Shares of NIO Inc. (NYSE:NIO) and Li Auto Inc. (NASDAQ:LI) are trading lower after competing Chinese EV company XPeng Inc. (NYSE:XPEV) reported high pre-order volume for a low priced vehicle.
According to cnEVpost, XPeng received more than 5,000 orders for its upcoming P5 sedan in just seven hours after the vehicle was available for pre-sale.
NIO designs, develops, manufactures, and sells smart electric vehicles in China. The company offers five, six, and seven-seater electric SUVs, as well as smart electric sedans.
Nio’s stock was trading about 4.3% lower at $40.94 per share on Monday. The stock has a 52-week high of $66.99 and a 52-week low of $10.91.
Li Auto, through its subsidiaries, designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China.
Li Auto’s stock was trading about 4.1% lower at $29.07 per share. The stock has a 52-week high of $47.70 and a 52-week low of $14.31.
