Chinese EV Shares Erase Gains Despite Strong Shipping Data (NYSE:XPEV)

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China-based EV leaders Xpeng Inc. (NYSE:XPEV), NIO Inc. (NYSE:NIO) and Li AVto (linen) all fell sharply on Friday.

Shares rose in premarket hours on Friday, benefiting from a report of strong shipping data as by Xpeng Inc. (XPEV) and NIO Inc. (NIO) in the hours before the US Open. For NIO, this meant over 60% jump in deliveries over the previous year, while growth for Xpeng (XPEV) was even more pronounced with a 133% jump from the previous year.

Optimism about renewed demand stemming from the lockout quickly faded during intraday trading as gains of just over 2% for both NIO and Xpeng quickly turned into losses of more than 6% at lows in within the day.

NIO Inc. (NIO) shares fell sharply in the last week as well caught the eye of a prominent short seller. Since then, the report has been furiously rejected from the company, also with analysts denying the charges.

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