XPEV - Chinese EV stocks erase gains despite strong delivery figures

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

The stocks had all run higher in Friday’s premarket hours, gaining on the report of strong delivery figures from both Xpeng Inc. ( XPEV ) and NIO Inc. ( NIO ) in the hours prior to the US open. For NIO, that meant an over 60% jump in deliveries from the prior year while growth for Xpeng ( XPEV ) was even more pronounced with a 133% leap from the prior year .

The optimism on renewed demand emerging from lockdowns faded quickly in the day’s trading as gains of just over 2% for both NIO and Xpeng quickly turned to losses of more than 6% at intraday lows.

NIO Inc. ( NIO ) shares have fallen sharply in the past week as it came into the crosshairs of a prominent short seller . The report has since been vehemently rejected by the company, with analysts also discounting the allegations .

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