Nio stock drops after Tesla halts production in Shanghai

Shares of Nio Inc.
NIO,
-7.70%
dropped 5.7% in premarket trading Tuesday, to buck the rally in the broader stock markets, as Tesla Inc.’s
TSLA,
-7.47%
 extension of its production suspension at its Shanghai plant appeared to weigh on China-based electric vehicle makers. The stock’s selloff puts it on track to open at the lowest prices seen since Nov. 28. Among other China-based EV makers, shares of XPeng Inc.
XPEV,
-3.48%
shed 1.2% and Li Auto Inc.
LI,
-1.76%
sank 2.1%, while Tesla’s stock gave up 4.8%. Meanwhile, futures
ES00,
-0.05%
for the S&P 500
SPX,
-0.25%
rose 0.5%, while the Shanghai Composite Index 
SHCOMP,
+0.98%
jumped 1.0% overnight.