Shares of NIO Inc.
NIO,
slumped 2.5% in premarket trading Wednesday, in the wake of more price cuts from Tesla Inc.
TSLA,
which is also due to report first-quarter results after the closing bell. Among other China-based electric vehicle makers, shares of XPeng Inc. sank 6.7% and Li Auto Inc. shed 3.8%. Meanwhile, Tesla’s stock fell 2.0%. Tesla generated 22.2% of its total 2022 revenue from China. The stocks’ declines come as the iShares MSCI China exchange-traded fund
MCHI,
fell 1.6% in Wednesday’s premarket, while futures
ES00,
for the S&P 500
SPX,
declined 0.5%.