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Shares of electric vehicle manufacturers based in China and Tesla Inc. TSLA,
took a hit ahead of Monday’s opening, amid a double from LI from Li Auto Inc.,
warning of a lack of deliveries and concern that the real estate developer China Evergrande Group EGRNY,
3333,
could be lacking this week. Shares of Nio Inc. NIO,
sank 4.0% to a four-month low, Xpeng Inc. XPEV,
slipped 4.4% and Li Auto lost 5.7%. Tesla shares fell 2.8%, putting them on track to end a four-day winning streak. Tesla recorded $ 5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $ 2.30 billion in revenue in China, or 19, 1% of the total, over the same period in 2020. Earlier, Li Auto cut its forecast for third-quarter deliveries to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in fuel supplies. semiconductors hampered the results. And concerns about a possible Evergrande default have rocked global stock markets as the iShares MSCI China ETF MCHI,
fell 3.3% and YM00 futures contracts,
for the Dow Jones Industrial Average DJIA,
lost 646 points, or 1.9%.
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