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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%.
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