Shares of Nio Inc. NIO took an 9.9% dive toward a three-year low in morning trading Thursday, after a much anticipated meeting between U.S. President Joe Biden and China President Xi Jinping resulted in no new agreements on the economic front. Downbeat comments on China-U.S. relations in China-based e-commerce giant Alibaba Group Holding Ltd.’s BABA earnings report also acted as a drag on the Shanghai-based electric vehicle maker’s stock. Nio’s stock, which had bounced 10% over the past two sessions, was on track for the lowest close since June 2020. Among other China-based EV makers, shares of Xpeng Inc. XPEV slumped 7.5% and Li Auto Inc. shares LI shed 5.0%. Shares of Tesla Inc. TSLA, which recorded 21.5% of total third-quarter sales in China, dropped 3.3%. Meanwhile, the iShares MSCI China ETF MCHI sank 3.9% and the S&P 500 SPX eased 0.2%.
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