Shares of China-based electric vehicle makers, and of Tesla Inc. TSLA, +0.33%, took a hit ahead of Monday’s open, amid a one-two punch of Li Auto Inc.’s LI, -4.35% warning of a deliveries miss and worries that real estate developer China Evergrande Group EGRNY, +28.84% 3333, -10.24% could default this week. Shares of Nio Inc. NIO, +1.13% sank 4.0% toward a four-month low, Xpeng Inc. XPEV, +3.78% slid 4.4% and Li Auto shed 5.7%. Tesla’s stock slumped 2.8%, putting them on track to snap a four-day win streak. Tesla recorded $5.90 billion in revenue from China in the first six months of 2021, or 26.4% of total revenue, after recording $2.30 billion in China revenue, or 19.1% of the total, in the same period in 2020. Earlier, Li Auto cut its third-quarter deliveries guidance to 24,500 from 25,000 to 26,000, as the slower-than-expected recovery in semiconductor supplies hampered results. And worries over a potential Evergrande default sent global equity markets reeling, as the iShares MSCI China ETF MCHI, +1.10% dropped 3.3% and futures YM00, -1.96% for the Dow Jones Industrial Average DJIA, -0.48% sank 646 points, or 1.9%.
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