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Shares of several China-based companies, including Nio NIO 10.25% Li Auto Inc. LI 13.2% Xpeng Inc – ADR XPEV 15.28% Alibaba Group Holding Ltd – ADR BABA 3.42% and Pinduoduo Inc – ADR PDD 8.73%, are trading lower Wednesday amid tensions between China and major western countries over human rights concerns.
Companies in the broader auto and auto components space were also trading lower Tuesday amid overall market weakness as stocks fell for the session. Investors may be taking profits in EV-related stocks that surged in 2020.
Nio operates in China’s premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence.
Nio is trading lower by around 4% at $39.48.
Li Auto is the first to successfully commercialize extended-range electric vehicles in China. It started volume production of its first model, Li ONE, in November 2019. With Li ONE, the company leverages its in-house technology to focus on smart technology and autonomous driving solutions.
Li Auto is trading lower by 7% around at $24.53.
Xpeng is a smart EV company designing, developing, manufacturing and marketing smart electric vehicles in China. The company manufactures environmentally-friendly vehicles, namely an SUV (the G3) and a four-door sports sedan (the P7). Xpeng targets the mid-to high-end segment in China’s passenger vehicle market.
Xpeng is trading lower by around 7% at $33.53.
Alibaba is the world’s largest online and mobile commerce company. The company operates China’s most-visited online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
Alibaba is trading lower by around 2% at $233.73.
Pinduoduo provides a platform for buyers with value-for-money merchandise and fun and interactive shopping experiences. Pinduoduo offers a social shopping experience that leverages social networks as an effective and efficient tool for buyer acquisition and engagement.
Pinduoduo is trading lower by around 5% at $129.44.
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