NIO, other EV maker stocks drop after China imposes COVID-related restrictions

The U.S.-listed shares of China-based electric vehicle makers were knocked lower Monday, after new COVID-related restrictions imposed in China over the weekend took a broad swipe stocks in the U.S. and China. NIO Inc.’s stock NIO, +0.44% slid 3.2%, Xpeng Inc. shares XPEV, -0.96% shed 4.9% and Li Auto Inc.’s stock LI, -0.97% gave up 3.8%. Shares of Tesla Inc. TSLA, +2.54%, which generated 24.8% of its first-quarter revenue from China, rose 0.6%, but they were boosted by Chief Executive Elon Musk said over the weekend that he was terminating his Twitter Inc. TWTR, -5.10% buyout deal. Meanwhile, the iShares China Large-Cap ETF FXI, -1.32% dropped 2.9% in premarket trading, while futures ES00, -0.65% for the S&P 500 SPX, -0.08% lost 0.5%.

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