Nio shares on track for lowest close since October

American depositary shares of China-based electric-vehicle makers were taking a hit on Tuesday amid broader market weakness, with shares of Nio Inc.
NIO,
-4.34%
on track for their lowest close since Oct. 13, when they closed at $21.62, and extending losses for a third straight session. Nio has lost 19% over that three-day losing streak. Nio’s ADRs are down 62% from an all-time closing high of $62.84 on Feb. 9, 2021. U.S. equity markets were again on retreat on Fed-action concerns. Li Auto Inc.
LI,
-6.75%
and XPeng Inc.
XPEV,
-4.95%
ADRs were off 7% and 5%.