The U.S.-listed shares of China-based electric-vehicle makers pulled back Wednesday, after disappointing services activity data out of China fueled concerns over weakening demand. Nio Inc.’s stock NIO dropped 1.1% in premarket trading, after closing Monday at a more than 3-month high. Shares of Xpeng Inc. XPEV gave up 1.1% and Li Auto Inc. LI slipped 0.2%. Shares of Tesla Inc., the EV giant that generated 21% of first-quarter revenue from China, fell 0.6% ahead of Wednesday’s open, putting it on track to snap a 5-day win streak, and after closing Monday at the highest price since Sept. 28, 2022. Nio’s stock has run up 11.9% over the past three months through Monday, while the Invesco Goldman Dragon China exchange-traded fund PGJ has lost 4.0% and the S&P 500 SPX has gained 8.9%.
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