Nio began delivery of the new ET7, a high-end electric sedan, on Monday, March 28, 2022.
US-traded shares of Chinese electric car makers were among those hit by a dramatic sell-off on Monday, as investors in Chinese non-state firms jittered after the weekend of dramatic political developments in China.
shares Lee Otto finished the day down 17%, New closed down about 16%, and Exping Motors It fell 12% in trading in New York, while larger shares fell BYD Closed more than 8%. Other notable Chinese companies, including Alibaba and Tencent Music Entertainment, have suffered similar dramatic declines.
The sell-off came on the heels of a weekend in which President Xi Jinping appeared ready for an unprecedented third term as China’s leader after naming a string of loyalists to the Politburo Standing Committee, the inner circle of power in China’s ruling Communist Party.
Under Xi’s leadership, the Chinese government has increased restrictions on speech and movement and tightened regulations on technology companies. Analysts see more restrictions ahead, with Bernstein’s Mark Schelsky writing in a note Monday morning that Chinese stocks are now “uninvestable.”
Xpeng on Monday separately launched a new version of its advanced driver assistance system, called XNGP. The new system is a direct competitor to Tesla Autopilot allows limited hands-free driving in some urban environments as well as on highways.