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Nio’s warning of delivery delays send China-based EV maker’s and Tesla’s stocks diving

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Shares of china-based electric vehicle makers sank Monday, after Nio Inc.
NIO,
-1.77%

warned over the weekend of delivery delays given COVID-19-related production suspensions. The selloff also weighed on Tesla Inc.’s stock
TSLA,
-3.00%
,
as the U.S.-based EV market leader generated about 26% of its total revenue from China in 2021. Shares of Nio’s stock dropped 10.4% in premarket trading, after tumbling 16.1% amid a four-day losing streak through Friday. Shares of XPeng Inc.
XPEV,
-3.41%

slid 8.2% and Li Auto Inc.
LI,
-2.01%

shed 6.4%, with both also heading for fifth-straight declines. Tesla’s stock dropped 4.8% ahead of the open, after falling 5.5% last week. Tesla generated $13.84 billion in revenue from China in 2021, compared with total revenue of $53.82 billion, and more than double Nio’s total 2021 revenue of $5.67 billion. The stock declines come as the iShares MSCI China ETF
MCHI,
+0.26%

fell 2.1% premarket and futures
ES00,
-0.71%

for the S&P 500
SPX,
-0.27%

fell 0.7%. Separately, Tesla “Technoking” Elon Musk made news over the weekend by deciding not to join Twitter Inc.’s
TWTR,
-3.75%

board, following an announcement last week that he would.

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