed expectations by wide margins. Shanghai-based Nio is slated to report first-quarter results in early June. Also taking a hit, Texas-based Tesla Inc.’s stock
TSLA,
-1.54%
fell 1.2%, as the EV giant generated 21% of its first-quarter revenue from China. Tesla’s stock had lost 1.6% on Tuesday to snap a five-day win streak in which it had run up 13.5%. And Beijing-based Li Auto Inc.’s stock
LI,
+0.28%
shed 1.0% ahead of Wednesday’s open. XPeng’s stock sank 5.5%, putting it on track to open at a two-month low. The weakness in the EV makers’ stocks comes as futures
ES00,
+0.36%
for the S&P 500
SPX,
-0.73%
slipped 0.4%.