: Nio’s stock bounces off 3-year low, heads for first gain in 5 days

Shares of Nio Inc. NIO bounced 0.8% off a more than three-year low in premarket trading Tuesday. The China-based electric vehicle maker’s stock had dropped 7.8% amid a four-day losing streak to close Monday at the lowest price since June 26, 2020. The stock was supported by a 0.2% gain in the Shanghai Composite Index CN:SHCOMP overnight, which bucked the weakness seen in Hong Kong and Japan’s markets. Among Nio’s peers, Li Auto Inc.’s stock LI rose 1.6% ahead of Tuesday’s open and Xpeng Inc. shares XPEV tacked on 1.1%. And shares of Tesla Inc. TSLA, the Texas-based EV giant that generated 21.5% of its third-quarter revenue from China, edged up 0.1%. Nio’s stock has tumbled 34.8% over the past three months through Monday, while XPeng shares have lost 4.1%, Li Auto shares have eased 0.3% and Tesla’s stock has given up 1.2%. Meanwhile, the iShares MSCI China ETF has declined 3.4% the past three months while the S&P 500 has gained 2.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.