The U.S.-listed shares of Nio Inc. NIO, -4.41% dove 4.8% in morning trading Monday, to buck the rally in the broader stock market, after fellow China-based electric vehicle maker XPeng Inc. XPEV, -7.61% provided a disappointing second-quarter revenue outlook. Nio’s stock drop comes after it had bounced 29.3% over the past seven sessions, off the 22-month closing low of $12.71 on May 11. Earlier Monday, XPeng reported a first-quarter loss that widened from year ago but beat expectations, as revenue more than doubled from a year ago but fell from the sequential fourth quarter, but also topped forecasts. For the second-quarter, however, that it expects revenue of RMB6.8 billion to RMB7.5 billion, which was below the FactSet consensus of RMB8.14 billion. XPeng’s stock sank 7.5%, and rival Li Auto Inc. LI, -4.35% shed 4.2%. And shares of Tesla Inc. TSLA, +0.71%, which generated about 25% of its first-quarter revenue from China and about 26% of 2021 revenue from China, slipped 0.3% toward a 10-month low. Meanwhile, the S&P 500 SPX, +1.57% surged 1.5% in morning trading.
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