Shares of XPeng Inc. XPEV, -7.55% slumped 4.5% and Li Auto Inc. LI, -4.51% slid 2.4% in premarket trading Tuesday, after the China-based electric vehicle makers reported overnight February deliveries data. The stock selloffs come after rival Nio Inc. NIO, -9.24% reported late Monday mixed fourth-quarter results, sending the stock down 5.4% ahead of the open. XPeng said it delivered 2,223 EVs in February, and said cumulative January and February deliveries rose 577% from year-ago levels. Li Auto said it delivered 2,300 Li ONE EVs in February, up 755% from a year ago. Both companies said February results were affected by the Chinese New Year holiday, and Li Auto said some COVID-19 outbreaks in northern China also impacted results. XPeng said it is witnessing “robust customer demand” as sales and deliveries resumed after the holiday, while Li Auto said it was confident of its growth momentum given the expansion of its direct sales and servicing network and the control of the pandemic in China. Over the past three months, shares of XPeng have tumbled 36.6% and Li Auto have dropped 25.6% through Monday while Nio shares have gained 3.7% and the S&P 500 SPX, -0.32% has tacked on 6.4%.
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